Microeconomics Quiz for Beginners set 1

Microeconomics Quiz for Beginners set 1

University

22 Qs

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Microeconomics Quiz for Beginners set 1

Microeconomics Quiz for Beginners set 1

Assessment

Quiz

Others

University

Practice Problem

Hard

Created by

Danial Faiz

Used 1+ times

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22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of microeconomics?

Economic growth and inflation

Individual markets and decision-making

Global trade and exchange rates

Government spending and taxation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a fundamental economic problem?

Scarcity

Choice

Opportunity cost

Surplus resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does opportunity cost refer to?

The actual cost of an item

The next best alternative forgone

The total revenue of a business

The money spent on raw materials

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Production Possibilities Curve (PPC) represents:

Unlimited resources

The most efficient allocation of resources

The relationship between supply and demand

The total production of an economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A point inside the PPC represents:

Efficient resource use

Unattainable production

Inefficient resource use

Economic growth

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand states that when price decreases, the quantity demanded:

Increases

Decreases

Stays the same

Moves unpredictably

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A movement along the demand curve is caused by:

A change in consumer preferences

A change in the price of the good itself

A change in consumer income

A change in the number of buyers

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