BOP Week-4

Economics is traditionally split into how many different but interconnected areas?

• 1

• 2

• 3

• 4

Which of the following is one of the areas of economics?

• Microeconomics

• Biology

• Chemistry

• Physics

Which of the following is another area of economics?

• Astronomy

• Macroeconomics

• Geology

• Zoology

What does microeconomics study?

• The study of individual economic units and their decisions.

• The study of stars and planets.

• The study of animals and their habitats.

• The study of ancient history.

What kind of decisions does microeconomics investigate?

• Resource allocation decisions.

• Weather patterns.

• Historical events.

• Space exploration.

Who makes the decisions that microeconomics studies?

• Households, businesses, and industries.

• Astronauts and scientists.

• Teachers and students.

• Artists and musicians.

What is the interaction between demand and supply called?

• Price Elasticity

• Demand and Supply

• Market Equilibrium

• Price Control

What does price elasticity refer to?

• The interaction between demand and supply

• The change in price over time

• The responsiveness of quantity demanded or supplied to changes in price

• The fixed price of goods

What does Consumer Behaviour study?

• How individuals make decisions about what goods and services to buy

• How to cook food

• How to play a game

• How to draw a picture

What are some types of market structures?

• Perfect competition, monopolistic competition, oligopoly, and monopoly

• Mountains, rivers, lakes, and oceans

• Cats, dogs, birds, and fish

• Red, blue, green, and yellow