Micro and Macro Economics Essentials

Micro and Macro Economics Essentials

University

10 Qs

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Micro and Macro Economics Essentials

Micro and Macro Economics Essentials

Assessment

Quiz

Others

University

Practice Problem

Hard

Created by

Septi lahfah Nikmatus

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of demand?

The law of demand states that price and quantity demanded are directly related.

The law of demand suggests that demand remains constant regardless of price changes.

The law of demand indicates that higher prices lead to higher quantity demanded.

The law of demand indicates that price and quantity demanded are inversely related.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a shift in supply affect equilibrium price?

A decrease in supply always lowers the equilibrium price.

An increase in supply always raises the equilibrium price.

A shift in supply affects equilibrium price by lowering it with an increase in supply and raising it with a decrease in supply.

A shift in supply has no effect on equilibrium price.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define market equilibrium.

Market equilibrium is the point where demand exceeds supply.

Market equilibrium occurs when there is a surplus of goods.

Market equilibrium is the point where supply equals demand.

Market equilibrium is when prices are set by the government.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What factors can cause a change in demand?

Weather conditions

Production costs

Advertising strategies

Factors that can cause a change in demand include consumer preferences, income levels, prices of related goods, population demographics, and consumer expectations.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the concept of production costs.

Production costs only include direct labor expenses.

Production costs are irrelevant to the overall profitability of a business.

Production costs are solely determined by the selling price of goods.

Production costs are the total expenses associated with manufacturing goods or providing services, including direct and indirect costs.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between fixed and variable costs?

Variable costs are predictable; fixed costs are unpredictable.

Fixed costs are constant; variable costs change with production levels.

Fixed costs vary with production; variable costs remain constant.

Fixed costs are always higher than variable costs.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do externalities affect market outcomes?

Externalities always lead to increased market efficiency.

Externalities only affect public goods, not private markets.

Externalities lead to market failures by causing inefficiencies in resource allocation.

Externalities have no impact on resource allocation.

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