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MICROECONOMICS QUIZ

Authored by SHAFIKAH SAHARUDDIN

Education

University

Used 2+ times

MICROECONOMICS QUIZ
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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cross elasticity of demand measures consumer responsiveness to a change in the price of one good, in terms of the quantity demanded of some other good.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As the price of a product rises the product will become more elastic in demand, assuming that the demand curve for the product is a downward-sloping straight line.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income elasticity of demand measures the responsiveness of quantity supplied to changes in price.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity is a problem only for the poor.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Macroeconomics studies the factors that change national employment and income.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Answering "What goods and services are produced?" automatically answers "How are goods and services produced?"

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of the "How" one of the big economic questions is: "How does the nation decide who gets the goods and services that are produced?"

True

False

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