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WorksheetsC1 : SET 5 - INTRODUCTION TO MICROECONOMICS
Total questions: 8
Worksheet time: 3mins
Problem of ____________ occurs when goods and services are limited compared to man’s unlimited want and desires.
surplus
scarcity
choices
opportunity cost
In a mixed economy, the problem of how much of a good should be produced is solved by ____________.
market mechanism.
market mechanism and government intervention.
production of public goods.
the quantity of factors of production in the economy.
In a central planned economy, the problem of for whom a goods should be produced is solved by ______________.
rationing.
market mechanism.
market factors.
consumers purchasing power.
In central planned economic system, the questions of what, how and for whom to produce are solved by __________________.
the elected representative of the people.
the price mechanism.
the central planning authorities.
the action of producers.
Supporter of s capitalism economic system would do all the following EXCEPT __________.
promote efficiency.
stimulate innovation.
be directed by the decisions of individual buyers and sellers.
achieve an equal income distribution.
Study how Ahmad allocates his time between work and leisure is _____________.
microeconomics.
macroeconomics.
empirical economics.
managerial economics
Opportunity cost is defined as ________________.
human wants are always greater than the available resources.
second best alternative that has to forgo for another choice which gives more satisfaction.
a study of how people use their limited resources to satisfy their unlimited needs and desires.
an individual, firm and government make decisions to choose from many alternatives.
The opportunity cost for a student attending collage for a year is measured by ________.
the benefit received by the student.
the tuition paid for the year.
the value of the most valued opportunity forgone by attending collage.
the total money outlays associated with attending collage.
