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WorksheetsDPB10013 MICROECONOMICS
Total questions: 20
Worksheet time: 10mins
The fact that human wants cannot be fully satisfied with available resources is called the problem of
choices
scarcity
opportunity cost
alternatives
All of the following are the economic problems except ……
what to produce
Where to produce
Where to produce
For whom to produce
Which of the following would be studied in microeconomics?
Total numbers of workers employed in a country
The general level of prices in the Malaysian economy
The output of the entire economy
The output and price of chicken in Malaysia
Supporter of a capitalistic system claim that the system would do all of the following EXCEPT:
Promote efficiency
Stimulate innovation
Achieve an equal income distribution
Be directed by the decisions of individual buyers and sellers
Nurse, foremen, assembly line workers are examples of which factor of production.
Land
Capital
Labour
Entrepreneur
Individuals who are willing to take risks, to bring the resources together and develop new products, and start new businesses.
Services
Entrepreneur
Human Resource
Resources
In a centrally planned economy system, the problem of how much goods should be produced is solved by___________.
the market mechanism
the market mechanism and government intervention
central planning institutions
the quantity of factors of production in the economy
Which of the following is the characteristic of a free market economy.
central planning authority
private ownership of resources
public ownership of resources
promote social justice
Government intervention is necessary in the economy because __________
the government has interests in the specific sector
the government has power of monopoly
the government wishes to overcome weaknesses in the free market economy
the government wishes to share profits with the private sector
The followings are the advantages in Islamic economy system, EXCEPT
to ensure safety and happiness on earth and afterlife
to ensure social welfare
distributes wealth and income fairly
promote monopolies
Economics behavior such as choice is the result of scarcity.
True
False
Opportunity cost represents the worst of the various alternatives that must be given up when a choice is made in the context of scarcity.
True
False
Microeconomics analyzes the world economic problems
True
False
Everything that is scarce requires a choice, and these choices always involve an opportunity cost
True
False
An Entrepreneur combine all factors of production to produce goods and services.
True
False
Capitalism is also known as free market or laissez-faire.
True
False
“Why produce” is considered as a basic economic problem.
True
False
The unemployment rate decreased by 30% , this statement is microeconomics analysis
True
False
The question of how to produce goods and services depends on the cheapest method of production.
True
False
Opportunity cost is one of the financial cost in production.
True
False
