WorksheetsChapter 1-4 MICROECONOMICS
Total questions: 10
Worksheet time: 8mins
Name
Class
Date
1.
Scarcity is when
a)
Unlimited wants is met with limited resources
b)
Forcing to pick some choices and reject the rest
c)
Choosing one alternative means giving up another
d)
All of them
2.
Which of the following would be studied in microeconomics?
a)
Total numbers of workers employed in a country
b)
The general level of prices in the Malaysian economy
c)
The output of the entire economy
d)
The output and price of chicken in Malaysia
3.
The graph represents: Demand or Supply?
a)
Demand
b)
Supply
4.
Law of demand says if the price of pizza falls, the demand for pizza will what?
a)
Increase
b)
Decrease
5.
A necessity is something we need to live. Which answer describes a necessity?
a)
Food
b)
School
6.
What kind of graph is this?
a)
Supply
b)
Demand
7.
The Law of Supply states:
a)
as price increases, supply increases
b)
as prices decrease, demand increases
8.
When the number of goods is greater than producers are willing to sell is called?
a)
Surplus
b)
Shortage
9.
What is Equilibrium?
a)
Price that buyers & sellers will accept
b)
Price that equals Goods
10.
"We should cut taxes in half to increase disposable income levels". This is an example of
a)
Normative Statement
b)
Positive Statement
c)
None of the above
100 %
