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WorksheetsEconomics
Total questions: 27
Worksheet time: 15mins
The core problem in economics study is
Money
Scarcity
Production
Allocation
Which of the following statement is about microeconomics?
The growth increased by 5.0 percent last year
Inflation is about to increased 3.6 percent this year
The factors of production is limited resources
The general price level increased by 4 percent last year
“In order to save cost, the “Food Industry” should use more labor than machines.”This statement refers to
What to produce?
How to produce?
How many to produce?
None of the above
What to produce in Mixed Economy refers to:
Public goods
Private goods
Intermediate goods
Public and private goods
There are 4 _______________. They are land, labor, capital and entrepreneurship.
Factors of Production
Market Economy
Profit
Economics
Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________.
Labor
Capital
Revenue
services provided by people
human resource
import
scarcity
consumer
A situation where one party to a transaction has a better information than the other party
risk-seeking
market signaling
assymetric information
adverse selection
Markets exhibiting negative externalities will
under produce.
over produce.
be optimal.
Driving a car on crowded highway produces
a negative externality.
a positive externality.
Apartment dwellers who buy fire alarms or fire extinguishers generate a
negative externality.
positive externality.
The market should produce the quantity where
marginal social cost equals marginal social benefit.
marginal private cost equals marginal social benefit.
external cost equals external benefit.
private cost is greater than social cost.
A negative externality results due to firms
being very, very , bad.
not paying the full cost of production.
firms internalizing production costs.
firms not realizing they are polluting.
The shaded triangle on the diagram shows
the DWL of overproduction.
the impact of a positive externality.
the DWL of underproduction.
consumer surplus.
Marginal Social Cost minus Marginal Private Cost equals
internal cost.
external cost.
marginal cost.
marginal revenue.
