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Micro and Macro Economics Fastest Fingers

Total questions: 15

Worksheet time: 3mins

Name
Class
Date
1.

________ is when economic goods are transformed in ways expected to make them more valuable?

a)

Action

b)

Production

c)

Hardwork

d)

Credibility

2.

Africa’s major problems are few of these except?

a)

Wages

b)

Infrastructure

c)

Spending

d)

Devaluation

3.

Which of the following is not used for cost analysis?

a)

Fixed Cost

b)

Non Fixed Cost

c)

Variable Cost

d)

Sunk Cost

4.

The protective role of government refers to the protecting of individuals and their property against aggression through the maintenance of a framework of society?

a)

True

b)

False

5.

refers to a company’s mix of fixed and variable expenses?

a)

Productivity

b)

Cost Analysis

c)

Cost Structure

d)

Assets

6.

Below are the factors affecting the macro economy except?

a)

Currency Exchange Rate

b)

Deflation

c)

Interest Rate

d)

Growth Rate of the Economy

7.

refers to how much of a product or service is desired by consumers?

a)

Needs

b)

Supply

c)

Demand

d)

Wants

8.

. is defined as the increasing capacity of the economy to satisfy wants of the members of the society?

a)

Dollar Rate

b)

Inflation

c)

Capacity

d)

Economic Growth

9.

The correlation between price and how much of a good or service is supplied to the market is known as the ?

a)

Scale of Preference

b)

Supply Relationship

c)

Demand Curve

d)

Opportunity Cost

10.

_______is the sustained rise in the price of goods and services over time?

a)

Money Rate

b)

Inflation

c)

Deflation

d)

Interest Rate

11.

is known as the relationship between price and quantity?

a)

Consumer Demand

b)

Supply

c)

Demand Relationship

d)

Demand Analysis

12.

There are four main types of inflation which are, creeping inflation, galloping inflation, stag inflation and ____?

a)

Walking Inflation

b)

Sleeping Inflation

c)

Crawling Inflation

d)

Hyper Inflation

13.

_________are goods whose consumption are linked?

a)

Complimentary Goods

b)

Variable Goods

c)

Material Goods

d)

Commodity Goods

14.

Gross domestic product (GDP) is the total value of all final goods and services produced in a year within that country?

a)

True

b)

False

15.

The law of ________states that people will buy more of something at a lower price than they would at a higher price?

a)

Consumption

b)

Demand

c)

Supply

d)

All of the Above