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WorksheetsEco Review Questions
Total questions: 10
Worksheet time: 10mins
It emphasizes that people have to consider what they are sacrificing when they decide what to buy, what job to do and what to produce and when governments are deciding what to spend their tax revenue on.
Mircroeconomics
Macroeconomics
Opportunity cost
Economic system
A person decides to take vocational course for 2 years. If he had not gone, he could have taken up a job which could have paid him $10,500 a year. After he graduates he expects to find a job paying him $30,000 a year. What is the opportunity cost of taking vocational course?
$10,500
$21,000
$30,000
$15,000
An increase in quantity or quality of resources will shift PPC to the __________.
right
left
A fall in price causes ______________ of the demand curve while a rise in price causes ____________ of the demand.
shift to the right, shift to left
. shift to left, shift to right
extension, contraction
contraction, extension
The price of Tuna decreases causing the demand curve of Salmon to __________.
_____________________ causes the demand curve to change.
shift to left changes in taste and fashion
shift to right changes in income
shift to left changes in price of related products
shift to right changes in price of related products
The price of car increases causing the demand for car tires to ____________. How do you classify the latter good?
increase complement good
decrease complement good
increase substitute goods
decrease substitute goods
The market system relies on _______________________ to allocate resources
price mechanism
directives
needs of consumers
needs of suppliers
An increase in the average age of population will _________________________________.
likely to increase demand for all types of products
likely to increase demand for toys
likely to increase demand for wheelchairs
The price of Airasia airline tickets decreases causing its demand curve to ________________. The price of Malaysian Airline tickets didn't change causing its demand curve to ________________.
shift to left shift to right
shift to right shift to left
contract shift to right
extend shift to left
A product that is used together with another product is called _____________________ wherein a product that can be used in place of another is termed as ___________________.
inferior good normal good
complement normal good
complement substitute
substitute complement
