WorksheetsMicroeconomic Practice
Total questions: 10
Worksheet time: 10mins
An increase in demand and a decrease in supply will cause _______.
Equilibrium quantity decreases
Equilibrium price change is indeterminate
Equilibrium price rises
Equilibrium price falls
The problem of scarcity arises due to _________.
inefficient using resources
government regulation
human being greed
limited available resources
If the price elasticity of supply equals zero, this implies that:
The percentage change in quantity supplied equals the percentage change in product price
The period under consideration is a very long-run time period
Suppliers can easily change the quantity of the product supplied as the price of the product changes
The supply curve is perfectly vertical
Which of the following will cause the supply of potato to decrease?
Consumer’s income decreases
The number of farmers growing potatoes increases
The price of potato decreases
Fertilizer cost increases
“Properties are owned by God and the human are considered as trustees for the property”. Which of the following economic systems is this statement true for?
Socialism
Mixed economic system
Capitalism
Islamic economic system
A good or service that is forgone by choosing one alternative over another is called a (an):
Opportunity cost
Explicit cost
Accounting cost
Implicit cost
When a consumer has the ability and willingness to pay for a goods, this is called ________.
supply
demand
needs
wants
One of the problems created by price floors set above the equilibrium is _______.
surplus happen
price decrease
supply increase
demand increase
Which of the following has a direct relationship with the supply curve?
The number of sellers
Taxes
Resource price
Price of other goods
Which of the following is not the characteristic of a planned economy?
Central planning authority
Advocacy of social justice
Public ownership of resources
Private ownership of resources
