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WorksheetsMicroeconomics MIDTERM
Total questions: 20
Worksheet time: 11mins
Who is this ancient philosopher who deals with the study of production and consumption of goods and money making activities?
Adam Smith
Plato
Aristotle
Socrates
Who is this ancient philosopher who deals with specialization and division of work at micro economic levels.
Adam Smith
Plato
Aristotle
Socrates
Who is this ancient philosopher was a poor stone mason and carver who believed it his divine mission to test the truthfulness of all statements.
Adam Smith
Plato
Aristotle
Socrates
Which of the following terms means the exclusive possession or control of the supply of or trade in a commodity it service.
Scriptures
Monopoly
Barter
Usury
Which of the following words is not included in Plato division of society?
Auxiliary guardians
Farmers/Artisan/Traders
Athenian
Perfect Guardians/Kings
Which of the following terms refer to " household management" with some exchange?
Oikonomiks
Chrematistiks
Specialization
latifundium
Which of the following terms refer to the study of human unnatural and natural wealth getting activities?
Oikonomiks
Chrematistiks
Specialization
latifundium
Which of the following term refers to a good whose appeal increases with the popularity of its complement.
Complementary Goods
Specialty Goods
Substitute Goods
Industrial Goods
Statement 1: Socrates students are Aristotle and Xenophon
Statement 2: Athens is best known as a center of philosophy and the birthplace of democracy.
Statement 1 is True
Statement 2 is False
Statement 1 is False
Statement 2 is True
Both Statement are True
Both Statement are False
Statement 1: Athenians are traders because they were near the sea and has a good harbor.
Statement 2: Spartans economy relied on farming and conquering other people, they used slaves to produce needed goods
Statement 1 is True
Statement 2 is False
Statement 1 is False
Statement 2 is True
Both Statement are True
Both Statement are False
This term is a Latin word which means " all else being equal"
Latifundium
Usury
Ceteris Paribus
Chrematistiks
Statement 1: When the price is high the demand goes up
Statement 2: When the price is low the demand goes down
Statement 1 is True
Statement 2 is False
Statement 1 is False
Statement 2 is True
Both Statement are True
Both Statement are False
Which of the following is not a determinant of supply ?
Technology and Productivity
Prices of Resources
International Effects
The expectations of producers
Statement 1: When the price is high the Supply goes up
Statement 2: When the price is low the supply goes down
Statement 1 is True
Statement 2 is False
Statement 1 is False
Statement 2 is True
Both Statement are True
Both Statement are False
According to Plato which of the following person in division of society has the lowest ranking?
Auxiliary guardians
Farmers/Artisan/Traders
Athenian
Perfect Guardians/Kings
Who among the following philosopher identifies the division of labor as a primary source of increased productivity and the Wealth of Nations?
Adam Smith
Plato
Aristotle
Socrates
Who among the following philosopher believed that money was "barren" and that usury was unjust?
Adam Smith
Plato
Aristotle
Socrates
Which word refers to the unadjusted rate or current price without taking inflation or other factors into account as opposed to real values, where adjustments are made for general price level changes over time.
Market
Nominal Price
Barter System
Relative Price
This refers to a market system in which goods or services are traded directly for other goods or services.
Market
Nominal Price
Barter System
Relative Price
Statement 1: When the demand exceeds supply the price goes down
Statement 2: When the supply exceeds demand the price goes down
Statement 1 is True
Statement 2 is False
Statement 1 is False
Statement 2 is True
Both Statement are True
Both Statement are False
