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Microeconomics MIDTERM

Total questions: 20

Worksheet time: 11mins

Name
Class
Date
1.

Who is this ancient philosopher who deals with the study of production and consumption of goods and money making activities?

a)

Adam Smith

b)

Plato

c)

Aristotle

d)

Socrates

2.

Who is this ancient philosopher who deals with specialization and division of work at micro economic levels.

a)

Adam Smith

b)

Plato

c)

Aristotle

d)

Socrates

3.

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.

a)

Adam Smith

b)

Plato

c)

Aristotle

d)

Socrates

4.

Which of the following terms means the exclusive possession or control of the supply of or trade in a commodity it service.

a)

Scriptures

b)

Monopoly

c)

Barter

d)

Usury

5.

Which of the following words is not included in Plato division of society?

a)

Auxiliary guardians

b)

Farmers/Artisan/Traders

c)

Athenian

d)

Perfect Guardians/Kings

6.

Which of the following terms refer to " household management" with some exchange?

a)

Oikonomiks

b)

Chrematistiks

c)

Specialization

d)

latifundium

7.

Which of the following terms refer to the study of human unnatural and natural wealth getting activities?

a)

Oikonomiks

b)

Chrematistiks

c)

Specialization

d)

latifundium

8.

Which of the following term refers to a good whose appeal increases with the popularity of its complement.

a)

Complementary Goods

b)

Specialty Goods

c)

Substitute Goods

d)

Industrial Goods

9.

Statement 1: Socrates students are Aristotle and Xenophon

Statement 2: Athens is best known as a center of philosophy and the birthplace of democracy.

a)

Statement 1 is True

Statement 2 is False

b)

Statement 1 is False

Statement 2 is True

c)

Both Statement are True

d)

Both Statement are False

10.

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

a)

Statement 1 is True

Statement 2 is False

b)

Statement 1 is False

Statement 2 is True

c)

Both Statement are True

d)

Both Statement are False

11.

This term is a Latin word which means " all else being equal"

a)

Latifundium

b)

Usury

c)

Ceteris Paribus

d)

Chrematistiks

12.

Statement 1: When the price is high the demand goes up

Statement 2: When the price is low the demand goes down

a)

Statement 1 is True

Statement 2 is False

b)

Statement 1 is False

Statement 2 is True

c)

Both Statement are True

d)

Both Statement are False

13.

Which of the following is not a determinant of supply ?

a)

Technology and Productivity

b)

Prices of Resources

c)

International Effects

d)

The expectations of producers

14.

Statement 1: When the price is high the Supply goes up

Statement 2: When the price is low the supply goes down

a)

Statement 1 is True

Statement 2 is False

b)

Statement 1 is False

Statement 2 is True

c)

Both Statement are True

d)

Both Statement are False

15.

According to Plato which of the following person in division of society has the lowest ranking?

a)

Auxiliary guardians

b)

Farmers/Artisan/Traders

c)

Athenian

d)

Perfect Guardians/Kings

16.

Who among the following philosopher identifies the division of labor as a primary source of increased productivity and the Wealth of Nations?

a)

Adam Smith

b)

Plato

c)

Aristotle

d)

Socrates

17.

Who among the following philosopher believed that money was "barren" and that usury was unjust?

a)

Adam Smith

b)

Plato

c)

Aristotle

d)

Socrates

18.

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.

a)

Market

b)

Nominal Price

c)

Barter System

d)

Relative Price

19.

This refers to a market system in which goods or services are traded directly for other goods or services.

a)

Market

b)

Nominal Price

c)

Barter System

d)

Relative Price

20.

Statement 1: When the demand exceeds supply the price goes down

Statement 2: When the supply exceeds demand the price goes down

a)

Statement 1 is True

Statement 2 is False

b)

Statement 1 is False

Statement 2 is True

c)

Both Statement are True

d)

Both Statement are False