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WorksheetsECONOMICS QUIZ
Total questions: 50
Worksheet time: 2hrs 40mins
Microeconomics deals with
economy as a whole
individual
none of these
both economy as whole and individual
study of Microsoft company profit for the year 2020-21 is an example of?
Microeconomics
Macroeconomics
Any of the two-microeconomics or macroeconomics
None of these
Macroeconomics deals with
Economy as a whole
Individual
Both Economy as a whole as well as individual
None of these
"Studying the GDP contribution made by three sectors of the economy i.e. Primary sector, Secondary sector and Tertiary sector" is an example of?
Microeconomics
Macroeconomics
Any of these
None of these
Land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
What are the four factors of production?
Natural Resources, Capital, Need & Want
Natural Resources, Labor, Capital, Entrepreneurs
Water, Air, Food & Shelter
Land, Capital, Goods & Services
Natural Resources includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
A herd of cattle is an example of ...
Natural Resources
Labor
Entrepreneur
Capital
Forests are examples of...
Natural Resources
Labor
Entrepreneurs
Capital
A bulldozer is an example of...
Natural Resources
Labor
Entrepreneurs
Capital
Your garbage man is an example of
Natural Resources
Labor
Entrepreneurs
Capital
Your Mail lady is an example of...
Natural Resources
Labor
Entrepreneurs
Capital
A steel factory is an example of
Natural Resources
Labor
Entrepreneurs
Capital
TheiPads you are using are examples of
Natural Resources
Labor
Entrepreneurs
Capital
Bill Gates is an example of...
Natural Resources
Labor
Entrepreneur
Capital
Cashiers at McDonalds are examples of ….
Natural Resources
Labor
Entrepreneurs
Capital
What are the three essential questions economics must answer to address scarcity?
CHECK ALL THAT APPLY
HOW to produce
FOR WHOM to produce
WHAT to produce
WHEN to produce
WHY to produce
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Forests are examples of...
Natural Resources
Labor
Entrepreneurs
Capital
A bulldozer is an example of...
Natural Resources
Labor
Entrepreneurs
Capital
Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store are reduced. What causes this change?
Prices or availability of substitutes
Prices or availability of complementary goods
Change in the weather or season
Change in the number of buyers
New technology advances the rate at which furniture can be assembled. Why does this change the supply?
There is a change in cost of production.
The number of producers changes.
The expectations of consumers changes.
The output rate declines.
Which of the following best refers to the market equilibrium price?
Surpluses depress the number of goods supplied.
Shortages and surpluses will have no effect on the market.
The government will not intervene in the market.
The quantity demanded is the same as the quantity supplied.
Mr Coyote goes to the ticket booth to buy tickets for a Spurs game. Mr. Coyote is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available?
The arena forgot to print enough tickets.
The supply of tickets was greater than the demand.
The arena charged too much money for each ticket.
The demand for tickets was greater than the supply.
Suppose you like banana cream pie made with vanilla pudding. Assuming all other things are constant, you notice that the price of bananas is higher. How would your demand for vanilla pudding be affected by this?
It would decrease.
It would increase.
It would be unaffected.
There is insufficient information given to answer the question.
Refer to Graph 4-1. The movement from point A to point B on the graph shows
a decrease in demand.
an increase in demand.
an increase in quantity demanded.
a decrease in quantity demanded.
Refer to Graph 4-4. On the graph, what could most likely cause the movement from S to S1?
A decrease in the price of the good.
An increase in income.
An improvement in technology.
An increase in input prices.
Which economic system promotes competition?
Communism
Capitalism
Socialism
Who controls the means of production in a socialist society?
The people
Working class
Government
Private companies & individuals
Which the following does NOT illustrate opportunity cost?
If I spent more on food, I must spend less on clothes.
If I buy computer, I could nit own on a 29” television.
If I study today, I must give up going to the football game.
If I buy book, I also can buy new shoes.
Economics is defined as ___________________.
a study of social science that studies man’s behavior in the distribution of limited factors of production.
a study if the behavior of individuals in the determination of the optimum level of production at the minimum cost.
the science of wealth in a community, focus on the distribution of factors production an income.
a study of social science that focuses on behavior of individuals in the allocation of limited production factors to fulfill unlimited wants.
Opportunity cost is defined as ________________.
the cost of the second best option that will have to be forgone in order to select the best option.
the fixed cost involved in the short term.
the cost used in a factor of production.
the cost related to the optimum level of production.
Economics can be divided into two major branches which is
international economics and macroeconomics
labor economics and microeconomics
microeconomics and macroeconomics
international economics and domestic economics
Bill Gates, the founder of Microsoft makes millions in a second. One day as he was walking along Jalan UMS, he found RM1,000. Should Bill Gates pick up the money he found and keep it for himself?
Yes, RM1,000 is a lot of money. Bill Gates can use the money for his needs. If he did not pick it up his opportunity cost will be high.
Yes, RM1,000 might be picked up by another person. Might as well Bill Gates pick it up. His opportunity cost is low.
No. RM1,000 is much lower than what Bill Gates earns in a second. He should not waste time bending over to pick the money. His opportunity cost is high.
RM1,000 is much lower than what Bill Gates earns in a second. He should not pick it up because his opportunity cost is low.
PTPTN is an education loan given to Malaysian students pursuing their education in the local university. Malaysia practices (a) economic system
An increase in supply causes the supply curve to shift to the
right
left
no change
A government subsidy will usually cause supply to
increase
decrease
not change
If a firm can use the same resources to produce goods A and B and good A is selling at a higher price, what will happen to the supply of good B?
It will decrease
It will increase
It will not change
When the quantity demanded is greater than the quantity supplied it is known as
equilibrium
a shortage
a surplus
an opportunity cost
Which of the following is a way that a firm can eliminate a surplus?
raise prices
create a new product
offer a sale on the item
When demand increases, the equilibrium price and quantity supplied will both
increase
decrease
stay the same
The diagram shows a tax on a good rising supply from S1 to S2.
The price to the consumer rises from $4 to $5. What is the amount of tax?
$2
$3
$4
$5
