WorksheetsREVISION IMU453
Total questions: 16
Worksheet time: 6mins
Microeconomics is
the study of entire economics.
the study of specific economic units
the study of economics generally.
If the price is below the equilibrium price,
there would be the problem of______
and the price will____ towards the
equilibrium price
surplus; increase
shortage; increase
surplus; decrease
shortage; decrease
Market equilibrium is a situation where
price is higher than the equilibrium price.
quantity demanded is greater than
quantity supplied.
quantity demanded equals quantity
supplied.
price is lower than the equilibrium price.
As the price of a normal goods decreases, the quantity demanded will _________
decrease
be uncertain
be unchanged
increase
As price decreases, the quantity supplied will__________
decrease
be unchanged
increase
be uncertain
Which of the following factors causes the
demand curve to shift from DO to D 1?
An increase in tastes and preferences
A decrease in income
An increase in technology
A decrease in the nu1nber of buyers
The types of goods that cannot last long are ______
perishable goods
Non-excludability
Economic goods
Public goods
___________ is the ability (purchasing power) and the willingness of a consumer to buy goods and services at a certain price level, place and time
Supply
Market supply
Demand
The price elasticity of demand measures the
responsiveness of the
quantity demanded to changes in the
tastes of consumers.
quantity demanded to changes in price.
quantity supplied to changes in price.
Isabella normally purchases six pieces of
karipap every month. Recently, Isabella's
income increased from RM 2000 to
RM4000. She does not buy doughnuts
anymore. For Isabella, the karipap are_____
normal goods
inferior goods
luxury goods
essential goods
The total market value of all final goods
and services produced by the residents of a
country during a given period of time is the_______
gross national product
gross domestic product
net national income
GDP at market price is equal to:
•C + I - G - (X-M)
•C + I + G + X+M
•C + I + G + (X-M)
•C + I + G + M+X
After Malaysia introduces a tariff in the market for palm oil, the price of palm oil in
Malaysia will _______
decrease
increase
remain the same
neither decrease nor increase
The balance of payments contains
information, regarding
purchases of Malaysia's financial assets
by foreigners.
purchases of foreign financial assets by
Malaysian citizens.
the levels of Malaysia's exports and
imports.
All of the above
Explain the three basic concepts, namely scarcity, choice and opportunity cost, using a production possibilities curve.
The table shows the market demand and supply schedules for rubber in Malaysia
