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WorksheetsIntro to Economics
Total questions: 15
Worksheet time: 8mins
The study of how society manages its scarce resources is an understanding of...
economy
economist
economics
economica
In managing limited resources, people need to understand the first economic principles in the form of...
how someone consumes money
how someone make choice and decision
the individual role's in global economic
how to prevent inflation
When a student who has just graduated from a university in Jogja and chooses to work in the city of Jakarta with a salary and savings calculation that is more profitable than living in his hometown, then that person has applied the principle of...
opportunity cost
trade off
rational at margin
organise market activity
All of the following are reasons why countries trade, except...
every country has something different from each other
because both countries want to achieve optimal economies of scale
production activities can be more efficient
because the country wants to produce all his own merchandise
The ability to produce a good at a lower opportunity cost than other producers is called...
trade
interdependence
specialisation
comparative advantage
The following is a correct explanation of the demand curve drawing, namely....
Shift to the right if something is driving consumers to buy more products
Move to the right when something is holding consumers back from buying more products
Shift to the left if something is driving consumers to buy more products
Shift left and right if something drives consumers to buy more products
Consumer preferences are one of the factors that influence market demand, the reason...
less consumer choice will affect the decline in demand
the more choices of consumers will affect the decrease in demand
demand will increase in line with increasing consumer choices
demand will decrease when there is no other choice from consumers
The law of supply states that...
supply will remain stable when the price goes up
the quantity supplied of a good decreases when the price of the good increases
the quantity supplied of a good increases when the price of the good rises
supply will increase when the price goes down
The situation in which the market price has reached the level where the quantity supplied equals the quantity demanded is an explanation of...
equilibrium price
balance quantity
equilibrium point
elasticity
A measure of the responsiveness of the quantity demanded or the quantity supplied to a change in one of its determinants is also called...
Elasticity
Equilibrium
Entity
Equality
If an increase in the price of a good has a large effect on the quantity demanded of that good, then the demand is said to be...
Unitary elastic
Elastic
Inelastic
Perfectly inelastic
Supply is usually more elastic in the long run than in the short run. The statement regarding to supply is true, except....
over a short period of time, companies cannot easily resize their factories to produce more or less goods.
in the short run, the quantity supplied is not very responsive to price.
over a longer period, companies can build new factories or close old factories
over a short period of time, companies can easily resize their factories to produce more or less goods.
In the sixth topic, we studied the role of government in controlling market prices. The price control is carried out by the government because...
government intervened massively
seller wants low price
there is an injustice between the seller and the buyer
buyers always ask for high prices
Price control can be done by making policies in the form of...
monopoly market price
low seller price
highest price and lowest price
high buyer price
When governments levy taxes on certain products, in general and in reality who has to bear the costs in the end?
government
consumers
seller
supplier
