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WorksheetsChapter 1: The Concept of Economics
Total questions: 20
Worksheet time: 11mins
Choice is needed because of:
scarcity
factors of production
opportunity cost
entrepreneurs
Malaysia is arguing about whether we should increase the amount of BSH next year. This is closely related to the economic concept of
scarcity
choice
opportunity cost
utility
Microeconomics is a division of economics that deals with
Monetary supply of an economy
The aggregate demand
The purchasing behaviour of consumers
The inflation and unemployment
Macroeconomics is a division of economics that deals with
The marketing strategies of a firm
The production efficiency of a firm
The household’s choice on their daily live
The investment-saving gap of an economy
Which one of the following is NOT a factor of production
Land
Labour
Entrepreneur
Government
Malaysia is providing incentive to draw talent to Malaysia. When these talents are employed they contribute to the production process. The talents are considered as a factor production of
Land
Labour
Entrepreneur
Capital
Below are the three main economic choices EXCEPT:
What should be produced?
How should it be produced?
For whom should it be produced?
Why it is produced?
Which of the following is a statement related to positive economics?
Malaysia government should increase the amount of BSH
The increase in interest rate will stimulate the real estate property market
Public transport in Malaysia needs to improve to provide a better service
We should ensure that income inequality is not widening
Macroeconomics is a division of economics that deals with
the overall performance and behavior of the economy as a whole
the analysis of market supply and demand
the examination of business financial statements
the study of individual consumer behavior
Ahmad decided to further his study in Universiti Utara Malaysia (UUM). The opportunity cost for him to further study in UUM is
The opportunity cost is the total cost of studying in UUM.
The opportunity cost is the value of the next best alternative.
The opportunity cost is the cost of tuition in UUM.
The opportunity cost is the time spent studying in UUM.
Microeconomics is a division of economics that deals with
macroeconomic factors such as GDP and inflation
global economic trends and policies
financial markets and investment strategies
individual economic units such as households, firms, and markets
Economics can be defined as:
The study of how individuals, businesses, governments, and societies make choices about the distribution of abundant resources.
The study of how individuals, businesses, governments, and societies make choices about the allocation of scarce resources.
The study of how individuals, businesses, governments, and societies make choices about the management of scarce resources.
The study of how individuals, businesses, governments, and societies make choices about the allocation of unlimited resources.
the situation that exists where there are not enough resources to meet human wants
limitations
scarcity
rations
coupons
the study of how people choose to use scarce resources to satisfy their wants
freakonomics
psychology
economics
consumer sciences
the willingness to take risks that are needed to create and run a new business
Land
Entrepreneurship
Capital
Labor
a way of describing economics as it is, not as it should be
microeconomics
positive economics
macroeconomics
normative economics
a way of describing or explaining what economic behavior should be, not what it actually is
microeconomics
positive economics
macroeconomics
normative economics
The core problem in economics study is
Money
Scarcity
Production
Allocation
Which of the following statement is about microeconomics?
The growth increased by 5.0 percent last year
Inflation is about to increased 3.6 percent this year
The factors of production is limited resources
The general price level increased by 4 percent last year
“In order to save cost, the “Food Industry” should use more labor than machines.”This statement refers to
What to produce?
How to produce?
How many to produce?
None of the above
