WorksheetsMicroeconomics
Total questions: 10
Worksheet time: 5mins
Microeconomics is the study of economics from the view point of
the entire economy
the government unit
individual economic units
all the firm
scarcity, choice and ............. are basic economic concept
opportunity cost
factor of production
limited resources
income level
Macroeconomics focuses on aggregate variables such as
national income, employment and inflation
elasticity and demand
inflation and market competition
cost and currency
scarcity exists when
unlimited wants < limited resource
unlimited wants > limited resources
options = choices
money = freedom
Opportunity cost is the value of the next best alternative forgone when a choice has been made
Yes
No
Capital, land, labor and ....... are factors of production
asset
human
entrepreneur
investor
Which of the following is not the basic economic problem?
where to produce
what to produce
how to produce
for whom to produce
which of the following does not illustrate opportunity cost?
If I buy a pencil, I also have to buy pe
If I spend more on food, I must spend less on clothes
If I buy a computer, I must do without 70' smart TV
If I study today, I must give up going to football game
In which economic system does the central planning decides on price determination?
socialist
mixed
capitalist
In which economic system where private goods are produced by private sectors while public goods are produced by the government?
socialist
capitalist
mixed
