WorksheetsREVISION TIME!
Total questions: 16
Worksheet time: 12mins
Which of the following statements related the concept of opportunity cost is false?
The opportunity cost of using resources to produce more health care is the
output of the next best alternative product that could be produced with the
same resources
The opportunity cost of a decision is the next best forgone alternative.
Some decisions have zero opportunity cost.
Scarcity implies that the opportunity cost of any decision can never be zero.
The phrase ‘ceteris paribus’ which is used frequently in economic analysis, means
to each according to his need
something for something in return; payback
production is the source of riches
other things being equal.
The economic system in which all the basic decisions are made through a centralized authority such as a government agency, is termed a
market economy.
capitalist economy.
command economy.
traditional economy.
On a production possibilities curve, a change from economic inefficiency to economic efficiency is obtained by
movement along the curve.
movement from a point inside the curve to a point on the curve.
movement from a point outside the curve to a point on the curve.
a change in the slope of the curve.
Assuming chicken drumstick and potatoes are complements, a decrease in the price of chicken drumstick will
decrease the demand for chicken drumstick.
increase the demand for chicken drumstick.
increase the demand for potatoes.
decrease the demand for potatoes.
An increase in the wage paid to vegetables pickers will cause the
demand curve for vegetables to shift to the right, resulting in higher prices for vegetables
demand curve for vegetables to shift to the left, resulting in lower prices for vegetables.
supply curve for vegetables to shift to the left, resulting in lower prices for vegetables.
supply curve for vegetables to shift to the left, resulting in higher prices for vegetables.
If income increases, the demand for Item A will decrease. What type of good is Item A?
(a)
Consumers buy candy bars regardless of the price. What is the consumer’s elasticity of demand for candy bars?
-1
0
-4
INFINITY
The cross elasticity of demand for mango with respect to the price of banana is 0.3. Other things being equal, a 10% increase in the price of banana will
have no effect on the amount of mango purchase.
decrease the amount of mango purchased by 3%.
decrease consumer expenditure on mango.
increase the amount of mango purchased by 3%.
AN IMPROVEMENT IN TECHNOLOGIES TO PRODUCE SHOES WILL CAUSE THE ------------ CURVE TO SHIFT TO THE RIGHT.
(a)
If the price of an egg is reduced from RM0.25 to RM0.20, the quantity demanded by consumers will increase from 10 dozens per week to 12 dozens per week. The price elasticity of demand is:
(a)
Kunti Bakery observes the following:
When it raises the price of pie, the total revenue from pie increases. This indicates that the demand for pie is (a) .
What is another name for central planned economy?
(a)
ISLAMIC ECONOMY PROHIBITS ANY FORMS OF (a) IN TRANSACTION.
When the percentage change in quantity demanded is greater than the percentage change in price, the demand for the goods is (a) .
If the coefficient of the cross-priced elasticity of demand is -4, it indicates that the goods are (a) goods.
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