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WorksheetsQUIZ REVISION IMU453
Total questions: 13
Worksheet time: 38mins
The problem of scarcity arises due to:
Human greed
Limited availability of resources
Government restrictions to the production of goods and services
Inefficient production methods
In economy, the three main economics units are:
Firms, banks and traders
Firms, households and banks
Household, governments and firms.
Household, governments and banks.
Which of the following is a macroeconomic statement?
Perodua’s profits increase in 2021
Unemployment rate was at 3.5% last year.
The price of wheat declined by 3% last year.
The productivity of agricultural sectors increased by 2.5% last year.
The government may overcome the problem of deflation by:
Increase the discount rate.
Forcing the government deficit to decrease.
Carrying out an expansionary fiscal policy.
Decreasing the money supply
A four-sector economy is also known as:
A closed economy
A simple economy
An open economy
a) State 5 determinants of supply?
b) State 5 determinants of demand?
(a)
The market demand and supply functions are given below:
Market demand, Qd = 36 – 4P (equation 1)
Market supply, Qs= 15+3P (equation 2)
Find market equilibrium price and quantity:
(a)
Describe 4 factor of production?
(a)
3 method used of measuring national income (GDP)
(a)
5 degrees of inflation that can occur in a country
(a)
5 factors Influencing Price Elasticity of Demand
(a)
Draw diagram four-sector economy and explain
TWO CATEGORIES of costs of production:
