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WorksheetsAAA 406 Economics & Architecture
Total questions: 10
Worksheet time: 6mins
What are the categories of resources ?
Land, Money & Labour
Capital, Money & Land
Land, Capital & Labour
Two (2) types of people wants
Good & Title
Good & Services
Services & Labour
The studies of individual units in detail such as household, firm and government is the definition of what ?
Microeconomics
Market equilibrium
Macroeconomis
What are Macroeconomics goal ?
Efficiency & Equity
High employment rate & stable price
Low economy growth & High unemployment rate
What is Demand ?
Goods or services consumers will pay with hesitation
Goods or services that consumers desire but cannot pay
Goods or services consumers will pay without hesitation
Demand Curve is .........
The list showing the quantities of products that consumers would choose to buy
Graphical representation of relationship between price and the quantity of demand
Graphical representation of the relationship between the cost of a good or service and the quantity of supply
Law of Supply stated that when the........
Price of good rises, the quantity of the good supplied will rise
Price of good rises, the quantity of the good supplied will goes down
Price of good rises, the quantity of the good supplied will remain
Market Equilibrium will be achieved when.....
Supply is higher than the Demand
Supply and Demand balance each other
Demand is higher than the Supply
Market is a group of (a) with the potential to trade
How to define Perfect Competition Market Structure ?
Amount of sellers involved
High barriers to entry
Abnormal profit
Selling identical products
