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WorksheetsQuiz Chapter 1 Part 1
Total questions: 18
Worksheet time: 18mins
The study of economics exists because:
government interferes with the efficient allocation of scarce resources
resources are scarce in relation to human material wants
the market system is an obstacle to the efficient use of plentiful resources to satisfy constrained wants
resource are overly abundantly as compared to wants, hence an allocation problem exits
Economics can be defined as the social science that explains the ________.
choices that we make as we cope with scarcity
choices made by households
choices made by politicians
choices we make when we trade
The physical and mental effort used to produce goods and services.
Labor
Capital
Land
Scarcity
A profit-seeker who develops new product or process and assumes the risk of profit or loss.
Profiteer
Entrepreneur
Salesman
Venture Capitalist
A simplification of economic reality used to make predictions about the real world.
Economic model
Economic Assumption
Economics
Economic Choice
Man made tools used to produce goods and services; for example, factories, trucks, and machines.
Labor
Entrepreneurship
Capital
Human Resource
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
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
Which one of the following is NOT a resource in economics?
Land
Labour
Entrepreneur
Government
Which of the following is a statement related to positive economics?
Malaysia government should increase the amount of BSH
The increase in interest rate stimulate the real estate property market by 2%
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
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
the situation that exists where there are not enough resources to meet human wants
limitations
scarcity
rations
coupons
the willingness to take risks that are needed to create and run a new business
Land
Entrepreneurship
Capital
Labor
a way of describing or explaining what economic behavior should be, not what it actually is
microeconomics
positive economics
macroeconomics
normative economics
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
