WorksheetsINTRO TO MICRO vs MACRO ECONOMICS
Total questions: 14
Worksheet time: 13mins
1. Microeconomics mainly studies:
National income and growth
Behavior of individual households and firms
Inflation and unemployment
Fiscal and monetary policies
2. Macroeconomics mainly focuses on:
Individual markets
Consumer decision-making
The economy as a whole
Cost minimization by firms
3. Which of the following is an example of microeconomics?
Measuring GDP growth of a country
Analyzing why coffee prices increase when demand rises
Examining unemployment during a recession
Designing fiscal stimulus packages
4. The interaction of demand and supply determines:
Inflation rate
Government spending
Market equilibrium price and quantity
National output
5. Which of the following is NOT a determinant of demand?
Consumer income
Tastes and preferences
Prices of related goods
Production costs
6. The law of demand states that:
Higher prices increase quantity demanded
Lower prices increase quantity demanded
Supply creates its own demand
Demand creates its own supply
7. The law of supply suggests that:
Higher prices encourage more supply
Lower prices encourage more supply
Demand always determines supply
Supply is fixed regardless of price
8. Which is a feature of perfect competition?
One seller dominates the market
Many sellers, identical products
Firms can easily set high prices
Government controls prices
9. Price elasticity of demand measures:
Sensitivity of demand to price changes
Sensitivity of supply to price changes
Inflation in an economy
GDP growth rate
10. Which of the following is a macroeconomic indicator?
A bakery’s production cost
National unemployment rate
A student’s spending decisions
Uber’s surge pricing in a city
11. GDP measures:
Total value of goods and services produced in an economy
Total exports minus imports
Total household income only
Total government revenue
12. Fiscal policy involves:
Money supply and interest rates
Government spending and taxation
Inflation control by central banks
Exchange rate determination
13. During high unemployment, governments may use:
Expansionary fiscal policy
Contractionary fiscal policy
High interest rates
Reduced public spending
14. Which best describes the main difference between microeconomics and macroeconomics?
Micro = small scale, Macro = large scale
Micro = policy-making, Macro = efficiency only
Micro = inflation, Macro = consumer choice
Micro = GDP, Macro = market prices
