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WorksheetsHSP MICROECONOMICS Quiz
Total questions: 10
Worksheet time: 6mins
What does microeconomics study?
How people and businesses make decisions about money and resources
The weather patterns
The history of ancient civilizations
The structure of atoms
Which of the following is NOT a factor of production?
Natural resources
Human resources
Capital resources
Weather
Match the following terms with their correct definitions:
People who produce goods or services
Natural resources
Man-made goods used to make other goods or services
Capital resources
Resources that come from nature
Human resources
Natural resources that can be replaced are called renewable resources.
True
False
Which of the following is a characteristic of an entrepreneur?
They are open-minded
They avoid risks
They dislike competition
They are not adaptable
What are budgets?
Budgets are physical resources or man made things.
Budgets are estimates of income and expenses.
Budgets are the factors of production used by entrepreneurs.
Budgets are Human Resources such as money, tools and vehicles.
Entrepreneurship is the ability to develop and run a business and willingness to take risks in order to make a (a) .
Which is not a quality of an entrepreneur?
They are determined
They are creative
They are competitive
They are closed minded
Microeconomics is primarily concerned with:
The behavior of individuals and businesses in the economy.
The overall performance of a nation's economy.
The study of macroeconomic factors.
International trade dynamics.
Consumers will buy more of a good when its price is lower and less when its price is higher.
Law of Demand
Law of Supply
Price Floor
Price Ceiling
