
Microeconomics Ch-1
Authored by Deepti Bist
Social Studies
11th Grade
Used 62+ times

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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity Cost is:
The additional benefit of buying an additional unit of a product.
That which we forgo, or give up, while making a choice or a decision.
The cost incurred in the past before we make a decision about what to do in future
A cost that is borne in terms of discomfort and pain while supplying factors of production.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The opportunity cost of watching a movie will be equal to:
The time lost while watching the show.
The pleasure enjoyed by watching the show
The amount paid to buy the tickets.
The pleasure that could have been enjoyed watching TV instead.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is
The study of stocks and bond market.
The study of Management decisions.
The problem of choice under scarcity.
Mainly the study of business firms.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Government-provided healthcare increases public expenditures.
Normative Economic Statement
Positive Economic Statement
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Working citizens should not pay for hospital care.
Normative Economic Statement
Positive Economic Statement
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economies where the economic activities are firmly controlled by government.
Centrally Planned Economy
Market Economy
Mixed economy
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economies where the economic activities are controlled by the market forces.
Socialist Economy
Mixed economy
Capitalist Economy
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