Search Header Logo

Microeconomics

Authored by Ranmini Ranasinghe

Other

1st Grade - Professional Development

Used 3+ times

Microeconomics
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Economics is the study of

How society manages its unlimited resources.

How to reduce our wants until we are satisfied.

How society manages its scarce resources.

How to fully satisfy our unlimited wants

How to avoid having to make trade-offs

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

A study of how increase in the corporate income tax rate, will affect the natural unemployment rate is an example of:

Macro Economics

Descriptive Economics

Micro Economics

Normative Economic

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The statement, "An increase in inflation tends to cause unemployment to fall in the short run," is normative.

True

False

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following statements about opportunity costs is TRUE?


I. The opportunity cost of a given action is equal to the value foregone of all feasible alternative actions.

II. Opportunity costs only measure direct out of pocket expenditures.

III. To calculate accurately the opportunity cost of an action we need to first identify the next best alternative to that action.

III only.

I and III only.

II only.

None of the statements is true.

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The market supply curve shows

The effect on market demand of a change in the supply of a good or service.

The quantity of a good that firms would offer for sale at different prices.

The quantity of a good that consumers would be willing to buy at different prices.

All of the above are correct

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

An increase in the demand for a good will cause

An increase in equilibrium price and quantity

A decrease in equilibrium price and quantity

An increase in equilibrium price and a decrease in equilibrium quantity

A decrease in equilibrium price and an increase in equilibrium quantity

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

An increase in the supply of a good will cause

An increase in equilibrium price and quantity

A decrease in equilibrium price and quantity

An increase in equilibrium price and a decrease in equilibrium quantity

A decrease in equilibrium price and an increase in equilibrium quantity

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?