review unit 1-unit 4

1. The  approach to production, using a resource combination which includes a small capital and much labour is…………….

• capital-intensive

• labour-intensive

• money-intensive

2.......................is the periodic changes or the up and downs in the level of a nation^’s economic activity.

• demand

• utility

• supply

• business cycle

………………in a perfectly competitive market are subject to the prices determined by the market and do not have any leverage.

• suppliers

• seller

• buyers

• producers

………….. is a specific type of oligopoly where only two producers exist in one market.4

• monopoly

• duopoly

• perfect competition

Microeconomics is  a branch of economics that studies the …………. …of individuals and small impacting organizations in making decisions on the allocation of limited resource.

• activities

• behaviours

• action

• attitudes

In a market economy,……………………….are the major decision makers of what to produce

• buyers

• sellers

• government

• manufacturers

……..describe a market in which there is only one seller or a very limited number of sellers

• monopoly

• perfect competition

• market failure

……..describe a market in which there is only one seller or a very limited number of sellers

• duopoly

• monopoly

• perfect competition