What is the primary focus of microeconomics?

Microeconomics and Macroeconomics Quiz

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Professional Development
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Dr. Laxmikant Sharma
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20 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Aggregate economic phenomena
Actions of individual consumers and firms
International trade
Government fiscal policies
2.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Which of the following is a key concept in macroeconomics?
Consumer Behavior
Elasticity
Market Structures
Inflation
3.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
What does the Law of Demand state?
Higher prices lead to lower demand
Demand is unaffected by price changes
Lower prices lead to lower supply
Higher prices lead to higher demand
4.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
What is meant by 'scarcity' in economics?
High levels of consumer demand
Abundance of goods and services
Limited resources to meet unlimited wants
Unlimited resources for production
5.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Which of the following is a determinant of demand?
Technology
Consumer Preferences
Number of Suppliers
Production Costs
6.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
What does a shift in the demand curve indicate?
Decrease in consumer income
Increase in supply
Change in demand at every price level
Change in quantity demanded due to price change
7.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
What is the definition of positive economics?
Focuses on what ought to be
Deals with verifiable and factual statements
Involves personal opinions
Analyzes ethical considerations
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