Microeconomics and Macroeconomics Quiz

Microeconomics and Macroeconomics Quiz

Professional Development

20 Qs

quiz-placeholder

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Microeconomics and Macroeconomics Quiz

Microeconomics and Macroeconomics Quiz

Assessment

Quiz

Other

Professional Development

Medium

Created by

Dr. Laxmikant Sharma

Used 3+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

What is the primary focus of microeconomics?

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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