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REV155 QUIZ MAC-AUG25

Authored by NOHAFIZAH ARIFIN

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REV155 QUIZ MAC-AUG25
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17 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Economics is best defined as the study of:

How to become wealthy

How people make choices to satisfy their wants with limited resources

How to manage a business

How to reduce unemployment

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Microeconomics is the study of:

National income and inflation

Government budget and spending

. Individual and business decision-making

International trade

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following best explains the difference between microeconomics and macroeconomics?

Microeconomics focuses on government policies; macroeconomics focuses on businesses

Microeconomics studies individuals and firms; macroeconomics studies the whole economy

Microeconomics is theoretical; macroeconomics is practical

Microeconomics analyses international trade; macroeconomics studies agriculture

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following is an example of capital as a factor of production?

A factory building

An employee

A forest

A manager

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What does the term ‘opportunity cost’ mean?

The cost of an item on sale

The benefit gained from a decision

The value of the next best alternative forgone

The price paid in a transaction

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The concept of opportunity cost is most closely related to which economic problem?

Economic growth

 Inflation

Choice under scarcity

Market equilibrium

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The basic economic problems are:

what, how and why to produce.

what, when and why to produce.

what, how and for whom to produce.

what, when and for whom to produce.

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