Economics is best defined as the study of:

REV155 QUIZ MAC-AUG25

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NOHAFIZAH ARIFIN
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17 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
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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