
Microeconomics Quiz
Quiz
•
Social Studies
•
12th Grade
•
Hard
Murugadas Ramdas
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the best definition of microeconomics?
Study of national income and output
Study of individual and firm-level economic decisions
Study of inflation and unemployment
Study of global trade policies
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is the main focus in microeconomics?
International organisations
Households and firms
Governments
Military
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is NOT a concept studied in microeconomics?
Consumer behavior
Market structure
Gross Domestic Product (GDP)
Price determination
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The main goal of microeconomics is to:
Control world prices
Study how small units make choices
Increase government income
Plan the whole economy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the THREE (3) Basic Economic problems?
Inflation, demand, and cost
What, how, and for whom to produce
Taxation, production, and spending
Planning, pricing, and purchasing
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity in economics means:
There is enough supply
Unlimited resources
Limited resources for unlimited wants
Price is too high
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a capitalist economy, decisions are made by:
Government only
People and businesses
Military leaders
Central banks
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