Microeconomics Quiz

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

Who is the main focus in microeconomics?

• International organisations

• Households and firms

• Governments

• Military

Which is NOT a concept studied in microeconomics?

• Consumer behavior

• Market structure

• Gross Domestic Product (GDP)

• Price determination

The main goal of microeconomics is to:

• Control world prices

• Study how small units make choices

• Increase government income

• Plan the whole economy

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

Scarcity in economics means:

• There is enough supply

• Unlimited resources

• Limited resources for unlimited wants

• Price is too high

In a capitalist economy, decisions are made by:

• Government only

• People and businesses

• Military leaders

• Central banks

In a centrally planned economy, who controls production?

• Private owners

• Consumers

• Government

• Foreign companies

How can microeconomics help a business owner?

• By helping set product prices

• By helping world oil prices

• By controlling government policy

• By deciding tax rates

Which is a microeconomic decision?

• Government builds a new airport

• A family buys a cheaper brand of rice

• Central bank changes interest rates

• Malaysia signs a trade deal