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- 1. Multiple Choice
Economics is a study of how people use their _______ to try fulfill unlimited wants.
limited choices
limited resources
limited time
limited behaviour
- 2. Multiple Choice
Microeconomics is the study of the economic system as a whole such as national income, trade cycle, unemployment rate, inflation and general price level
True
False
- 3. Multiple Choice
Deal with the question of “what ought to be”. Involve opinions, judgement, assumption about what the economy should be or what policy should be used to achieve economic goals.
Positive analysis
Normative analysis
- 4. Multiple Choice
"An economic system where all the economic decisions are made by the government or a central authority" refer to
Socialism
Capitalism
Mixed economy
- 5. Multiple Choice
Demand is defined as the ability and willingness to buy specific quantities of goods in a give period of time at a particular price, ceteris paribus
True
False
- 6. Multiple Choice
Handbag and shoes are example of
free goods
public goods
economic goods
- 7. Multiple Choice
Law of supply states that the ______ the price of a good, the _____ is the quantity supplied for that good
lower, higher
higher, lower
higher, higher
- 8. Multiple Choice
Which of these is a determinant of supply?
Taste and preference
Technology
Consumer income
Number of consumer
- 9. Multiple Choice
In which type of market structure do we have the most number of firm?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
- 10. Multiple Choice
In an oligopoly market, there are
single seller
few sellers
many seller
- 11. Multiple Choice
Which one the type of market that have the highest barrier to entry?
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
- 12. Multiple Choice
"A market in which there are many buyers and sellers, the products are homogeneous and sellers can easily enter and exit from the market". This statement refer to
Perfect competition
Oligopoly
Monopoly
Monopolistic competition
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