class 11 introduction to microeconomics

1.

Multiple Choice

30 sec

1 pt

A person who buys goods and services

consumer

entrepreneur

resource

currency

2.

Multiple Choice

30 sec

1 pt

another word for money

barter

economics

currency

price

3.

Multiple Choice

30 sec

1 pt

The making, buying and selling of goods and services

economics

inflation

market

barter

4.

Multiple Choice

30 sec

1 pt

Economics is...

studying goods, services, and how people can get them.

studying trees, bushes, and other plants.

studying animals and wildlife.

studying food, and how food is made.

5.

Multiple Choice

30 sec

1 pt

The people who grow or create goods are called...

producers

consumers

banker

traders

6.

Multiple Choice

1 min

1 pt

How do most people obtain goods or services today in America?

Money

Trading

Bartering

7.

Multiple Choice

30 sec

1 pt

Economic system where government controls everything.

Market

Command

Mixed

Free Enterprise

8.

Multiple Choice

30 sec

1 pt

Type of Economy that is half command and half market

Traditional

Command

Market

Mixed

9.

Multiple Choice

30 sec

1 pt

The good or service that you give up when you make an economic choice is called _____________________.

opportunity cost

economic choice

economic interdependence

economic specialization

10.

Multiple Choice

30 sec

1 pt

The choice between two goods or services is known as ___________________.

scarcity

opportunity cost

economic choice

economic specialization

11.

Multiple Choice

30 sec

1 pt

The choice between two goods or services is known as ___________________.

scarcity

opportunity cost

economic choice

economic specialization

12.

Multiple Choice

30 sec

1 pt

These are examples of ________________ resources.

capital

natural

scarce

human

13.

Multiple Choice

30 sec

1 pt

This picture shows examples of _________________ resources.

natural

capital

human

consumer

14.

Multiple Choice

30 sec

1 pt

Those who are poor are more likely to face scarcity than the rich.

True

False

15.

Multiple Choice

30 sec

1 pt

The opportunity cost of producing a good is the scarce resources used up in the process.

True

False

16.

Multiple Choice

30 sec

1 pt

Even if a resource has only one use (i.e. produce Good A), there will be opportunity cost incurred when the resource is used to produce Good A.

True

False

17.

Multiple Choice

30 sec

1 pt

The position of a PPC, with reference to the origin, is dependent on its level of resources and technology.

True

False

18.

Multiple Select

30 sec

1 pt

Which of the following can lead to the PPC shifting outwards i.e. increase in productive capacity.

Improvement in technology

Increase quantity of FOP

Increase quality of FOP

19.

Multiple Choice

30 sec

1 pt

A country’s PPC will be downward sloping as long as its resources are scarce and have alternative uses.

True

False

20.

Multiple Choice

30 sec

1 pt

The PPC diagram by itself can be used to illustrate productive efficiency but not allocative efficiency.

True

False

21.

Multiple Choice

30 sec

1 pt

What is the fundamental problem of every society?

labor costs

scarcity

economic interdependence

market fluctuation

22.

Multiple Choice

3 mins

1 pt

Based on the table, if the country is currently producing at point B and decides to produce at point C, the opportunity cost for the additional pair of shoes is ____ pizzas.

26

23

3

2

23.

Multiple Choice

10 sec

1 pt

Land, Labor, Capital, and Entrepreneurship

Diversification

Deductions

Portfolio

Factors of Production

24.

Multiple Choice

2 mins

1 pt

The opportunity cost of increasing production from 7 to 9 trucks is

Scarcity

2 boats

2 trucks

3 boats

25.

Multiple Choice

1 min

1 pt

Which point represents "resources are not being used efficiently, or resources are being wasted or idle"?

Point A

Point Y

Point X

All of the above

26.

Multiple Choice

1 min

1 pt

The diagram shows the production possibilities curve for Country Y. Which of the following statements is true?

If Country Y is producing at point C, it is using all its resources efficiently

The opportunity cost of producing more machines is constant

Country Y cannot produce at point E

The most efficient point of production is point D

27.

Multiple Choice

1 min

1 pt

The opportunity cost of Australian households moving away from coal-powered energy to solar-powered energy includes (i) the loss of jobs in the coal industry, (ii) a cleaner environment, (iii) reduced coal production.

(i), (ii) and (iii)

(ii) and (iii)

(iii) only

(i) and (iii)

28.

Multiple Choice

1 min

1 pt

A firm operating at 'X' produces 70 whips and 60 saddles. It changes production to 'Y' producing 20 whips and 90 saddles. The opportunity cost of this production change is

20 whips

30 saddles

50 whips

60 saddles

29.

Multiple Choice

1 min

1 pt

In terms of the production possibility curve, a decrease in unemployment would be best shown by

a movement along the curve.

an outward shift of the curve.

a movement from a point inside the curve to a point closer to the curve.

an inward shift of the curve.

30.

Multiple Choice

1 min

1 pt

The diagram shows the production possibilities curve for Country Y. Which of the following statements is true?

If Country Y is producing at point C, it is using all its resources efficiently

The opportunity cost of producing more machines is constant

Country Y cannot produce at point E

The most efficient point of production is point D

31.

Multiple Choice

2 mins

1 pt

Based on the table provided, which one of the following statements is correct?

Japan has the absolute advantage in producing cars

Japan has the comparative advantage in producing cars

The United States has the absolute advantage in producing both cars and computers

The opportunity cost of producing a car in Japan is 1/2 a computer

32.

Multiple Choice

1 min

1 pt

If nations specialize according to their comparative advantage and engage in trade with each other, each nation can:

Consume outside its production possibilities curve

Produce outside its production possibilities curve

Shift its production possibilities curve to the right

Produce more of all goods

33.

Multiple Choice

30 sec

1 pt

Slope of production possibility curve is

Straight line

Convex to the point of origin

Concave to the point of origin

None of these

34.

Multiple Choice

30 sec

1 pt

When an economy is operating on production possibility curve it indicates

Potential output = actual output

Potential output greater then actual out put

Potential output less than actual output

None of these

35.

Multiple Choice

20 sec

1 pt

Concavity of production possibility curve implies

Increasing slope

Decreasing slope

Constant slope

none of thede

36.

Multiple Choice

10 sec

1 pt

Production possibility curve is a convex in case of

Constant Moc

Rising Moc

Falling moc

None of these

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