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economics micro quiz
economics micro quiz
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StudBud Administration
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Grade 10 IGCSE O Level
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
there is agent in economy, except:
alien
enterprise/producer
government
consumer
2
the economy system which free to make business without government intervention:
planned system
good system
market system
mixed system
3
if technology increase, it will shift the supply curve to:
down
up
right
left
4
factor production for manage land, labor, and capital:
money
government
enterprise
power
5
what economics most concern?
space utilization
resource allocation
historical moments
social interactions
6
which economy system this country adopt ?
planned system
good system
market system
mixed system
7
opportunity cost is:
all alternatives
chosen choice
alternative chosen
alternative forgone
8
which one of these things is categorized as service?
medical treatment
rice
car spare parts
iPad tablet
9
the shape of curve describe:
price
demand
supply
quantity
10
what thing that human need for fulfill their basic needs?
technology
social recognize
happiness
good and service
11
example of product with elastic PED :
gasoline
rice
medicine
iPhone
12
which economy system this country adopt ?
mixed system
market system
macro system
planned system
13
there are factor productions, except:
land
wealth
enterprise
labor
14
what factor production is this?
labor
land
capital
entreprise
15
why we should learn economics?
all answers are right
make the most profit
help the most people
to maximize happiness
16
product possibility curve is curve that explain:
minimum output that country could reach with 2 input
demand equal to supply
price equal to quantity of demand
maximum output that country could reach with 2 input
17
if demand increase, it will shift the demand curve to:
left
down
right
up
18
which factor determine supply?
taste
income
tax
demographic
19
the curve that describe demand equal to supply:
indiference curve
equilibrium price
equalizer curve
equation curve
20
if you learn economics, your job prospect is, except:
enterprise
geologist
president
accountant
21
example of product with perfect inelastic PED :
iPhone
gasoline
rice
medicine
22
the curve that explain about relationship between price and quantity of demand:
demand curve
PPC
inelastic curve
supply curve
23
if increase of oil price results increase its supply in a few unit, PES of oil is:
inelastic
elastic
perfect inelastic
uniter
24
which factor determine demand?
income
season
cost of production
technology
25
basic economic problem:
choice
scarcity
wealth
prosperity