1255306
Description
Quiz by Eco OnTheGo, updated more than 1 year ago
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Created by Eco OnTheGo
over 9 years ago
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Question 1
Question
Which of the following would be studied in microeconomics?
Answer
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The total number of workers employed in a country
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The general level of prices in the Malaysian economy
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The output and price of lamb in Malaysia
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The production of the entire economy
Question 2
Question
Which of the following would be studied in microeconomics?
Answer
-
The total number of workers employed in a country
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The general level of prices in the Malaysian economy
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The output and price of lamb in Malaysia
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The production of the entire economy
Question 3
Question
Which of the following does not illustrate opportunity cost?
Answer
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If spent more on shoes, I must spend less on food
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If I study today for the test tomorrow, I must give up watching my favorite movie
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If I buy the PSP, I must do without a 35” television
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An increment in consumer spending now means more spending in the future
Question 4
Question
Which of the following is not a characteristic of an inelastic demand?
Answer
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There is a large number of substitution goods for customers
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The period of time for which demand is given is very short
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The buyer spends a small percentage of his income on a product
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The product is regarded by consumers as a necessity
Question 5
Question
An increase in demand means that
Answer
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the demand curve has shifted to the left
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price has declined and therefore consumers want to purchase more of the product
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the demand curve has shifted to the right
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given supply, the price of the product can be expected to decline
Question 6
Question
Ceteris paribus, the supply of flour is positively sloped because
Answer
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the price will increase when farmers get higher profits
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an increase in the price of flour will cause the quantity supplied to increase at the same rate
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an increase in the demand for flour will cause an increase in the demand of flour
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the high price will motivate farmers to increase flour production
Question 7
Question
The price of goods tend to stabilize if quantity
Answer
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demanded exceeds quantity supplied
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supplied is stabilize
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demanded equals to quantity supplied
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supplied exceeds quantity demanded
Question 8
Question
Which of the following is a short run adjustment?
Answer
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A local bakery hires two additional workers
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The number of plantations in Malaysia declines by 5%
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Eight new firms enter the electronic industry
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Proton constructs a new assembly plant in Malacca
Question 9
Question
The law of diminishing marginal return describes the
Answer
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Relationship between inputs and outputs in the short run
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Relationship between total costs and total revenues
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Relationship between inputs and outputs in the long run
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Profit maximizing position of a firm
Question 10
Question
A decrease in the price of product X causes an increase in the demand for product Y.
Product X and Y are mostly likely to be
Answer
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Milo and Vico
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Nasi lemak and Capati
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Strawberries and Grape
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Video recorders and video tapes
Question 11
Question
Assume the government has intervened in the market and imposed a floor price on good YY and a ceiling price on good ZZ.
What would be the effect on the market for good YY and good ZZ?
Answer
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Shortage in both markets
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Surplus in both markets
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A surplus in the good YY market and an increase in the quantity of good ZZ
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A surplus in the good YY market and a shortage in good ZZ market
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