Economics
Authored by rahimah sauji
Business
KG
Used 18+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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 QUESTION
1 min • 1 pt
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 QUESTION
1 min • 1 pt
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 QUESTION
1 min • 1 pt
"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 QUESTION
1 min • 1 pt
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 QUESTION
1 min • 1 pt
Handbag and shoes are example of
free goods
public goods
economic goods
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
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
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