Basic Microeconomics
Quiz by Rose Marie
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- Q1
Concerned with demand and supply, production, consumption, and economic welfare.
Application
Imports
Microeconomics
Macroeconomics
30s - Q2
A meeting place for buyers and sellers where the buyer can purchase goods from a seller.
Supply
Mall
Demand
Market
30s - Q3
An organization's ability to control the price of a product
Retailing
Preventing Resales
Marketing
Market Power
30s - Q4
It is the state where the demand and the supply are balanced with each other
Deadweight loss of Taxation
Demand
Market Equilibrium
Equality
30s - Q5
An expert who studies the relationship between a society’s resources and its production or output is:
Sociologist
Anthropologist
Psychologist
Economist
30s - Q6
This factors of production refers to all natural resources
Capital
Entrepreneurship
Labor
Land
30s - Q7
The various buyers and sellers in the market have similar level of economic well being
Market Equilibrium
Equality
Economics
Deadweight loss of Taxation
30s - Q8
What does Ceteris Paribus mean?
“All other things changes”
“All other things is different”
“All other things remaining constant”
“All other things is equal”
30s - Q9
What does the law of supply state?
As prices increase, producers supply less
Consumers control the amount producers supply
Supply remains the same regardless of price changes
As prices increase, producers supply more
30s - Q10
This type of elasticity refers to the price of one product influencing the demand for another. This often involves substitution between two products
Income Elasticity
Elasticity of Demand
Elasticity of Supply
Cross Elasticity
30s - Q11
Disequilibrium occurs when:
The expectations of consumers and producers don't meet.
The economy is experiencing inflation.
Supply and demand are balanced.
The economy is in a state of equilibrium
30s - Q12
What is a table that shows the relationship between the price of a product and the quantity supplied by producers?
Market Supply
Supply Curve
Supply Schedule
Demand Curve
30s - Q13
It's the condition of resource insufficiency to satisfy all the needs and wants of a population
Demand
Scarcity
Supply
Capital
30s - Q14
If the price of a product decreases, what happens to the consumer surplus?
It becomes negative
It decreases
It stays the same.
It increases.
30s - Q15
A demand schedule shows the relationship between:
Price and production cost
Income and quantity demanded
Price and quantity demanded
Price and quantity supplied
30s