Introduction to Microeconomics Test

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Introduction to Microeconomics Test - 2

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Weekly Quiz Competition

Question 1
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In Economics, a good is something which

A
Satisfies wants and needs

B
Is a service

C
Appears appealing

D
Can be a service

Solution

A good in economics is any object or product (factors of production) that is useful. A commodity is one kind of good. A good that cannot be used by consumers directly, such as an office building or capital equipment, can be called a good because it can be useful if it is sold.

So option A is correct.
Question 2
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A resource is a

A
Service only

B
Good only

C
Good or a service

D
Not a good or a service

Solution

A resource is good or a service because we can extract the resources from nature which can be used as a good .
Example: Cotton is obtained from nature which we wear as a cloth so it is a good.

So option C is correct.
Question 3
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The central problems of an economy are due to

A
Limited choice

B
Unlimited choice

C
Unlimited resources

D
Scarce resources

Solution

Central problems arise in an economy due to scarcity of resources having alternative uses in relation to unlimited wants.

The Central Problem of all economies is scarcity.

Limited Resources + Unlimited Wants = Scarcity

Scarcity forces individuals, firms governments and societies to make choices.

So option D is correct.
Question 4
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One or more persons living together and having a common budget is called:

A
A family

B
Organisation

C
Household

D
All commodities in a house

Solution

C: A household is a group of one or more people living together and sharing a common budget. A family is a type of household, but it specifically refers to a group of people related by blood or marriage living together in the same dwelling. An organization is a group of people working together to achieve a common goal, such as a business or non-profit. All commodities in a house refers to all the items or possessions in a house, but it is not a term that is used to describe a group of people living together.

So option C is correct.
Question 5
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What distinguishes macroeconomic decision-makers from individual microeconomic agents?

A
Microeconomic agents focus on public goals defined by law.

B
Macroeconomic decision-makers maximize private profit or welfare.

C
Macroeconomic policies are pursued by statutory bodies.

D
Individual agents pursue aggregate effects in the markets.

Solution

Macroeconomic policies are pursued by entities like the State and statutory bodies, which have public goals defined by law.
Question 6
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What is the primary focus of macroeconomics?

A
Understanding the aggregate effects on the economy as a whole.

B
Analyzing the motivations of microeconomic agents.

C
Studying individual markets and their dynamics.

D
Maximizing profits for individual economic agents.

Solution

Macroeconomics primarily focuses on understanding the aggregate effects on the economy as a whole, including phenomena like inflation and unemployment.
Question 7
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According to Adam Smith, what was the initial suggestion regarding the relationship between individual markets and the wealth of the country?

A
Individual markets should focus on their own self-interest.

B
Wealth of the country is independent of individual markets

C
Microeconomics and macroeconomics are unrelated.

D
The government should control all markets.

Solution

Adam Smith suggested that if buyers and sellers in each market act in their own self-interest, the wealth and welfare of the country as a whole will be taken care of.
Question 8
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What is the external sector 's impact on the domestic economy?

A
No impact.

B
Through flows of capital and various other ways.

C
Only through imports and exports.

D
Primarily through domestic consumption.

Solution

The external sector impacts the domestic economy not only through imports and exports but also through the flow of capital and various other ways.
Question 9
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How did the Great Depression influence economic thinking?

A
Reinforced classical tradition.

B
Prompted a rethinking of the economy, giving rise to macroeconomics.

C
Led to the dominance of microeconomics.

D
Increased focus on individual markets.

Solution

The Great Depression prompted a rethinking of the economy, challenging the classical tradition and leading to the emergence of macroeconomics.
Question 10
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Why did Keynes depart from the classical tradition in his approach to economics?

A
To reinforce the classical tradition.

B
In response to the Great Depression and the need to theorize long-lasting unemployment.

C
Due to the dominance of microeconomics.

D
To emphasize the importance of individual markets.

Solution

Keynes departed from the classical tradition in response to the Great Depression, aiming to theorize about long-lasting unemployment and examining the interdependence of different sectors in the economy.

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Re-Attempt Weekly Quiz Competition

Introduction to Microeconomics Test - 2

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Introduction to Microeconomics Test - 2

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SHARING IS CARING

Question 1

Satisfies wants and needs

Is a service

Appears appealing

Can be a service

Solution

Question 2

Service only

Good only

Good or a service

Not a good or a service

Solution

Question 3

Limited choice

Unlimited choice

Unlimited resources

Scarce resources

Solution

Question 4

A family

Organisation

Household

All commodities in a house

Solution

Question 5

Microeconomic agents focus on public goals defined by law.

Macroeconomic decision-makers maximize private profit or welfare.

Macroeconomic policies are pursued by statutory bodies.

Individual agents pursue aggregate effects in the markets.

Solution

Question 6

Understanding the aggregate effects on the economy as a whole.

Analyzing the motivations of microeconomic agents.

Studying individual markets and their dynamics.

Maximizing profits for individual economic agents.

Solution

Question 7

Individual markets should focus on their own self-interest.

Wealth of the country is independent of individual markets

Microeconomics and macroeconomics are unrelated.

The government should control all markets.

Solution

Question 8

No impact.

Through flows of capital and various other ways.

Only through imports and exports.

Primarily through domestic consumption.

Solution

Question 9

Reinforced classical tradition.

Prompted a rethinking of the economy, giving rise to macroeconomics.

Led to the dominance of microeconomics.

Increased focus on individual markets.

Solution

Question 10

To reinforce the classical tradition.

In response to the Great Depression and the need to theorize long-lasting unemployment.

Due to the dominance of microeconomics.

To emphasize the importance of individual markets.

Solution

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