CHAPTER 1: INTRODUCTION TO ECONOMICS MBA1192C

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This game test the student understanding about the definition of economics, the differences between microeconomics and macroeconomics, the basic concepts of economics, and the basic economic problem.

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KHAIZIE SAZIMAH AHMAD

Malaysia

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CHAPTER 1: INTRODUCTION TO ECONOMICS

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CHAPTER 1: INTRODUCTION TO ECONOMICS MBA1192C


Froggy Jumps CHAPTER 1: INTRODUCTION TO ECONOMICS MBA1192COnline version This game test the student understanding about the definition of economics, the differences between microeconomics and macroeconomics, the basic concepts of economics, and the basic economic problem. by KHAIZIE SAZIMAH AHMAD 1 The reason that opportunity costs arise is that a An economy relies on money to facilitate exchange of goods and services. b Resources are scarce. c People have limited wants. 2 Studying how Mary allocates her time between work and leisure is an example of a macroeconomics. b microeconomics. c empirical economics. 3 The main problems of economics arise because a resources being scarce in relation to human wants b human weakness c the absence of economic planning 4 The great increase in wage levels has led to the use of machinery in a particular production process". The statement above explains a basic economic problem of a what to produce b how much to produce c how to produce 5 'If we build an extra 200,000 houses this year, we shall have to build fewer schools and hospitals'. This statement illustrates the concept of a relative scarcity b diminishing returns c opportunity costs 6 Which of the following statements is true? a Scarcity means that shortages occur at the existing market price. b Due to scarcity, individuals need to make choices and face tradeoffs. c Scarcity exists because resources are unlimited relative to wants. 7 The basic economic problem is a how to redistribute income equally in the society. b how to stabilize the prevailing price level in the economy. c how to allocate scarce resources given society's unlimited wants. 8 The general concern of economics is with the study of the a degree of competition in stock and bond markets in the economy. b efficient use of limited productive resources to satisfy economic wants. c issue of inequality in the distribution of income and wealth amonghouseholds. 9 As a result of scarcity a there is never enough of anything. b production has to be centrally planned. c individuals and communities have to choose from among alternatives. 10 Opportunity cost is the a cost of the best alternative forgone b cost of undesirable alternative. c cost of buying the best alternative. 11 Resources are limited and human wants are unlimited. This implies that a efficiency in production cannot be achieved. b no goods and services can be attained freely. c choices have to be made and opportunity cost will exist. 12 The best forgone alternative is also known as a sunk cost. b marginal cost. c opportunity cost. 13 A study on why a farmer chooses to grow dragon fruit instead of star fruit despite higher production costs would be considered as a public finance. b macroeconomics. c microeconomics. 14 Microeconomics is concerned with a changes in the overall level of economic activities. b the entire economic system. c specific unit of the economic system 15 Which of the following is not considered as resources in conventional economics? a Money. b Buildings. c Workers. 16 The problem of scarcity is relevant to a third world countries. b countries with low income. c all countries and individuals. 17 The study of how wages are set for primary school teachers is considered as a microeconomics. b macroeconomics. c institutional economics. 18 Which of the following is concern with microeconomics? a Price of sugar increases to RM2.30 per kilogram. b General price of goods increase c Economic growth of a country is expected to grow less than 5%. 19 Since resources are limited, not all wants and needs can be accomplished. Man has to choose and this involves making sacrification. In economic concept, sacrification is known as a scarcity. b opportunity cost. c how much to produce. 20 The basic difference between microeconomics and macroeconomics is that a Microeconomics: individual consumers and firms, macroeconomics: the whole economy. b Microeconomics: individual consumers and firms, macroeconomics:behavior of individual firms. c microeconomics： aggregate economy， macroeconomics： behavior of individual markets.

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CHAPTER 1: INTRODUCTION TO ECONOMICS MBA1192C

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CHAPTER 1: INTRODUCTION TO ECONOMICS MBA1192COnline version

by KHAIZIE SAZIMAH AHMAD

The reason that opportunity costs arise is that

Studying how Mary allocates her time between work and leisure is an example of

The main problems of economics arise because

The great increase in wage levels has led to the use of machinery in a particular production process". The statement above explains a basic economic problem of

'If we build an extra 200,000 houses this year, we shall have to build fewer schools and hospitals'. This statement illustrates the concept of

Which of the following statements is true?

The basic economic problem is

The general concern of economics is with the study of the

As a result of scarcity

Opportunity cost is the

Resources are limited and human wants are unlimited. This implies that

The best forgone alternative is also known as

A study on why a farmer chooses to grow dragon fruit instead of star fruit despite higher production costs would be considered as

Microeconomics is concerned with

Which of the following is not considered as resources in conventional economics?

The problem of scarcity is relevant to

The study of how wages are set for primary school teachers is considered as

Which of the following is concern with microeconomics?

Since resources are limited, not all wants and needs can be accomplished. Man has to choose and this involves making sacrification. In economic concept, sacrification is known as

The basic difference between microeconomics and macroeconomics is that