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Play Froggy Jumps
1. Which of the following is Microeconomic?
A
Inflation
B
GDP
C
Opportunity cost
2. Which of the following is NOT factor of production
A
Investment
B
Labour
C
Entrepreneurship
3. What is scarcity?
A
Cost expressed in terms of the next best alternative sacrificed
B
Condition in which our wants are greater than the limited resources
C
Human behaviour and choices as they related to relatively small units
4. I spend RM50 to buy coffee instead of reference book. Reference book is my...
A
Opportunity Cost
B
Resources
C
Scarcity
5. In a Planned Economy,
A
Scarce resources are owned and planned by the government
B
Consumers preferences determine the production of goods and services
C
There is competition in private sector
6. Production Possibility Curve is
A
Maximum limit of income earned by the suppliers with a given amount of resources
B
Maximum limits of two types of goods that can be produced with a given amount of resources
C
Minimum price willing to be paid by the buyer with a given amount of resources
7. Increase in economy resources will
A
Increase the production of all types of goods
B
Decrease the production of all types of goods
C
Remain the production of all types of goods
8. Consumer goods is
A
Is a durable goods that is used in the production of goods and services
B
Is the investment that are used to finance the production of goods and services
C
Is final goods that are ready for consumption in satisfaction of human wants