Practice Introduction To Microeconomics (1.1) - Chapter 1: Microeconomic Theory

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9 questions

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3 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What does scarcity mean?
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Think about how resources are finite.
Question 2.
What is the Law of Demand?
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Can you remember a time you bought something on sale?
3Question 3.
What is the definition of microeconomics?
- Study of the economy as a whole
- Study of individual economic units
- Analysis of government policies
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Recall if this section is about smaller parts of the economy.
4Question 4.
True or False: The Law of Demand states that when prices decrease, demand decreases.
- True
- False
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Consider how you generally react to sales.
Question 5.
Consider an increase in the tax on cigarettes, which raises their price. Analyze the potential effects this could have on demand and how elasticity plays a role.
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Think about how price-sensitive you are regarding products like cigarettes.
Question 6.
Discuss a case where a natural disaster causes a shortage of goods in a specific market. How would demand and supply adjust in this case?
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Recall past events like hurricanes affecting local markets.

5 more questions in this section. Enroll free to practise them all.