Economics Practice Quiz 116

Q1.When attributes like prices, interests, wages, and profits change fast, what is observed?

A. They move in opposite directions for different commodities B. The general directions of movements are usually the same for all individual commodities C. Only prices change while others remain stable D. They become unpredictable

Q2.What is the level of production of the representative good supposed to correspond to?

A. The maximum production level among all goods B. The minimum production level among all goods C. The average production level of all goods and services D. The total production level of the economy

Q3.In microeconomics, what is the primary motivation of consumers?

A. Maximising profit B. Maximising personal satisfaction or welfare C. Minimising costs D. Achieving general equilibrium

Q4.What is the primary motivation of producers in microeconomics?

A. Maximising personal satisfaction B. Maximising profit C. Achieving general equilibrium D. Minimising output

Q5.Which of the following is NOT a macroeconomic phenomenon mentioned in the source text?

A. Inflation B. Unemployment C. General equilibrium D. Individual market demand

Q6.What is the nearest that microeconomics gets to macroeconomics?

A. Studying individual markets B. General Equilibrium C. Analyzing inflation D. Examining government policies

Q7.Who is described as the founding father of modern economics in the source text?

A. John Maynard Keynes B. Adam Smith C. Karl Marx D. Alfred Marshall

Q8.Which of the following is defined as an economic agent in the source text?

A. Only consumers B. Only producers C. Individuals or institutions that take economic decisions D. Only the government

Q9.In the source text, which of the following is a social goal mentioned for which aggregate effects of microeconomic decisions need modification?

A. Profit maximisation B. Employment C. Individual satisfaction D. Market equilibrium

Q10.What does the term 'macro' mean?

A. Small B. Large C. Medium D. Individual

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Economics Practice Quiz 116