Microeconomics (Grade 7)
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Microeconomics
1.
Microeconomics are used to study the interaction between individuals or businesses.
- True
- False
2.
What is a scarce resource?
3.
Microeconomists work to find the most efficient use of resources in the market.
- True
- False
4.
Which branch of microeconomics deals with the decisions a customer makes to gain the highest amount of satisfaction?
- production theory
- quantitative easing
- consumer choice
- microfoundations
5.
A situation where the resources are distributed inefficiently is called what?
- inflation
- deflation
- market failure
- consumption set
6.
According to microeconomics, the amount of supply of resources in the market should equal the amount of demand.
- True
- False
7.
What does elasticity measure?
8.
Economists working in the cost-of-production theory of value study the processes that create an output.
- True
- False
9.
What are two factors of production that can influence a product's cost in the cost-of-production theory of value?
10.
Opportunity cost is the value of what you give up because you choose to do or buy something else.
- True
- False
11.
Competition is not a form of regulation in a market system.
- True
- False
12.
theory is a tool used by economists to model the behaviors between different decision-makers.
13.
What is the supply factor in a labor market?
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