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Microeconomics (Grade 7)

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Microeconomics

1. 
Microeconomics are used to study the interaction between individuals or businesses.
  1. True
  2. False
2. 
What is a scarce resource?



3. 
Microeconomists work to find the most efficient use of resources in the market.
  1. True
  2. False
4. 
Which branch of microeconomics deals with the decisions a customer makes to gain the highest amount of satisfaction?
  1. production theory
  2. quantitative easing
  3. consumer choice
  4. microfoundations
5. 
A situation where the resources are distributed inefficiently is called what?
  1. inflation
  2. deflation
  3. market failure
  4. consumption set
6. 
According to microeconomics, the amount of supply of resources in the market should equal the amount of demand.
  1. True
  2. False
7. 
What does elasticity measure?



8. 
Economists working in the cost-of-production theory of value study the processes that create an output.
  1. True
  2. 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.
  1. True
  2. False
11. 
Competition is not a form of regulation in a market system.
  1. True
  2. 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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