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Microeconomics (Grade 7)

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

Microeconomists work to find the most efficient use of resources in the market.
  1. True
  2. False
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
A situation where the resources are distributed inefficiently is called what?
  1. inflation
  2. deflation
  3. market failure
  4. consumption set
According to microeconomics, the amount of supply of resources in the market should equal the amount of demand.
  1. True
  2. False
What does elasticity measure?

Economists working in the cost-of-production theory of value study the processes that create an output.
  1. True
  2. False
What are two factors of production that can influence a product's cost in the cost-of-production theory of value?

Opportunity cost is the value of what you give up because you choose to do or buy something else.
  1. True
  2. False
Competition is not a form of regulation in a market system.
  1. True
  2. False
                              theory is a tool used by economists to model the behaviors between different decision-makers.
What is the supply factor in a labor market?

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