MULTIPLE CHOICE QUESTIONS
MICROECONOMICS
1. The indifference curve means:
A. equal consumption of two goods;
B. equal utility from the consumption of two combinations of goods;
C. equal consumer income;
D. equal prices of the goods consumed.
2. The points located at the intersection of the budget line with the coordinate axes mean:
A. the consumer does not spend all his income;
B. the consumer spends all his income for only one good;
C. the consumer spends absolutely nothing;
D. these are points impossible to reach by the consumer.
3. Which of the following features define human needs:
A. are not concurrent;
B. do not disappear momentarily if they are satisfied;
C. are unlimited in capacity;
D. are unlimited in number.
4. All combinations above production possibility curve are
A. Unattainable due to unlimited resource
B. Unattainable due to limited resource
C. Attainable due to available resources
D. Attainable but inefficient use of resource
5. The most fundamental economic problem is
A. security
B. the fact the United States buys more goods from foreigners than we sell to foreigners
C. health
D. scarcity
6. Economics is best defined as the study of how people, businesses, governments, and
societies
A. make choices to cope with scarcity
B. attain wealth
C. choose abundance over scarcity
D. use their infinite resources
7. In broad terms the difference between microeconomics and macroeconomics is that
A. microeconomics studies the effects of government taxes on the national unemployment
rate
B. macroeconomics studies the effects of government regulation and taxes on the price of
individual goods and services whereas microeconomics does not
MICROECONOMICS
1. The indifference curve means:
A. equal consumption of two goods;
B. equal utility from the consumption of two combinations of goods;
C. equal consumer income;
D. equal prices of the goods consumed.
2. The points located at the intersection of the budget line with the coordinate axes mean:
A. the consumer does not spend all his income;
B. the consumer spends all his income for only one good;
C. the consumer spends absolutely nothing;
D. these are points impossible to reach by the consumer.
3. Which of the following features define human needs:
A. are not concurrent;
B. do not disappear momentarily if they are satisfied;
C. are unlimited in capacity;
D. are unlimited in number.
4. All combinations above production possibility curve are
A. Unattainable due to unlimited resource
B. Unattainable due to limited resource
C. Attainable due to available resources
D. Attainable but inefficient use of resource
5. The most fundamental economic problem is
A. security
B. the fact the United States buys more goods from foreigners than we sell to foreigners
C. health
D. scarcity
6. Economics is best defined as the study of how people, businesses, governments, and
societies
A. make choices to cope with scarcity
B. attain wealth
C. choose abundance over scarcity
D. use their infinite resources
7. In broad terms the difference between microeconomics and macroeconomics is that
A. microeconomics studies the effects of government taxes on the national unemployment
rate
B. macroeconomics studies the effects of government regulation and taxes on the price of
individual goods and services whereas microeconomics does not
