Choose the correct answer for each question in the quiz
Microeconomics is the study of
the economy as a whole.
individual components in the economy.
individual economic behaviour.
both (b) and (c).
The economic problem is the study of
consumption decisions.
production technology.
how society decides what, how and for whom to produce.
the best way to run society.
Human needs and wants are
always fixed.
unlimited.
limited.
likely to decrease over time.
The opportunity cost of a good is
the time lost in finding it.
the quantity of other goods sacrificed to get another unit of that good.
the expenditure on that good.
None of the above.
A mixed economy
allocates resources according to supply but not demand.
allocates resources according to demand but not supply.
allocates resources according to demand and supply.
allocates resources according to market forces and government intervention.
Which of the following economic systems is applicable to Ireland?
Centrally planned cconomy.
Capitalist or free market economy.
Mixed economy.
All of the above.
If a company moves from producing 100 units of good A and 50 units of good B to producing 70 units of good A and 60 units of good B, the opportunity cost is:
70 units of good A.
100 units of good A.
10 units of good B.
30 units of good A.
Which of the following is not likely to be true in a command economy?
Businesses may pursue social objectives.
The profits of the business belong to the government.
Resources are allocated by government directives.
Market forces determine what is produced and who receives the products.
