20 Questions
What is the primary focus of 'The Economy'?
Production and distribution of goods and services in a particular area or country
Why do we study Economics?
To analyze how societies make decisions in the face of scarce resources
What does 'scarcity of resources' mean in Economics?
The demand for goods and services exceeds the supply available
What are 'Resources' in Economics primarily referring to?
Inputs necessary to produce goods and services, existing in limited supply
In Economics, what does 'Capital Accumulation' refer to?
The process of increasing the stock of capital goods over time
What are goods in the context of microeconomics?
Tangible items like pens, salt, and apples
Which term best describes the forgone benefit of choosing one option over another in microeconomics?
Opportunity cost
What does division of labor mean in microeconomics?
The way one produces a good or service is divided into a number of tasks that different workers perform
What is the focus of macroeconomics?
Broad issues such as growth of production, unemployed people, and government deficits
What does microeconomics focus on?
Individual components of the economy
True or false: The economy is a theoretical study of the practical application of Economics.
False
True or false: Scarcity of resources means that people's want for goods and services exceed what is available for them.
True
True or false: Economics is the study of how a society can make decisions in the face of abundant resources.
False
True or false: Resources are the inputs that are necessary to produce the goods and services but they exist in unlimited supply.
False
True or false: Goods and services are the outputs that result from the use of resources in production.
True
True or false: Goods are items that are always intangible in microeconomics.
False
True or false: Division of labor makes all workers less productive.
False
True or false: Microeconomics only focuses on the actions of individual agents within the economy.
True
True or false: Opportunity cost is the benefit derived by choosing an option over another.
False
True or false: Macroeconomics looks at the economy as a whole and does not consider individual components.
False
This quiz covers the fundamentals of microeconomics, including the concepts of goods and services, the functions of an economy, and capital accumulation. It is based on Chapter 1 of the Microeconomics course taught by Prof. Dr. Fathy ElTony.
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