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Microeconomics Year 12 Topic Checklist Quiz

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Microeconomics Year 12 Topic Checklist Quiz

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Questions and Answers

Which of the following statements accurately describes the economic problem?

Resources are unlimited, and wants are limited.

Resources are abundant, and wants are limited.

Wants are unlimited, and resources are scarce. (correct)

Both resources and wants are unlimited.

What is the primary goal of economics as a social science?

To study how individuals, firms, and governments allocate scarce resources to satisfy unlimited wants and needs. (correct)

To develop theories that can be empirically tested under controlled conditions.

To conduct controlled experiments in a laboratory setting.

To provide definitive solutions to economic problems.

Which of the following statements is an example of a positive statement in economics?

The unemployment rate in the country is currently 6%. (correct)

Economic growth should be the top priority for policymakers.

The government should increase spending to stimulate economic growth.

Raising the minimum wage is a fair policy.

What is the primary purpose of forming a hypothesis in economic methodology?

To provide a possible explanation for observed economic patterns or behavior. (A) Signup and view all the answers

What is the meaning of the term 'economic welfare' in the context of the given information?

The level of prosperity and standard of living of an individual, group, or country. (D) Signup and view all the answers

Which of the following is NOT a step in the economic methodology described in the given information?

Conducting controlled experiments (C) Signup and view all the answers

What is the purpose of calculating index numbers in economics?

To measure the change in the value of a variable over time. (D) Signup and view all the answers

What is the primary characteristic of a normative statement in economics?

It is a statement of opinion or value judgment. (A) Signup and view all the answers