Question 1(1 point)

Inflation is a microeconomics topic.

Question 1 options:

True

False

Question 2(1 point)

A point inside a production possibilities curve indicates which of the following

Question 2 options:

a)

An efficient use of resources

b)

A level of production that is unattainable

c)

An inefficient use of resources

d)

None of the above

Question 3(1 point)

Opportunity cost is the amount of one thing you must give up in order to get more of another thing

Question 3 options:

a) True

b) False

Question 4(1 point)

The supply curve for a given product indicates that price must be lowered in order to increase the quantity supplied.

Question 4 options:

a) True

b) False

Question 5(1 point)

Market equilibrium can be achieved where the quantity supplied equals the quantity demanded,

Question 5 options:

a) True

b) False