Question 1

Inflation is a microeconomics topic.

Question 1 options:

True

False

Question 2

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

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

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

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

Question 5 options:

a) True

b) False