UNIPORT Economics 2008/2009 Past Questions

Practice each question, then open it to see the full details.

The three important parts of the definition of economics are

A.people, firms and government
B.people, firms and equipment
C.agents, choices and scarcity
D.agents, choices and money

The term agents refer to:

A.consumers, producers, voters, government etc
B.women, children, men, teenagers etc
C.people who solve legal matters for other individuals
D.people who handle the financial future for sports, stars and celebrities

The term choices refers to:

A.economic choices such as: what to buy, when and where to buy it, etc
B.non-economic choices, such as: who to marry, how many children to have etc
C.both of the above
D.neither of the above

The term scarcity refers to:

A.areas of the world where water is unavailable
B.agents not having the ability to get everything they want
C.the problem of under-production of an individual good
D.agents not having the ability to produce

Scarcity can come from limited resources. These limited resources can be:

A.money
B.time
C.technology
D.all of the above

Microeconomics deal with:

A.studying economics with (he use of small lab created systems)
B.studying economics on the highest level of aggregation; the economy as a whole
C.studying economics on a low level of aggregation; individual decisions or a specified market
D.studying microorganisms and their individual economics

Macroeconomics deal with:

A.studying economics with the use of large lab created systems
B.studying economics on the highest level of aggregation; the economy as a whole
C.studying economics on a low level of aggregation; individual decisions or a specified market
D.studying a large person's economic behavior vs a small person's behavior

In economics, aggregation means:

A.the lumping together of actions by individual agent
B.the total sum of all people in an economy
C.the total sum of all money spent on an economy
D.gathering of information in an economy

Which of the following is a part of macroeconomic study

A.unemployment in the nation
B.the price of gasoline
C.the total cost of tuition per year for an individual student
D.the auto workers unemployment rate in Detroit

A microeconomic decision can include

A.a person's decision whether or not to buy a car
B.a decision by a family whether or not to buy a car
C.a decision by a company about whether or not to buy a new truck fleet
D.all of the above