1) Macro Economics is the type of economics that are focused on certain households rather than overall. a) True b) False c) Neither 2) What happens to the price when the demand is high but supply is low to maintain the market equilibrium? a) Inflation b) Deflation c) It stays the same d) Gets sold out 3) What kind of price/cost can change depending on the situation? a) Traditional b) Fixed Cost c) Virtual d) Variable Cost 4) Lazada, Shoppee, Amazon, etc. belong in this category of market a) Traditional Market b) Mall c) Virtual Market 5) Which type of market structure has 1 firm mainly controlling that industry? a) Monopoly b) Oligopoly 6) What is the revenue earned per unit of output sold? a) Marginal cost b) Total Cost c) Marginal Revenue d) Average Revenue 7) Accountants and Economists use the term profit similarly a) True b) False 8) When the prices are constantly increasing day by day at a high rate what is it called? a) inflation b) hyperinflation c) deflation 9) The circular flow diagram is a diagram that shows the flow of goods and finances a) True b) False 10) Unemployment is not a big economic issue a) False b) True

Economics

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