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MICROECONOMICS - Chapter 1- Part2
[أسئلة مراجعة مجهود شخصي - MICROECONOMICS]
MICROECONOMICS (Chapter 1)

عدد الأسئلة: 16

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1) Market failure refers to a situation in which the market does not allocate resources efficiently.

True

False

2) Market power and externalities are two possible causes of market failure.

True

False

3) Productivity is defined as the quantity of goods and services produced from each unit of labor input.

True

False

4) Inflation is the primary determinant of a country's living standards.

True

False

5) Inflation increases the value of money.

True

False

6) Inflation measures the increase in the quantity of goods and services produced from each hour of a worker’s time.

True

False

7) If an economy can produce more of one good without giving up any of another good' then the economy's current production point is inefficient.

True

False

8) Macroeconomics is the study of economy-wide phenomena.

True

False

9) A macroeconomist, rather than a microeconomist, would study the effects on a market from two firms merging.

True

False

10) Microeconomics and macroeconomics are closely intertwined.

True

False

11) When economists are trying to explain the world, they are scientists, and when they are trying to help improve the world, they are policy advisers.

True

False

12) Normative statements describe how the world is, while positive statements prescribe how the world should be.

True

False

13) Positive statements can be evaluated using data alone, but normative statements cannot.

True

False

14) Evaluating normative statements involves values as well as facts.

True

False

15) "Society would be better off if the welfare system were abolished" is a normative statement, not a positive statement.

True

False

16) Other things equal, an increase in supply causes a decrease in price" is a normative statement, not a positive statement.

True

False

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