Microeconomics 101

6 Questions  I  By Einstein100
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Microeconomics Quizzes & Trivia
A test on micro economic theory.

  
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Questions and Answers

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  • 1. 
    The central question in economics is
    • A. 

      Allocation

    • B. 

      Choice

    • C. 

      Scarcity

    • D. 

      All Of The Above


  • 2. 
    A situation where one buyer buys all the available output from an industry is known as
    • A. 

      Bilateral Monopoly

    • B. 

      Unilateral Monopoly

    • C. 

      Monopsony

    • D. 

      None of the above


  • 3. 
    If marginal benefit is greater than marginal cost, a rational choice involves:
    • A. 

      No more of the activity

    • B. 

      More of the activity

    • C. 

      Less of the activity

    • D. 

      More or less of the activity, depending on other factors.


  • 4. 
    A graph showing all the combinations of goods and services that can be produced if all of society's resources are used efficiently is a:
    • A. 

      Lorentz Curve

    • B. 

      Production Possibility Curve

    • C. 

      Capital Consumption Frontier

    • D. 

      None of the above


  • 5. 
    Which of the following is true of a perfectly contestable market?
    • A. 

      Cost of entry is low

    • B. 

      There is no cost of entry

    • C. 

      Entry into the market is free

    • D. 

      None of the above


  • 6. 
    At what price does a monopolist maximise profit?
    • A. 

      A monopolist never maximises profit

    • B. 

      When MC=MR

    • C. 

      A monopolist maximises profit all the time

    • D. 

      None of the above.


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