Economics Quiz: Test On Microeconomics! Trivia
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Microeconomics is a division of economics that studies individuals' and firms' behavior in making decisions regarding the distribution of scarce resources and the interactions among these entities and corporations. The purpose of microeconomics is to examine the market processes that determine relative values among goods and services and distribute limited resources among alternative uses. Learn more about microeconomics by taking this quiz. Good luck with it.
- 1.If the demand curve for good X is downward-sloping, an increase in the price will result in
- A.
An increase in the demand for good X.
- B.
A decrease in the demand for good X.
- C.
No change in the quantity demanded for good X.
- D.
A larger quantity demanded for good X.
- E.
A smaller quantity demanded for good X.
- 2.The law of demand states that the quantity demanded of good changes, other things being equal, when
- A.
The price of the good changes.
- B.
Consumer income changes.
- C.
The prices of other goods change.
- D.
A change occurs in the quantities of other goods purchased
- 3.Which of the following is the result of a decrease in the price tea, other things being equal?
- A.
A leftward shift in the demand curve for tea.
- B.
A downward movement along the demand curve for tea.
- C.
A rightward shift in the demand curve for tea.
- D.
An upward movement along the demand curve for tea.
- 4.Which of the following will cause a movement along the demand curve for X?
- A.
A change in the price of a close substitute.
- B.
A change in the price of good X.
- C.
A change in consumer tastes and preferences for good X.
- D.
A change in consumer income.
- 5.Assuming that beef and pork are substitutes, a decrease in the price of pork will cause the demand curve for beef to
- A.
Shift to the left as consumers switch from beef to pork.
- B.
Shift to the right as consumers switch from beef to pork.
- C.
Remain unchanged, since beef and pork are sold in separate markets.
- D.
None of the above.
- 6.Assuming that coffee and tea are substitutes, a decrease in the price of coffee, other things being equal, results in a (an)
- A.
Downward movement along the demand curve for tea.
- B.
Downward movement along the demand curve for tea.
- C.
Upward movement along the demand curve for tea.
- D.
Rightward shift in the demand curve for tea.
- 7.Assuming steak and potatoes are complements, a decrease in the price of steak will
- A.
Decrease the demand for steak.
- B.
Increase the demand for steak
- C.
Increase the demand for potatoes.
- D.
Decrease the demand for potatoes.
- 8.Assuming that steak is a normal good, a decrease in consumer income, other things being equal, will
- A.
Cause a downward movement along the demand curve for steak.
- B.
Shift the demand curve for steak to the left.
- C.
Cause an upward movement along the demand curve for steak.
- D.
Shift the demand curve for steak to the right.
- 9.An increase in consumer income, other things being equal, will
- A.
Shift the supply curve for a normal good to the right.
- B.
Cause an upward movement along the demand curve for an inferior good.
- C.
Shift the demand curve for an inferior good to the left.
- D.
Cause a downward movement along the supply curve for a normal good.
- 10.Yesterday, seller A supplied 400 units of a good X at $10 per unit. Today, seller A supplies the same quantity of units at $5 per unit. Based on this evidence, seller A has experienced a (an)
- A.
Decrease in supply.
- B.
Increase in supply.
- C.
Increase in the quantity supplied.
- D.
Decrease in the quantity supplied.
- E.
Increase in demand.
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