Microeconomics Practice Test
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This quiz is designed to check your Economics Knowledge. Answer and detailed explanation are given at the end.
- 1.
- A.
Study of Business Environment
- B.
Study of financial position of the economy
- C.
Study of the Economy at Micro Level
- D.
None of the above
- 2.
- A.
With the increase in price Quantity increases
- B.
With the increase in price quantity decreases other things remaining the same.
- C.
Quantity does not change with any increase in price.
- D.
All of the above.
- 3.The Slope of Indifference Curve indicates
- A.
Marginal Rate of Substitution of x for y
- B.
Prices of x and y
- C.
Slope of the budget line
- D.
Change in prices
- 4.Production Functions Shows
- A.
Prices of input and output
- B.
Relationship between output and input
- C.
Various combinations of inputs
- D.
All of the above
- 5.Shape of Total Fixed Cost(TFC) Curve is
- A.
Verticle
- B.
Horizontal
- C.
45 degree line
- D.
None of the above
- 6.
- A.
Firms are price taker
- B.
Buyers are independant
- C.
Input prices are given
- D.
None of the above
- 7.
- A.
Homogeneous goods
- B.
Differentiated goods
- C.
Substitute Goods
- D.
All of the above
- 8.
- A.
large number of buyer
- B.
Small number of buyer
- C.
A single firm controlling the market
- D.
Any of the above
- 9.In Duopoly, there is/are
- A.
Many firms
- B.
Two firms controlling the Market
- C.
Large corporations
- D.
None of the above
- 10.
- A.
Charges different prices in different markets
- B.
Charges same price
- C.
Charges many prices
- D.
All of the above.
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