Microeconomics Knowledge Test! Practice Quiz! Trivia
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If you are an economics student, then you must know that economics is all about supply, demand, and maximizing income, be it in a business or a country. Have you been having a hard time revising for your microeconomics course work? This quiz is designed to check your economics knowledge. The answers and detailed explanations are given at the end of each question.
- 1.What Microeconomics is about?
- 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.Law of Demand states that:
- 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 the 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.The shape of the Total Fixed Cost(TFC) Curve is:
- A.
Verticle
- B.
Horizontal
- C.
45 degree line.
- D.
None of the above.
- 6.While in Perfect Competition:
- A.
Firms are price taker.
- B.
Buyers are independent.
- C.
Input prices are given.
- D.
None of the above.
- 7.Model of Monopolistic Competition (i.e Imperfect competition) is characterized by:
- A.
Homogeneous goods.
- B.
Differentiated goods.
- C.
Substitute Goods.
- D.
All of the above.
- 8.A monopoly is a form of market where there is:
- 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.Price discrimination is a situation when a producer:
- A.
Charges different prices in different markets.
- B.
Charges same price.
- C.
Charges many prices.
- D.
All of the above.
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