Microeconomics Knowledge Test! Practice Quiz! Trivia

10 Questions | Total Attempts: 25327

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Microeconomics Knowledge Test! Practice Quiz! Trivia

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.


Questions and Answers
  • 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. 
    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. 
    • 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. 
    • 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. 
    • A. 

      Charges different prices in different markets.

    • B. 

      Charges same price.

    • C. 

      Charges many prices.

    • D. 

      All of the above.