The Unbeatable Quiz On Microeconomics
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You’ve faced quizzes on microeconomics before, but the following quiz on the subject that analyses the decisions made by a firm or individual on how to allocate scarce resources is going to be your biggest challenge yet. Take the quiz, answer the tough questions and find out once and for all if you have what it takes to make it in the world of microeconomics. Let’s see how well you do!
- 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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