A Quiz That Will Add Up To Your Knowledge Of Microeconomics.

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A Quiz That Will Add Up To Your Knowledge Of Microeconomics.

Every little piece of information helps, and if you’re having a little bit of difficulty allowing your studies in the field of microeconomics to stick, perhaps the following quiz on the subject will help stimulate your brain and allow you to absorb some information you have been experiencing difficulty with. Take the following quiz and find out what else you have to learn about microeconomics.


Questions and Answers
  • 1. 
    • A. 

      Does not furnish a body of settled conclusions immediately applicable to policy.

    • B. 

      It is a method rather than a doctrine, an apparatus of mind, a technique of thinking which helps its possessor to draw correct conclusions.

    • C. 

      The alternative amounts of a good supplied at alternative prices

    • D. 

      All of the above

    • E. 

      Both A and B but not C

  • 2. 
    Is a specific amount at a specific price
    • A. 

      Demand

    • B. 

      Language of elasticity

    • C. 

      Law of demand

    • D. 

      Quantity demanded

  • 3. 
    Elasticity is ?
    • A. 

      Is a specific amount at a specific price

    • B. 

      Is a schedule or curve

    • C. 

      Responsiveness

    • D. 

      Negative relationship between price and quantity demanded, other things being constant

  • 4. 
    % change in Q divided by % change in P =
    • A. 

      Price elasticity of supply

    • B. 

      Elasticity

    • C. 

      Responsiveness

    • D. 

      Price elasticity of demand

  • 5. 
    Inferior good is ?
    • A. 

      A good is a inferior good if consumers demand less when their income rises

    • B. 

      A good is a inferior good if consumers demand less when their income lowers

    • C. 

      A good is a inferior good if consumers demand more when their income lowers

    • D. 

      A good is a inferior good if consumers demand more when their income rises

  • 6. 
    Mantra on Costs is what?
    • A. 

      The proportion of one budget spent on a good

    • B. 

      Only actions have costs; all costs are costs to someone; all costs lie in the future

    • C. 

      Time

    • D. 

      The avaiability and closeness of known substitutes

  • 7. 
    Quantity demanded is?
    • A. 

      The avaiability and closeness of known substitutes

    • B. 

      The amount that consumers plan to purchase at a given price

    • C. 

      Illustrates the alternative amounts of a good supplied at alternative prices

    • D. 

      There is no such thing as completely inelastic demand over the entire range of possible prices

  • 8. 
    Increase in Demand
    • A. 

      The entire curve shifts right

    • B. 

      Is a specific amount at a specific price

    • C. 

      Is a schedule or curve

    • D. 

      Negative relationship between price and quantity demanded, other things being constant

  • 9. 
    Is a schedule of curve
    • A. 

      Launguage of Elasticity

    • B. 

      Law of demand

    • C. 

      Demand

    • D. 

      Quantity of demand

  • 10. 
    % of change in quantity divided by % of change in price =
    • A. 

      Price Elasticity of Demand

    • B. 

      Supply curve

    • C. 

      Language of Elasticity

    • D. 

      Price Elasticity of supply

  • 11. 
    Supply Curve ?
    • A. 

      Is a schedule or curve

    • B. 

      Negative relationship between price quantity demanded, other things being constant

    • C. 

      Illustrates the alternative amounts of a good supplied at alternative prices

    • D. 

      There is no such thing as a completely inelastic demand over the entire range of possible prices

  • 12. 
    Economics is what?
    • A. 

      Does not deny the reality or importance of generosity, public spirit, or any other virtue

    • B. 

      Is not only about money and profit, business and finance, or a study of peoples competitive behaviors

    • C. 

      Studies all kinds of choices and the unintended consequences-the unanticipated side effects-of choices

    • D. 

      All of above

  • 13. 
    There is no such thing as a completely inelastic demand over the entire range of possible prices
    • A. 

      Quantity demanded

    • B. 

      Law of demand

    • C. 

      Demand

    • D. 

      Language of elasticity

  • 14. 
    Elasticity is influenced by ?
    • A. 

      Time

    • B. 

      The avaiability and closeness of known substitues

    • C. 

      The proportion of one budget spent on a good

    • D. 

      All of the above

    • E. 

      None of the above

  • 15. 
    Negative relationship between price and quantity demanded, other things being constant
    • A. 

      Quantity demanded

    • B. 

      Law of demand

    • C. 

      Lanuguage of elasticity

    • D. 

      Demand