The Ultimate Quiz On Microeconomics Theory!

19 Questions

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The Ultimate Quiz On Microeconomics Theory!

Welcome one, welcome all to the ultimate test in microeconomics – the study that talks economics, which looks at the production, distribution and consumption of goods and services, and fine-tunes it so that we can look at it on a smaller, albeit more detailed scale. Microeconomics deals with how to allocate scarce resources, and we’re going to see how much you know about the theory in this quiz!


Questions and Answers
  • 1. 
    Demand Curve is?
    • A. 

      Is a downward-sloping curve that illustrates the amount of good that consumers plan to purchase at any given price

    • B. 

      Is a concept that relates amounts people want to obtain to the sacrifices they must make to obtain these amounts

    • C. 

      An additional benefit or cost

    • D. 

      On or at the edge

  • 2. 
    Marginal Values?
    • A. 

      Change at approximately the same time as the whole economy

    • B. 

      Are indicators that usually change after the economy as a whole

    • C. 

      Are indicators that usually change before the economy as a whole

    • D. 

      The values that matter

  • 3. 
    Economic indicator?
    • A. 

      Leading

    • B. 

      Lagging

    • C. 

      Coincedent

    • D. 

      All of the above plus a statistic about the economy

    • E. 

      None of the above

  • 4. 
    Investment?
    • A. 

      Is a simplified, small scale version of some aspect of the economy

    • B. 

      Purchase of capital goods

    • C. 

      Human made productive resources

    • D. 

      All productive effort

  • 5. 
    The role of economic theory
    • A. 

      Expand the range of opportunities avaiable to us

    • B. 

      Are the costs of arranging contracts and agreements-trades in general-among interested parties

    • C. 

      Are just as real, just as important impediments to the production of additional wealth as any other kind of cost

    • D. 

      Is a deliverate simplification of factual relationships that attempts to explain how those relationships work

  • 6. 
    The british economist, who was among the first to articulate the law of comparative advantage
  • 7. 
    Is more efficient
    • A. 

      Competitive advantage

    • B. 

      Comparative advantage

    • C. 

      Demand

    • D. 

      Marginal means

  • 8. 
    Marginal Benefit?
    • A. 

      Are indicators that usually change after the economy as a whole

    • B. 

      An additional benefit or cost

    • C. 

      Are indicators that usually change before the economy as a whole

    • D. 

      Change at approximately the same time as the whole economy

  • 9. 
    Economic Model?
    • A. 

      All productive effort

    • B. 

      Voluntary trade is mutually beneficial

    • C. 

      Is a simplified, small scale version of some aspect of the economy

    • D. 

      Human made productive resources

  • 10. 
    Middlemen?
    • A. 

      On or at the edge

    • B. 

      Is a concept that relates amounts people want to obtain to the sacrifices they must make to obtain these amounts

    • C. 

      Expand the range of opportunities avaiable to us

    • D. 

      The ability to produce something at a lower cost, compared to somebody else

  • 11. 
    Lagging?
    • A. 

      Are the costs of arranging contracts and agreements-trades in general-among interested parties

    • B. 

      Are indicators that usually change after the economy as a whole

    • C. 

      Are indicators that usually change before the economy as a whole

    • D. 

      Change at approximately the same time as the whole economy

  • 12. 
    Human made productive resources
    • A. 

      Comparative advantage

    • B. 

      Demand

    • C. 

      Labor

    • D. 

      Capital

  • 13. 
    Marginal means?
    • A. 

      On or at the edge

    • B. 

      Voluntary trade is mutually beneficial

    • C. 

      Are indicators that usually change before the economy as a whole

    • D. 

      Change at approximately the same time as the whole eoconomy

  • 14. 
    Demand?
    • A. 

      Is a concept that relates amounts people want to obtain to the sacrifices they must make to obtain these amounts

    • B. 

      The ability to produce something at a lower cost, compared to somebody else

    • C. 

      All productive effort

    • D. 

      Change at approximately the same time as the whole economy

  • 15. 
    Are the costs of arrangeing contracts and agreements-trades in general-among interested parties
    • A. 

      Comparative advantage

    • B. 

      Coincedent

    • C. 

      Leading

    • D. 

      Transaction costs

  • 16. 
    All productive effort
    • A. 

      Coincedent

    • B. 

      Labor

    • C. 

      Leading

    • D. 

      Comparative advantage

  • 17. 
    The ability to produce something at a lower cost, compared to somebody else
    • A. 

      Competitive advantage

    • B. 

      Coincedent

    • C. 

      Leading

    • D. 

      Comparative advantage

  • 18. 
    Are indicators that usually change before the economy as a whole
    • A. 

      Coincedent

    • B. 

      Comparative advantage

    • C. 

      Leading

    • D. 

      Lagging

  • 19. 
    Change at approximately the same time as the whole economy
    • A. 

      Lagging

    • B. 

      Competitive advantage

    • C. 

      Coincedent

    • D. 

      Leading