Enhance your knowledge of microeconomics with this quiz! There are certain topics in this world that you may not know or may never have any intention of knowing about, but one thing that everybody should have a foundation level of knowledge in is the subject of business and economics. Today, we’ll be dipping a toe into that pool by enhancing your knowledge on microeconomics. Think you can get all of the questions correct? Let’s find out!
Free market
Black market
Free trade market
Regulated market
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Quantity, price
Quantity, quantity
Price, quantity
Price, price
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Complement
Inferior good
Normal good
Subsitute
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A tax
Price ceiling
Price floor
Subsidy
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Inefficiency
Maximizing output
Equity
Efficiency
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An increase in the number of cattle ranchers
An increase in the demand for chicken
An increase in the demand for leather goods
A fall in the price of feed grain that is fed to cattle
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Inefficiency
Efficiency
Economic growth
Equity
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Quantity demanded to change in the price of a good, ceteris paribus
Price to a change in the quantity demanded of a good, ceteris paribus
Price to a change in the quantity supplied of a good, ceteris paribus
Quantity supplied to a change in the price of a good, ceteris paribus
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-.05
-4
-.25
-.20
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Have an elasticity of zero
Elastic
Inelastic
Unit elastic
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Quantity
Price
Supply
Demand
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Negative
Positive
Between zero and one only
Zero
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A decrease in both price and quantity
An increase in both price and quantity
An increase in price and a decrease in quantity
A decrease in price and an increase in quantity
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Positive
Greater than 1
Negative
Equal to 1.
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Equal to zero
Greater than zero
Equal to one
Less than zero
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Decrease
Remain the same
Increase
Decrease initially and then increase
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Negative
Positive
Between zero and one only
Zero
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Efficiency
Economic growth
Unemployment
Capital accumulation
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The price changes by $2.50 when quantity changes by one unit
Quantity demanded decreases by 2.5% when the price rises by 1%
The price rises by 2.5% when quantity demanded falls by 1%
Quantity demanded falls by 2.5 units when price changes by $1
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Elastic
Unit elastic
Inelastic
Perfectly elastic
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Production efficiency
Inefficiency
Equal opportunity
Allocative efficiency
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Households are sellers in resource markets and buyers in goods markets
Households are buyers in resources markets and sellers in goods markets
Firms are sellers in resource markets and buyers in goods markets
Households are excluded and only firms are represented
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Remains the same
Cannot be determined
Rises
Falls
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Entirely by the suppliers
Entirely by the consumers
Mostly by the suppliers and partly by the consumers, if the demand curve
Partly by the suppliers, and mostly by the consumers, if the demand curve is elastic.
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Increase total revenue
Have no effect on total revenue
Decrease total revenue
Have an unpredictable effect on total revenue
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Unit elastic
Relatively elastic
Relatively inelastic
Perfectly elastic
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Rightward shift in the supply curve
Leftward shift in the supply curve
Movement up along the supply curve
Movement down along the supply curve
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Consumer income
Price of related goods
Consumer tastes and preferences
Number of sellers in the market
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2%
4%
8%
16%
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0.14
0.3
3.3
5
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Demand is elastic
Quantity demanded changes 1.5 units for each 1% change in price
Quantity demanded changes .5% for each 1% change in price
Quantity demanded changes 5% for each 1% change in price
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Resource substitution possibilities
Closeness of substitutes
Time elapsed since a price change
Proportion of income spent on the good
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Equal to one
Less than zero
Equal to one
Less than zero
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Decrease in the quantity produced of one good as we move along the production possibilities frontier
Increase in the quantity produced of one good as we move along the production possibilities frontier
Increase in the quantity produced of one good divided by the decrease in the quantity produced of another good as we move along the production possibilities frontier
Decrease in the quantity produced of one good divided by the increase in the quantity produced of another good as we move along the production possibilities frontier
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