Test Your Knowledge On Microeconomics

24 Questions

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Test Your Knowledge On Microeconomics

The study of microeconomics takes a look at some of the decisions made by individuals and firms with regards to scarce resources like money, goods and services. Many would agree that figuring out what to do with a little is much harder than figuring out what to do with a lot. Do you know how the study operates? Take the following quiz to see if you can tell us all about microeconomics.


Questions and Answers
  • 1. 
    Total physical product
  • 2. 
    Diminishing marginal returns
  • 3. 
    Ecomomics of scale
  • 4. 
    Economic costs
  • 5. 
    Accounting costs
  • 6. 
    Supply rule
  • 7. 
    Cartel
  • 8. 
    Kinked demand
  • 9. 
    Non-price competition
  • 10. 
    Product differentiation
  • 11. 
    Collusion
  • 12. 
    Price discrimination
  • 13. 
    Shutdown point
  • 14. 
    TC=TFC+TVCTFC=TC-TVCTVC=TC-TFCATC=TC/QAVC=TVC/QAFC=TFC/QMC=CHANGE IN TC/CHANGE IN Q
  • 15. 
    Perfectly competitive market
  • 16. 
    Oligopoly
  • 17. 
    Monopoly
  • 18. 
    Myhts of monopolies
  • 19. 
    GDP
  • 20. 
    DEFICIT
  • 21. 
    DEBT
  • 22. 
    TRADE DEFICIT
  • 23. 
    UNEMPLOYMENT RATE
  • 24. 
    GOVERNMENT BUDGET