Quiz To Guide You Through Microeconomics
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If you’ve been tasked with diving into the study of microeconomics, then don’t fret. This quiz was developed just for people like you, who might find it difficult to come to grips with the study by which we analyze how firms and individuals decide to allocate scarce resources. Why don’t you take the quiz and see how much you know about it starting off? We’ll guide you through it!
- 1.You are a business owner and you have decided that you must produce 20 banana pies every week. This is an example of setting a:
- A.
Price Ceiling
- B.
Quota
- C.
Price Floor
- D.
Ration
- 2.You sadly have to drive to a customer's funeral. He choked on a misplaced banana peel and now for publicity's sake you must attend the funeral. The gas that you put in your car is an.....because no matter what the price the demand will remain the same.
- A.
Elastic good
- B.
Inelastic good
- C.
Expensive good
- 3.You are about to open your banana pie shop. You have purchased bananas and whip cream. You pay rent for the building and you pay for the electricity to run the building every month. Which of these is a short run cost?
- A.
Bananas and whip cream
- B.
Rent
- C.
Electricity
- 4.As you make more money you buy more things. This can be referred to as the...
- A.
Price Elasticity of Demand.
- B.
Price Control.
- C.
Income Elasticity of Demand.
- D.
Income Control.
- 5.You are a business owner and you have decided that even though your banana pies are delicious there needs to be a maximum price set for the distribution of your pies. This is an example of a...
- A.
Price Ceiling
- B.
Marginal Return
- C.
Short Run Cost
- D.
Price Floor
- 6.Marginal return involves how much your income is effected when...
- A.
Large changes are made.
- B.
Expensive changes are made.
- C.
Small changes are made.
- D.
Cheap changes are made.
- 7.Price Control involves...
- A.
Contacting distributors and checking that they are abiding by the set prices.
- B.
Competing with other venders who offer the same product.
- C.
Government's set of checks and balances on a capitalist system.
- D.
Setting a minimum, maximum, or exact price for a good.
- 8.If your banana pies are elastic then as you raise the price the demand will...
- A.
Decrease.
- B.
Increase.
- C.
Remain the same.
- D.
Everyone loves banana pie.
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