Trivia Questions Over Microeconomics

11 Questions

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Trivia Questions Over Microeconomics

It’s a topic that comes in extremely handy to know about when you work in a business, but even if you don’t, you’re probably engaged in a smaller example of microeconomics while attempting to spend less money at the store or figure out how to deal with a new, lower-paying job. Microeconomics deals with how to allocate scarce resources and we’ll learn all about it today in this quiz!


Questions and Answers
  • 1. 
    What is a perfectly elastic demnd?
    • A. 

      A condition in which a small percentage change in price bring about a infinite percentage change in quantity demanded.

    • B. 

      A condition in which the percentage change in quantity demanded is equal to the percentage change in price

    • C. 

      A condition in which the percentage change in quantity demanded is less than the percentage change

    • D. 

      A condition in which the percentage change in quantity demanded is greater than the percentage change in price.

    • E. 

      None of the above.

  • 2. 
     is a condition in which the percentage is change in quantity is greater than the percentage change in price.
  • 3. 
    Is the amount of satisfaction received from all units of a good or service consumed.
  • 4. 
  • 5. 
    Is a condtion in which total utility cannot increase by spending more on of a given budget on one good and spending less on another.
  • 6. 
    What states that the marginal utility of a good or service eventually declines as consumption increases.
  • 7. 
    Which effect is this? As the price falls, the comsumer substitutes the cheaper good for other goods that are now relatively more expensive.
  • 8. 
    Which effect is this? As the price falls, real purchasing power increases, causing an increase in the consumer's willingness and ability to purchase goods or srvice
  • 9. 
    As an individual consumes more of a given good, the marginal of that good to the consumer
    • A. 

      Rises at an increasing rate.

    • B. 

      Rises at a decrease rate.

    • C. 

      Falls.

    • D. 

      Rises

  • 10. 
    The amount of added utility that a consumer gains from the comsumption of one more unit of a good is called
    • A. 

      Incremental utility

    • B. 

      Total utility

    • C. 

      Diminishing utlity

    • D. 

      Marginal utility

  • 11. 
    What it the significance of  the ''water and diamond" saying?