Microeconomics Quizzes Online & Trivia
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What Microeconomics is about?
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Law of Demand states that:
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The Slope of the Indifference Curve indicates:
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If the demand curve for good X is downward-sloping, an increase in the price will result in
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The law of demand states that the quantity demanded of a good changes, other things being equal, when
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Which of the following is the result of a decrease in the price tea, other things being equal?
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Total revenue equals the quantity of output the firm produces times the price at which it sells its output
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Wages and salaries paid to workers are an example of implicit costs of production
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If total revenue is $100, explicit costs are $50, and implicit costs are $30, then accounting profit equals $50
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The only requirement for a market to be perfectly competitive is for the market to have many buyers and sellers
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For a competitive firm, marginal revenue equals the price of the goods it sells
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If a competitive firm sells three times the amount of output, its total revenue also increases by a factor of three
Questions from Test 6-11.
25 questions per round.
The questions change every time you retake the test.
150 questions in total.
Questions: 150 | Attempts: 117
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Sample QuestionTotal revenue necessarily equals
Questions: 142 | Attempts: 6
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Sample QuestionBecause Buyers and Sellers neglect the external effects of their actions when deciding how much to demand or supply, the market equilibrium is not efficient.
The Costs of Production
Questions: 26 | Attempts: 10
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Sample QuestionTotal revenue equals the quantity of output the firm produces times the price at which it sells its output
The Costs of Production
Questions: 26 | Attempts: 10
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Sample QuestionTotal revenue equals the quantity of output the firm produces times the price at which it sells its output
Questions: 20 | Attempts: 10
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Sample QuestionComparing opportunity costs of production is called what?
Questions: 31 | Attempts: 27
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Sample QuestionThe only requirement for a market to be perfectly competitive is for the market to have many buyers and sellers
Questions: 30 | Attempts: 24
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Sample QuestionFor the monopolist shown below, the profit maximizing level of output is:
Questions: 15 | Attempts: 30
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Sample QuestionThe maximum price that a consumer is willing to pay for each unit bought is the ________ price.
Econ 355: Microeconomics
Questions: 15 | Attempts: 18
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Sample QuestionRefer to Figure 1. If the market is in equilibrium, the consumer surplus earned by the buyer of the 100th unit is
Questions: 30 | Attempts: 25
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Sample QuestionFarmer Jones bought his farm for $75,000 in 1980 and wants to sell it. Today (2014) the farm is worth $500,000, and the interest rate is 10 percent. ABC Corporation has offered to buy the farm today for $510,000 and XYZ Corporation has offered to buy the farm for $540,000 one year from now. Farmer Jones could earn net profit of $15,000 (over and above all of his expenses) if he farms the land this year. What should he do?
Questions: 25 | Attempts: 34
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Sample QuestionA function that indicates the maximum output per unit of time that a firm can produce, for everycombination of inputs with a given technology, is called
Econ 355: Microeconomics
Questions: 30 | Attempts: 33
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Sample QuestionIf managers do not choose to maximize profit, but pursue some other goal such as revenue maximization or growth,
MicroEconomics Exam II
Questions: 61 | Attempts: 121
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Sample QuestionThe price elasticity of demand for furniture is estimated at 1.3. This value means a 1% increase in the
Supply, Demand, and Government Policies
Questions: 34 | Attempts: 17
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Sample QuestionIf the equlibrium price of gasoline is $1.00 per gallon and the government places a price ceiling on gasoline of $1.50 per gallon, the result will be a shortage of gasoline
The study of microeconomics is a branch of economics – the study of how we produce, distribute and consume goods and services – but the difference is that microeconomics looks at how an individual or firm might decide...
Questions: 10 | Attempts: 857
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Sample QuestionMicroeconomics focuses on ...................................... .
This examination contains vocabulary words for basic microeconomics so for Econ 101 or 102. However as I continue making more quizzes they will be for Econ 102 - Microeconomics. This quiz may contain some stuff primarily geared...
Questions: 55 | Attempts: 26
Questions: 80 | Attempts: 11
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Sample QuestionWhen the marginal product equals the average product, the...
There are certain topics in life that we just know more about than anybody else, but just because you’re the master in a certain field doesn’t mean you shouldn’t brush up on it every now and again! In the...
Questions: 50 | Attempts: 132
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Sample QuestionThe long run is a perdiod during which:
Even the smartest people out there in the field of economics have difficulty figuring out how to allocate scarce resources, and that’s because they look too hard at the big picture and don’t focus in on the fine...
Questions: 54 | Attempts: 106
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Sample QuestionSometimes the government spends more or less, depending on the needs of the country. This statement best represents this economic concept:
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....
Questions: 35 | Attempts: 656
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Sample QuestionIf a society is at point that is inside the production possibilities frontier, the society is experiencing
Questions: 52 | Attempts: 53
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Sample QuestionA number of years ago, a company that is now out of business disposed of its chemical waste products by spraying them on the ground. It will take the EPA millions of dollars to clean up this site. This situation is an example of an externality.
You can be a complete novice or the most experience person in a particular field of work or study, and a helpful quiz on that topic will still benefit you, whether it’s to add to your knowledge or simply to reinforce it....
Questions: 24 | Attempts: 183
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Sample QuestionThe idea in economics that “there is no free lunch” means that:
The word “microeconomics” might scare you when you’re first hearing it because it sounds like a lot of theory and hard work. That may be true but dealing with how firms and individuals decide how to allocate...
Questions: 15 | Attempts: 83
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Sample Questionგვალვის შედეგად ხორბლის მიწოდება შემცირდა. დავუშვათ, ასეთ პირობებში, კარტოფილი პურის შემცვლელია. მოსალოდნელია, რომ პურის ფასი
მიკრ�ეკ�ნ�მიკის ს�ვ�რჯიშ�ების წიგნში...
Questions: 20 | Attempts: 73
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Sample Questionჩამოთვლითანგან რომელს შეისწავლის მიკროეკონომიკა?
Questions: 8 | Attempts: 48
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Sample QuestionA situation in which a benefit or a cost associated with an economic activity spills over to third parties is called
Questions: 72 | Attempts: 17
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Sample QuestionWhich of the following causes a shift in quantity demand?
Application: The Costs of Taxation
Questions: 25 | Attempts: 639
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Sample QuestionIn general, a tax raises the price the buyers pay, lowers the price the sellers receive, and reduces the quantity sold
The market would not exist if there were no consumers and producers. The level of consumption or production in a market is dependent on a lot of variables and we have covered them all in our past classes. Do you think that you...
Questions: 35 | Attempts: 1102
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Sample QuestionConsumer surplus is the amount a buyer is willing to pay for a good minus the seller's cost
There are a lot of factors that affect the economy as it is and one of the major ones is demand, supply, and government policies that affect the industries in existence or block others from existing. What do you know about these...
Questions: 34 | Attempts: 1100
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Sample QuestionIf the equlibrium price of gasoline is $1.00 per gallon and the government places a price ceiling on gasoline of $1.50 per gallon, the result will be a shortage of gasoline
Demand and supply are what holds a market and elasticity is the measure through which variable changes as a result of another variable. Demand can either be elastic or inelastic. Below is a microeconomics quiz on...
Questions: 26 | Attempts: 1634
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Sample QuestionIf the quantity demanded of a good is sensitive to a change in the price of that good, demand is said to be price inelastic.
In the study of business and economics, you’ll come across the terms “supply and demand” fairly often. It’s the concept by which we judge how much of a particular good or service the market can provide in...
Questions: 35 | Attempts: 653
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Sample QuestionA perfectly competitive market consists of products that are all slightly different from one another
You might only know about the word “monopoly” from the popular boardgame which is famous for making families and friends question their loyalty to one another, but the term refers to one person or firm’s...
Questions: 38 | Attempts: 271
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Sample QuestionA monopolist is
The following quiz deals with the subject of microeconomics, a study which analyses how a firm or individual who owns a company, or even just wants to manage their own finances and assets, might be able to effectively and...
Questions: 33 | Attempts: 109
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Sample QuestionA good definition of short-run?
