Microeconomics Quizzes & Trivia
If you are an economics student, then you must know that economics is all about supply, demand, and maximizing income, be it in a business or a country. Have you been having a hard time revising for your microeconomics course...
Questions: 10 | Attempts: 21489
-
Sample QuestionWhat Microeconomics is about?
This is an interactive quiz on microeconomics precisely demand, supply and markets
Questions: 10 | Attempts: 4194
-
Sample QuestionIf the demand curve for good X is downward-sloping, an increase in the price will result in
The Costs of Production
Questions: 26 | Attempts: 2181
-
Sample QuestionTotal revenue equals the quantity of output the firm produces times the price at which it sells its output
Human beings wants are unlimited and the resources required to meet them are most often scarce. Understanding how to allocate the scarce resources to meet the unlimited wants of a firm or an individual forms the basis of...
Questions: 31 | Attempts: 2018
-
Sample QuestionThe only requirement for a market to be perfectly competitive is for the market to have many buyers and sellers
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
-
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.
Microeconomics Questions & Answers
What will increase in the price result in if the demand curve for good X is downward-sloping? A. An increase in the demand for good X. B. A decrease in the demand for good X. C. No...
1. A smaller quantity demanded for good X.When price changes there is a opposite change in the quantity demanded as measured on the horizontal axis.
What does the decrease in the price of coffee (other things being equal) result in if coffee and tea are substitutes?
A. Downward movement along the demand curve for tea.
B. Downward...
The decrease in price for coffee (a substitute for tea) will make consumers demand more coffee than tea. Remember that demand curve runs from the top left corner to the bottom right corner and quantity demanded is on the x-axis ( horizontal axis
Which Microeconomics is about?
Option C - microeconomics is about the study if economy at micro level.
It focuses on issues that affect individuals and groups. It studies economics at individual, group and companies level. It studies behaviour concerning distribution of scarce res
Which of the following is the result of a decrease in the price tea, other things being equal?A. A leftward shift in the demand curve for tea.B. A downward movement along the demand...
More
1. A downward movement along the demand curve for tea.Because demand curves have a negative slope, as the price declines, the quantity demanded will increase.
An oligopoly is a type of market in which the competition is often limited and there are a limited number of consumers and sellers. Over the past week, we have been able to cover much about this type of market and below is a...
Questions: 27 | Attempts: 1466
-
Sample QuestionAn oligopoly is a market structure in which many firms sell products that are similar but not identical
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
-
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
-
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
-
Sample QuestionMicroeconomics focuses on ...................................... .
In the market, there are a lot of products and services being offered to meet the desires of a consumer but the resources needed to meet these wants are always scarce and it is up to the producer to come up with a solution on how...
Questions: 6 | Attempts: 827
-
Sample QuestionMonopolistic competition means:
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
-
Sample QuestionIf a society is at point that is inside the production possibilities frontier, the society is experiencing
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
-
Sample QuestionA perfectly competitive market consists of products that are all slightly different from one another
Application: The Costs of Taxation
Questions: 25 | Attempts: 639
-
Sample QuestionIn general, a tax raises the price the buyers pay, lowers the price the sellers receive, and reduces the quantity sold
Microeconomics is a branch of economics which looks at how to allocate resources that are scarcer than others. It forces a firm or individual to think strategically and efficiently, so that nothing goes to waste. In the following...
Questions: 17 | Attempts: 569
-
Sample QuestionIf we measure the quantity of French fries on the horizontal axis and the quantity of hamburgers on the vertical axis, and if the price of French fries is $0.60 and the price of a hamburger is $2.40, then the slope of the budget constraint is 1/4 (and it is negative).
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...
Questions: 8 | Attempts: 404
-
Sample QuestionYou are a business owner and you have decided that you must produce 20 banana pies every week. This is an example of setting a:
Every little piece of information helps, and if you’re having a little bit of difficulty allowing your studies in the field of microeconomics to stick, perhaps the following quiz on the subject will help stimulate your...
Questions: 15 | Attempts: 279
-
Sample QuestionEconomics is what?
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
-
Sample QuestionA monopolist is
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...
Questions: 11 | Attempts: 261
-
Sample QuestionWhat is a perfectly elastic demnd?
You’ve faced quizzes on microeconomics before, but the following quiz on the subject that analyses the decisions made by a firm or individual on how to allocate scarce resources is going to be your biggest challenge yet....
Questions: 6 | Attempts: 198
-
Sample QuestionThe central question in economics is
The study of microeconomics looks at how an individual or firm analyses their situations and decides how to allocate a scarce supply of resources in an efficient and effective manner. In the following review quiz, we’re...
Questions: 5 | Attempts: 193
-
Sample QuestionMarginal revenue for the perfectly competitive firm equals:
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
-
Sample QuestionThe idea in economics that “there is no free lunch” means that:
If you’re a novice when it comes to microeconomics, then this quiz might be too tough of a task for somebody of your skill level. We’re confident in this one that only pros in the field will be able to achieve full...
Questions: 30 | Attempts: 163
-
Sample QuestionWhich of the following work well as definitions of "infrastructure"?a. Essential facilities that add to the capital stock of the economyb. Capital such as roads (often) provided by the government to enable economic activityc. Essential factors such as roads that are necessary for economic activity
The following quiz takes a unique approach to microeconomics, as we take a look at some of the more unconventional methods for how a firm or individual might be able to decide how to efficiently and effectively allocate scarce...
Questions: 48 | Attempts: 133
-
Sample QuestionAn Increase in the countries rate of inflation is apt to
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
-
Sample QuestionThe long run is a perdiod during which:
Microeconomics is an important topic for anybody to know about, if they intend on working in any field of business or economics, because it encourages people to operate in a logical way and utilise abstract reasoning to solve a...
Questions: 20 | Attempts: 122
-
Sample QuestionComparing opportunity costs of production is called what?
