Microeconomics Quizzes & Trivia
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Questions: 10 | Attempts: 26355 | Last updated: Jun 24, 2020
Questions: 12 | Attempts: 8017 | Last updated: Sep 28, 2020
Questions: 26 | Attempts: 3505 | Last updated: Dec 15, 2020
Questions: 52 | Attempts: 874 | Last updated: Aug 25, 2020
Questions: 35 | Attempts: 1598 | Last updated: Aug 21, 2020
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: 26355 | Last updated: Jun 24, 2020
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Sample QuestionWhat Microeconomics is about?
The PPC or production possibility curve/ frontier is a presumptive depiction of the different conceivable combinations of two goods that can be produced within the given available resource. This quiz has around twelve questions...
Questions: 12 | Attempts: 8017 | Last updated: Sep 28, 2020
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Sample QuestionWhich of the following best describes the three fundamental economic questions?
Microeconomics Quiz: Elasticity & Its Application. 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...
Questions: 26 | Attempts: 3505 | Last updated: Dec 15, 2020
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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.
Questions: 52 | Attempts: 874 | Last updated: Aug 25, 2020
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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.
In the study of business and microeconomics, 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...
Questions: 35 | Attempts: 1598 | Last updated: Aug 21, 2020
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Sample QuestionA perfectly competitive market consists of products that are all slightly different from one another
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Microeconomics Questions & Answers
What is Microeconomics all about?
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 resources.
What are the concerns with microeconomics?
Economics considers how people interact by purchasing and selling goods and services. Microeconomics is concerned with problems that involve companies and the governments that handle them. These issues include queries regarding how much firms should
What do you understand by the term prize discrimination in economy?
Price discrimination is when a producer will charge a different price for a different market. One good, modern example is clothing. Men’s clothing is typically around the same price for the same size, no matter the brand (unless you want specia
What is a buyer's willingness to pay?
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A buyer would be willing to pay is measured in the maximum’s amount he is willing to pay for a good. Usually, products tend to be more expensive if high-quality materials were used just to make that product. It is not hard to see if a shirt tha
Questions: 10 | Attempts: 9281 | Last updated: Apr 30, 2020
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Sample QuestionIf the demand curve for good X is downward-sloping, an increase in the price will result in
Human beings' wants are unlimited, and the resources required to meet them are most often scarce. Understanding how to allocate the limited resources to meet the unlimited desires of a firm or an individual forms the basis of...
Questions: 31 | Attempts: 2428 | Last updated: Aug 20, 2020
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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
The Costs of Production
Questions: 26 | Attempts: 2181 | Last updated: Sep 24, 2020
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Sample QuestionTotal revenue equals the quantity of output the firm produces times the price at which it sells its output
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 quiz...
Questions: 27 | Attempts: 1737 | Last updated: Dec 15, 2020
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Sample QuestionAn oligopoly is a market structure in which many firms sell products that are similar but not identical
This is an informative quiz on the aspects of microeconomics. 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...
Questions: 35 | Attempts: 1421 | Last updated: Dec 15, 2020
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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: 1377 | Last updated: Dec 15, 2020
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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
This is an introduction to microeconomics quiz. The study of microeconomics is a branch of economics. It's the study of how we produce, distribute, and consume goods and services, but the difference is that microeconomics...
Questions: 10 | Attempts: 1194 | Last updated: Dec 18, 2020
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Sample QuestionMicroeconomics focuses on ...................................... .
Taxation affects most of us and each citizen with an income is taxed in most countries. In our microeconomics class we got to understand much about the cost of taxation. How attentive have you been these past few chapters, do...
Questions: 25 | Attempts: 1013 | Last updated: Jan 8, 2021
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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
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 | Last updated: May 8, 2019
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Sample QuestionMonopolistic competition means:
A Consumer Choice In Microeconomics Quiz; Microeconomics is a branch of economics that looks at how to allocate resources that are scarcer than others. It forces a firm or individual to think strategically and efficiently so that...
Questions: 17 | Attempts: 811 | Last updated: Dec 18, 2020
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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).
Enhance your knowledge of microeconomics with this quiz! 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...
Questions: 35 | Attempts: 774 | Last updated: Dec 18, 2020
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Sample QuestionIf a society is at point that is inside the production possibilities frontier, the society is experiencing
Welcome to Macroeconomics 101 Quiz! 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...
Questions: 8 | Attempts: 426 | Last updated: Dec 18, 2020
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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:
This is a knowledge quiz about monopoly in microeconomics. 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...
Questions: 38 | Attempts: 421 | Last updated: Dec 18, 2020
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Sample QuestionA monopolist is:
Test your knowledge of microeconomics with this quiz! 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...
Questions: 15 | Attempts: 285 | Last updated: Dec 18, 2020
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Sample QuestionEconomics is what?
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 | Last updated: May 8, 2019
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Sample QuestionWhat is a perfectly elastic demnd?
Welcome to The Ultimate Microeconomics Knowledge Test Part II. 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...
Questions: 48 | Attempts: 247 | Last updated: Dec 18, 2020
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Sample QuestionAn Increase in the countries rate of inflation is apt to
This is an advanced level microeconomics quiz. 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...
Questions: 30 | Attempts: 216 | Last updated: Dec 18, 2020
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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
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 | Last updated: May 8, 2019
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Sample QuestionThe central question in economics is
Welcome to the Microeconomics 101 Part II Quiz. 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...
Questions: 24 | Attempts: 196 | Last updated: Dec 18, 2020
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Sample QuestionThe idea in economics that “there is no free lunch” means that:
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 | Last updated: May 8, 2019
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Sample QuestionMarginal revenue for the perfectly competitive firm equals:
