Microeconomics Quizzes & Trivia

Our newest quiz is about that part of economics that studies the behavior of individuals and small players on the market. If you’ve studied it in college then there is no way you cannot get to the bottom of it. Our questions will not be impossible to answer but you will need to remember some of those things that you learned about in those years.

Here are some of the questions we’ve got in store for you: To what types of markets does microeconomics usually apply? The theory of supply and demand usually assumes that the markets are perfectly what? The measurement of how responsive an economic variable is to a change in another variable is called what? Show us your microeconomics skills and make it to first place.

Top Trending Quizzes

Macroeconomics: Production–possibility Frontier Quiz!

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: 13190 | Last updated: Sep 28, 2020

Sample Question
Which of the following best describes the three fundamental economic questions?

What to produce, when to produce, and where to produce?

What time to produce, what place to produce, and how to produce?

What to produce, when to produce, and for whom to produce?

What to produce, how to produce, and for whom to produce?

A Microeconomics Quiz On Supply And Demand

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: 3773 | Last updated: Aug 21, 2020

Sample Question
A perfectly competitive market consists of products that are all slightly different from one another

True

False

Microeconomics Quiz: Elasticity & Its Application

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: 5650 | Last updated: Dec 15, 2020

Sample Question
If the quantity demanded of a good is sensitive to a change in the price of that good, demand is said to be price inelastic.

True

False

Microeconomics Knowledge Test! Practice Quiz! 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: 29096 | Last updated: Jun 24, 2020

Sample Question
What Microeconomics is about?

Study of Business Environment.

Study of financial position of the economy.

Study of the Economy at Micro Level.

None of the above.

An Introduction To Microeconomics Quiz!

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: 2707 | Last updated: Dec 18, 2020

Sample Question
Microeconomics focuses on ...................................... .

Issues such as economics growth, inflation and unemployment

The working of the whole economy

Factors that affect the total demand for goods and services

The behavior of individuals and organizations towards scarce resources

Recent Quizzes

Mastery Exam On Microeconomics

Mastery Exam on Microeconomics

Questions: 21 | Attempts: 959 | Last updated: Jan 4, 2022

Sample Question
Which of the following is NOT an example of the uses of the personal income of a household?

Savings

Investment

Consumption

Taxes

Microeconomics Multiple Choice

Microeconomics multiple choice

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: 502 | Last updated: May 8, 2019

Sample Question
Total revenue necessarily equals

Total output multiplied by the average cost of output.

Total output multiplied by sales price of output.

(total output multiplied by sales price) – inventory surplus.

(total output multiplied by the average cost of output) – inventory shortage.

An Ultimate Microeconomics Knowledge Test!

Questions: 142 | Attempts: 81 | Last updated: Dec 18, 2020

Sample Question
Because Buyers and Sellers neglect the external effects of their actions when deciding how much to demand or supply, the market equilibrium is not efficient.

True

False

Microeconomics: Trivia Questions On Production And Cost! Quiz

Microeconomics: Trivia Questions on Production and Cost! Quiz

Questions: 30 | Attempts: 94 | Last updated: Dec 10, 2019

Sample Question
Farmer Jones bought his farm for $75,000 in 1980 and wants to sell it. Today 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 a net profit of $15,000 (over and above all of his expenses) if he farms the land this year. What should he do

Sell to ABC Corporation

Farm the land for another year and sell to XYZ Corporation

Accept either offer as they are equivalent.

Reject both offers.

None of these

Firms In Competitive Markets! Microeconomics Trivia Quiz

Firms in Competitive Markets! Microeconomics Trivia Quiz

Questions: 30 | Attempts: 321 | Last updated: Dec 10, 2019

Sample Question
The only requirement for a market to be perfectly competitive is for the market to have many buyers and sellers.

True

False

Test How Deep Your Knowledge Is On Microeconomics!

Test How deep Your knowledge is on Microeconomics!

The Costs of Production

Questions: 26 | Attempts: 105 | Last updated: Dec 18, 2020

Sample Question
Total revenue equals the quantity of output the firm produces times the price at which it sells its output

True

False

The Ultimate Quiz On Microeconomics

The Ultimate Quiz on Microeconomics

Questions: 31 | Attempts: 193 | Last updated: Dec 18, 2020

Sample Question
The only requirement for a market to be perfectly competitive is for the market to have many buyers and sellers.

True

False

The Ultimate Quiz On Microeconomics Part II

Questions: 30 | Attempts: 410 | Last updated: Dec 18, 2020

Sample Question
For the monopolist shown below, the profit maximizing level of output is:

Q3

Q1

Q2

Q4

Q5

An Informative Microeconomics Quiz!

Questions: 15 | Attempts: 162 | Last updated: Dec 18, 2020

Sample Question
The maximum price that a consumer is willing to pay for each unit bought is the ________ price.

Reservation

Consumer surplus

Auction

Choke

Market

A Quick Microeconomics Knowledge Test!

Questions: 15 | Attempts: 311 | Last updated: Aug 25, 2020

Sample Question
If the market is in equilibrium, the consumer surplus earned by the buyer of the 100th unit is

$0.50

$0.75

$1.50

$2.00

$2.75

Do You Have Enough Knowledge On Microeconomics To Pass This Quiz?

Questions: 30 | Attempts: 270 | Last updated: Dec 18, 2020

Sample Question
Farmer 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?

Sell to ABC Corporation

Farm the land for another year and sell to XYZ Corporation

Accept either offer as they are equivalent.

Reject both offers.

None of these

Quiz: The Fundamental Knowledge Of Microeconomics

Quiz: The Fundamental Knowledge of Microeconomics

Questions: 25 | Attempts: 577 | Last updated: Dec 18, 2020

Sample Question
A function that indicates the maximum output per unit of time that a firm can produce, for every combination of inputs with a given technology, is called:

An isoquant.

A production possibility curve

A production function

An isocost function

Practice Quiz Chp 8

PRACTICE QUIZ CHP 8

Econ 355: Microeconomics

Questions: 30 | Attempts: 691 | Last updated: Jan 20, 2017

Sample Question
If managers do not choose to maximize profit, but pursue some other goal such as revenue maximization or growth,

They are more likely to become takeover targets of profit-maximizing firms

Their companies are more likely to survive in the long run

They are more likely to have higher profit than if they had pursued that policy explicitly

They are less likely to be replaced by stockholders

Theya re less likely to be replaced by the board of directors

Quiz On Microeconomics: Supply, Demand, And Government Policies

Quiz on Microeconomics: Supply, Demand, and Government Policies

Supply, Demand, and Government Policies

Questions: 34 | Attempts: 773 | Last updated: Dec 18, 2020

Sample Question
If the equilibrium 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

True

False

Trade Offs Opportunity Cost Quiz

Quiz of Trade offs Opportunity Cost

Questions: 8 | Attempts: 460 | Last updated: Feb 28, 2014

Sample Question
Tradeoffs are options that the consumer has and can choose to take.

True

False

Econ102: Microeconomics Vocabulary Quiz!

Questions: 55 | Attempts: 51 | Last updated: Dec 18, 2020

Chapter 1 Section 2 Quiz (Opportunity Cost)

These questions are from Chapter 1 Section 2.

Questions: 8 | Attempts: 2780 | Last updated: Mar 4, 2013

Sample Question
The economic concept of guns or butter means that

A government must decide whether to produce more or less military or consumer goods

A government can buy unlimited military and civilian goods if it is rich enough

The Ultimate Microeconomics Knowledge Test!

Questions: 50 | Attempts: 179 | Last updated: Dec 18, 2020

Sample Question
The long run is a perdiod during which:

All inputs are variable and no inputs are fixed

Some inputs are variable and some inputs are fixed

No inputs are variable and no inputs are fixed

No inputs are variable and some inputs are fixed

The Ultimate Microeconomics Quiz!

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: 179 | Last updated: Dec 18, 2020

Sample Question
Sometimes the government spends more or less, depending on the needs of the country. This statement best represents this economic concept:

Resources should be used as efficiently as possible to achieve society's goals.

When markets don't achieve efficiency, government intervention can improve society's welfare.

Overall spending sometimes gets out of line with the economy's productive capacity.

Government policies can change spending.

Enhance Your Knowledge Of Microeconomics With This Quiz!

Enhance Your Knowledge of Microeconomics with this Quiz!

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: 936 | Last updated: Dec 18, 2020

Sample Question
If a society is at point that is inside the production possibilities frontier, the society is experiencing

Inefficiency

Maximizing output

Equity

Efficiency

Quiz: Microeconomics True/False Questions

Questions: 52 | Attempts: 1818 | Last updated: Aug 25, 2020

Sample Question
A 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.

True

False

Microeconomics 101 Part II Quiz

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: 229 | Last updated: Dec 18, 2020

Sample Question
The idea in economics that “there is no free lunch” means that:

Businesses would lose money if they offered free lunches

The thought of a free lunch is often better than the reality of consuming it

There are always opportunity costs when scarce resources are used to prepare lunches

Businesses use free lunches to attract customers but this advertising practice is costly

An Interesting Quiz On Microeconomics!

An Interesting Quiz on Microeconomics!

Questions: 15 | Attempts: 98 | Last updated: Aug 24, 2020

Sample Question
გვალვის შედეგად ხორბლის მიწოდება შემცირდა. დავუშვათ, ასეთ პირობებში, კარტოფილი პურის შემცვლელია. მოსალოდნელია, რომ პურის ფასი

გაიზრდება. პურის მიწოდება გაიზრდება, კარტოფილზე მოთხოვნა გაიზრდება

გაიზრდება. პურის მიწოდება შემცირდება, კარტოფილზე მოთხოვნა გაიზრდება

გაიზრდება. პურის მიწოდება შემცირდება, კარტოფილზე მოთხოვნა შემცირდება

შემცირდება. პურის მიწოდება შემცირდება, კარტოფილზე მოთხოვნა გაიზრდება

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