12th Grade Microeconomics Quizzes, Questions & Answers

12th Grade

Top Trending Microeconomics Quizzes

This Econ Final Exam Practice Quiz assesses understanding of economic principles, focusing on scarcity, market requirements, and differences between microeconomics and macroeconomics. It's designed to prepare students for final...

Questions: 225 | Attempts: 876 | Last updated: Feb 2, 2025

Sample Question
Scarcity is

Best measured in objective terms such as tons or kilowatt hours.

A problem only in less-developed countries

A matter of the relationship between resources and human wants

Important for microeconomics, but not macroeconomics.

Microeconomics And Macroeconomics Concepts! Trivia Quiz

As an economist, you must have a good understanding of some microeconomics and macroeconomics concepts. Studying economics offers one an idea of how economic phenomena occur; how economic performance might improve and the factors...

Questions: 10 | Attempts: 293 | Last updated: Mar 20, 2025

Sample Question
Mitch has $100 to spend and wants to buy either a new amplifier for his guitar or a new mp3 player to listen to music while working out. Both the amplifier and the mp3 player cost $100, so he can only buy one. This illustrates the basic concept that

Trade can make everyone better off

People respond to incentives

Rational people think at the margin

People face tradeoffs and opportunity costs.

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: 242 | Last updated: Mar 20, 2025

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.

Ecs1501 - Study Unit 1 -test

ECS1501 - Study Unit 1 - Test focuses on fundamental economic concepts such as scarcity, opportunity cost, and economic theory. It assesses understanding through theoretical questions and practical application via graphs,...

Questions: 5 | Attempts: 279 | Last updated: Mar 21, 2025

Sample Question
Select the incorrect statement with reference to economic theory.

Scarcity, wants, choice and opportunity cost are some of the main elements of economics.

Economics is a social science concerned with the efficient use of unlimited goods and service to achieve maximum satisfaction of human wants.

Economics is concerned with a systematic understanding of patterns of production, consumption and distribution of goods and services.

Externalities Quiz (Chapter 10)

Test your knowledge with this quiz based on externalities in chapter 10 of the book 'Economics' - Mankiw and Taylor.

Questions: 11 | Attempts: 4869 | Last updated: Oct 3, 2025

Sample Question
An externality is:

A negative effect borne onto a third party.

A positive effect borne onto a third party.

Costs which have to be borne by a third party.

Popular Microeconomics Quizzes

Principles Of Economics Questions!

Principles of Economics Questions!

Economics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources. One of how we get to ensure that the company we set up ensures we understand the factors affecting the...

Questions: 9 | Attempts: 13960 | Last updated: Feb 22, 2025

Sample Question
The phenomenon of scarcity stems from the fact that...

Most economies’ production methods are not very good.

In most economies, wealthy people consume disproportionate quantities of goods and services.

Governments restricts production of too many goods and services.

Resources are limited.

People are greedy

Economics Unit 1 Practice Test!

Looking for a helpful Economics unit 1 practice test? Here is a quiz for you. The study of economics covers the topic of finance and the many ways in which it can be distributed, with the production, transport, and consumption of...

Questions: 25 | Attempts: 8326 | Last updated: Jun 17, 2025

Sample Question
What does the term capital mean?

Money that is spent by companies to produce goods

Resources that are made and used to make other good and services

The place where the company is located

None of these

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: 5397 | Last updated: Jan 11, 2025

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

Business Quiz: Production And Costs

Business Quiz: Production and Costs

In any business, production and cost are two pivotal processes regarding a business's success and profit. You need to be making sure that the cost of your production does not outweigh the money being brought in. So, let's...

Questions: 26 | Attempts: 5327 | Last updated: Mar 22, 2025

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

True

False

The 10 Principles Of Economics

The 10 Principles of Economics

Explore the foundational concepts of economics through this engaging quiz on the 10 Principles of Economics. Assess your understanding of trade-offs, marginal thinking, market organization, and more, enhancing your economic...

Questions: 10 | Attempts: 4577 | Last updated: Mar 22, 2025

Recent Microeconomics Quizzes