Microeconomics Quizzes, Questions & Answers

Recent Microeconomics Quizzes

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: 241 | Last updated: Mar 21, 2023

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: 993 | Last updated: Jan 21, 2025

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

Inefficiency

Maximizing output

Equity

Efficiency

Production Possibilities Curve MCQ Quiz Questions And Answers

Do you know about the production possibility curve? To test your knowledge, take this MCQ on Production Possibilities Curve quiz. The PPC or production possibility curve/frontier is a presumptive depiction of the different...

Questions: 10 | Attempts: 30449 | Last updated: Mar 12, 2025

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

Microeconomics True/False Questions

This Microeconomics True\/False quiz assesses understanding of externalities, market efficiency, economic statements, modeling, trade benefits, and specialization. Ideal for learners aiming to grasp fundamental economic concepts...

Questions: 52 | Attempts: 2719 | Last updated: Nov 17, 2023

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: 330 | Last updated: Mar 20, 2023

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

Ecs1501 - Study Unit 1 -test

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, 2023

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.

Introduction To Micro Economics

This quiz, titled 'Introduction To Micro Economics', assesses key principles such as scarcity, rational decision-making, and economic definitions. It focuses on understanding human behavior in economic contexts, highlighting the...

Questions: 68 | Attempts: 420 | Last updated: Mar 21, 2023

Sample Question
Find the correct match :

An enquiry into the nature and causes of the wealth of the nation : A.C.Pigou.

Science which deals with wealth : Alfred Marshall.

Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses : Robbins.

The range of our enquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money : Adam Smith.

Economics - Supply & Demand

Explore the fundamentals of market dynamics in this Economics - Supply & Demand quiz. Assess your understanding of how supply, demand, and equilibrium points interact to shape market outcomes. Ideal for students looking to...

Questions: 5 | Attempts: 133 | Last updated: Feb 14, 2024

Sample Question
Categorize the following questions on this quiz as affecting mostly Supply, Demand , or Both. Equilibrium Point..

Demand

Supply

Both

A Quick Microeconomics Knowledge Test

Explore key microeconomic concepts through this engaging test. Assess your understanding of externalities, market behaviors, government interventions, and consumer responses to price changes. Perfect for learners seeking to...

Questions: 8 | Attempts: 133 | Last updated: Jul 26, 2024

Sample Question
A situation in which a benefit or a cost associated with an economic activity spills over to third parties is called:

A merit good

An externality

The free-rider problem

A public good

An Informative Quiz On The Aspects Of Microeconomics

An Informative Quiz on the Aspects of Microeconomics

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: 1576 | Last updated: Mar 22, 2023

Sample Question
Consumer surplus is the amount a buyer is willing to pay for a good minus the seller's cost

True

False

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