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: 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.

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: 8327 | 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

How Economic Systems Attempt To Allocate Resources Effectively

How economic systems attempt to allocate resources effectively

In our economic system we have three main resources that are combined into goods and services. In this quiz we will test the users knowledge of the importance of scarcity of resoures in economics and how effectively the various...

Questions: 10 | Attempts: 222 | Last updated: Mar 22, 2025

Sample Question
In economics we have three main resources that are combined into goods and services, these are;

Workers, employees, managers

Equipment, vehicles, furniture

Human, natural,capital

Computers,workers,equipment

Term Best Describes Quiz Questions

Term best describes quiz questions

This quiz assesses understanding of business performance factors, including regression to the mean, competitive positioning, profit persistence, and strategic assets. It is designed to enhance strategic thinking and business...

Questions: 11 | Attempts: 594 | Last updated: Mar 20, 2025

Sample Question
What term describes the situation where a firm does exceedingly well due to good luck or exceedingly poorly due to bad luck, but returns to normal performance following?

Regression to the mean

Competitive advantage

Persistent performer

Sustainable firm

Predictable performance

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, 2025

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, 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.

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, 2025

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.

Awesome Quiz On Agriculture

Awesome quiz on Agriculture

Explore the dynamics of labor distribution, trade impacts, and price shifts in the 'Awesome quiz on Agriculture'. This quiz assesses understanding of economic principles in manufacturing and agriculture, exploring how trade...

Questions: 20 | Attempts: 1340 | Last updated: Aug 22, 2025

Sample Question
Suppose that the wage is $20 per hour in a two-sector (manufacturing and agriculture) specific-factors model. Currently, the prices of manufactured and agricultural outputs are $5 and $1, respectively; the marginal product of labor in the manufactured sector is 6 units per hour; and the marginal product of labor in the agricultural sector is 10 units per hour. What will happen to the distribution of labor between the two sectors?

Nothing. The current allocation of labor between the two sectors is ideal.

The manufacturing sector will demand more labor, and the agricultural sector will demand less labor at the current wage.

The agricultural sector will demand more labor, and the manufacturing sector will demand less labor at the current wage.

Both the agricultural and the manufacturing sector will demand more labor at the current wage.

Fundamentals Of Business Quiz For First Year Students

Fundamentals of Business Quiz For First Year Students

This quiz assesses first-year students on basic business concepts, including the definition of profit, types of organizations, and ethical decision-making. It's designed to test understanding of essential economic principles and...

Questions: 18 | Attempts: 2783 | Last updated: Apr 22, 2025

Sample Question
What is Profit?

When prices increase, consumers buy less

The expenses after are paid costs

The income that is left after all costs and expenses are paid

Borrowing money to run a business.

Eco102 Lt H 1 Review (Chapter 1: Ten Principles Of Economics)

ECO102 LT H 1 REVIEW (Chapter 1: Ten Principles of Economics)

Choose the BEST answer. Time alloted is 30 min. There are explanations for some questions.

Questions: 26 | Attempts: 299 | Last updated: Mar 22, 2025

Sample Question
What is the Greek word where the word "economy" comes from? This word means "one who manages a household."

Okionomos

Okinoimos

Oikonomos

Oikonoimos

« Previous 1 2 345 6 7 8 Next »