Microeconomics Quizzes, Questions & Answers
Top Trending Quizzes
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: 29720 | Last updated: Mar 12, 2025
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Sample QuestionWhich of the following best describes the three fundamental economic questions?
Dive into the fascinating world of economics with our Opportunity Cost Quiz! Delve into the core concept of opportunity cost, where every decision involves sacrificing alternatives. Whether you're an aspiring economist or a...
Questions: 15 | Attempts: 4492 | Last updated: Dec 22, 2023
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Sample QuestionIf a business invests in research and development instead of marketing, the potential increase in sales from marketing is the:
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: 36332 | Last updated: Sep 9, 2024
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Sample QuestionWhat Microeconomics is about?
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: 5329 | Last updated: Jan 11, 2024
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Sample QuestionMicroeconomics focuses on ...................................... .
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: 2612 | Last updated: Mar 22, 2023
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Sample QuestionAn oligopoly is a market structure in which many firms sell products that are similar but not identical
Recent Quizzes
Questions: 51 | Attempts: 199 | Last updated: Mar 22, 2023
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Sample QuestionIt studies how individuals, firms, and society choose to combine scarce resources (land, labor, capital, and management) to satisfy unlimited wants and best meet consumer needs.
Questions: 21 | Attempts: 1305 | Last updated: Mar 22, 2023
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Sample QuestionWhich of the following is NOT an example of the uses of the personal income of a household?
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: 1873 | Last updated: Feb 6, 2024
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Sample QuestionTotal revenue necessarily equals
Questions: 142 | Attempts: 339 | Last updated: Mar 21, 2023
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Sample QuestionBecause Buyers and Sellers neglect the external effects of their actions when deciding how much to demand or supply, the market equilibrium is not efficient.
Questions: 30 | Attempts: 452 | Last updated: Mar 21, 2023
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Sample QuestionFarmer 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
Questions: 30 | Attempts: 1023 | Last updated: Mar 17, 2024
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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: 450 | Last updated: Mar 22, 2023
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Sample QuestionTotal revenue equals the quantity of output the firm produces times the price at which it sells its output
Questions: 31 | Attempts: 407 | Last updated: Mar 20, 2023
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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.
Questions: 30 | Attempts: 617 | Last updated: Mar 22, 2023
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Sample QuestionFor the monopolist shown below, the profit maximizing level of output is:
Questions: 15 | Attempts: 250 | Last updated: Mar 20, 2023
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Sample QuestionThe maximum price that a consumer is willing to pay for each unit bought is the ________ price.
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Popular Quizzes
Microeconomics is a division of economics that studies individuals' and firms' behavior in making decisions regarding the distribution of scarce resources and the interactions among these entities and corporations. The...
Questions: 10 | Attempts: 11353 | Last updated: Mar 22, 2023
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Sample QuestionIf the demand curve for good X is downward-sloping, an increase in the price will result in
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: 9352 | Last updated: Sep 1, 2024
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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.
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: 5582 | Last updated: Dec 12, 2023
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Sample QuestionA perfectly competitive market consists of products that are all slightly different from one another