11th Grade Microeconomics Quizzes, Questions & Answers
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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: 9360 | 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.
Supply, Demand, and Government Policies
Questions: 34 | Attempts: 1476 | Last updated: Nov 25, 2024
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Sample QuestionIf 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
Questions: 52 | Attempts: 2681 | Last updated: Nov 16, 2023
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Sample QuestionA 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.
Most commonly used with regards to business, the term “microeconomics” refers to how humans behave and interact with one another. This study is often harnessed and effectively used to analyze how firms and...
Questions: 41 | Attempts: 206 | Last updated: Mar 19, 2023
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Sample QuestionA recurring theme in economics is:
There are a lot of factors that affect the economy as it is and one of the major ones is demand, supply, and government policies that affect the industries in existence or block others from existing. What do you know about these...
Questions: 34 | Attempts: 1707 | Last updated: Mar 22, 2023
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Sample QuestionIf the equlibrium 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
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Questions: 15 | Attempts: 505 | Last updated: Mar 21, 2023
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Sample QuestionIf the market is in equilibrium, the consumer surplus earned by the buyer of the 100th unit is
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: 239 | Last updated: Mar 21, 2023
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Sample QuestionSometimes the government spends more or less, depending on the needs of the country. This statement best represents this economic concept:
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: 988 | Last updated: Jan 21, 2025
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Sample QuestionIf a society is at point that is inside the production possibilities frontier, the society is experiencing
Do you know anything about microeconomics, and do you think you can pass this quiz? Microeconomics is a branch of economics that studies people's behavior in making decisions concerning the distribution of scarce resources...
Questions: 33 | Attempts: 166 | Last updated: Mar 20, 2023
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Sample QuestionA good definition of short-run?
You’ve faced quizzes on microeconomics before, but the following quiz on the subject that analyses the decisions made by a firm or individual on how to allocate scarce resources is going to be your biggest challenge yet....
Questions: 6 | Attempts: 267 | Last updated: Mar 21, 2023
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Sample QuestionThe central question in economics is
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