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: 27871 | Last updated: Sep 17, 2024
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Sample QuestionWhich of the following best describes the three fundamental economic questions?
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: 35698 | Last updated: Sep 9, 2024
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Sample QuestionWhat Microeconomics is about?
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: 3918 | 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:
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: 5184 | Last updated: Jan 11, 2024
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Sample QuestionMicroeconomics focuses on ...................................... .
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: 9242 | 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.
Recent Quizzes
Questions: 51 | Attempts: 193 | 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: 1300 | 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: 1826 | Last updated: Feb 6, 2024
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Sample QuestionTotal revenue necessarily equals
Questions: 142 | Attempts: 314 | 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: 415 | 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: 956 | 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: 444 | 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: 406 | 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: 614 | 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: 243 | 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.
Questions: 15 | Attempts: 502 | 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
Questions: 30 | Attempts: 350 | 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 (2014) 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 net profit of $15,000 (over and above all of his expenses) if he farms the land this year. What should he do?
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Dive into the intricate world of microeconomics with our 'Microeconomics Fundamentals Quiz.' This quiz is a journey through the essential concepts that govern individual economic units. Explore topics like supply and...
Questions: 25 | Attempts: 764 | Last updated: Nov 21, 2023
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Sample QuestionA function that indicates the maximum output per unit of time that a firm can produce, for every combination of inputs with a given technology, is called:
Econ 355: Microeconomics
Questions: 30 | Attempts: 942 | Last updated: Mar 22, 2023
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Sample QuestionIf managers do not choose to maximize profit, but pursue some other goal such as revenue maximization or growth,
Supply, Demand, and Government Policies
Questions: 34 | Attempts: 1434 | Last updated: Mar 22, 2023
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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
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Questions: 55 | Attempts: 114 | Last updated: Mar 22, 2023
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Questions: 50 | Attempts: 262 | Last updated: Mar 21, 2023
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Sample QuestionThe long run is a perdiod during which:
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: 237 | 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: Mar 22, 2023
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Sample QuestionIf a society is at point that is inside the production possibilities frontier, the society is experiencing
Questions: 52 | Attempts: 2646 | Last updated: Nov 17, 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.
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: 328 | Last updated: Mar 20, 2023
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Sample QuestionThe idea in economics that “there is no free lunch” means that:
Questions: 8 | Attempts: 132 | Last updated: Jul 26, 2024
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Sample QuestionA situation in which a benefit or a cost associated with an economic activity spills over to third parties is called:
Taxation affects most of us and each citizen with an income is taxed in most countries. In our microeconomics class we got to understand much about the cost of taxation. How attentive have you been these past few chapters, do...
Questions: 25 | Attempts: 1689 | Last updated: Mar 22, 2023
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Sample QuestionIn general, a tax raises the price the buyers pay, lowers the price the sellers receive, and reduces the quantity sold
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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: 11314 | 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
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: 5549 | 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