Microeconomics Quizzes, Questions & Answers
Recent Quizzes
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: 1575 | Last updated: Mar 22, 2023
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Sample QuestionConsumer surplus is the amount a buyer is willing to pay for a good minus the seller's cost
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: 1705 | 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
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: 9260 | 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: 5551 | 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
This is a knowledge quiz about monopoly in microeconomics. You might only know about the word “monopoly” from the popular boardgame which is famous for making families and friends question their loyalty to one...
Questions: 38 | Attempts: 1052 | Last updated: Jan 15, 2024
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Sample QuestionA monopolist is:
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?
This is an advanced level microeconomics quiz. If you’re a novice when it comes to microeconomics, then this quiz might be too tough of a task for somebody of your skill level. We’re confident in this one that only...
Questions: 30 | Attempts: 624 | Last updated: Mar 18, 2023
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Sample QuestionWhich of the following work well as definitions of "infrastructure"?a. Essential facilities that add to the capital stock of the economyb. Capital such as roads (often) provided by the government to enable economic activityc. Essential factors such as roads that are necessary for economic activity
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: 2530 | 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
Questions: 19 | Attempts: 56 | Last updated: May 25, 2023
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Sample QuestionErika has a two year old child. Her child has had a fever for three days. Erika decides to take her child to the doctor. Going to the doctor is a:
Human beings' wants are unlimited, and the resources required to meet them are most often scarce. Understanding how to allocate the limited resources to meet the unlimited desires of a firm or an individual forms the basis of...
Questions: 31 | Attempts: 2875 | Last updated: Mar 21, 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
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: 204 | Last updated: Mar 19, 2023
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Sample QuestionA recurring theme in economics is:
The Costs of Production
Questions: 26 | Attempts: 4449 | 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
A Consumer Choice In Microeconomics Quiz; Microeconomics is a branch of economics that looks at how to allocate resources that are scarcer than others. It forces a firm or individual to think strategically and efficiently so that...
Questions: 17 | Attempts: 2216 | Last updated: Mar 22, 2023
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Sample QuestionIf we measure the quantity of French fries on the horizontal axis and the quantity of hamburgers on the vertical axis, and if the price of French fries is $0.60 and the price of a hamburger is $2.40, then the slope of the budget constraint is 1/4 (and it is negative).
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
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
It’s a topic that comes in extremely handy to know about when you work in a business, but even if you don’t, you’re probably engaged in a smaller example of microeconomics while attempting to spend less money at...
Questions: 11 | Attempts: 344 | Last updated: Mar 18, 2023
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Sample QuestionWhat is a perfectly elastic demnd?
Welcome one, welcome all to the ultimate test in microeconomics – the study that talks economics, which looks at the production, distribution and consumption of goods and services, and fine-tunes it so that we can look at...
Questions: 19 | Attempts: 137 | Last updated: Mar 17, 2023
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Sample QuestionDemand Curve is?
Test your knowledge of microeconomics with this quiz! Every little piece of information helps, and if you’re having a little bit of difficulty allowing your studies in the field of microeconomics to stick, perhaps the...
Questions: 15 | Attempts: 325 | Last updated: Mar 19, 2023
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Sample QuestionEconomics is what?
Questions: 20 | Attempts: 188 | Last updated: Mar 17, 2023
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Sample QuestionComparing opportunity costs of production is called what?
Welcome to The Ultimate Microeconomics Knowledge Test Part II. The following quiz takes a unique approach to microeconomics, as we take a look at some of the more unconventional methods for how a firm or individual might be able...
Questions: 48 | Attempts: 304 | Last updated: Mar 19, 2023
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Sample QuestionAn Increase in the countries rate of inflation is apt to
In the market, there are a lot of products and services being offered to meet the desires of a consumer, but the resources needed to meet these wants are always scarce, and it is up to the producer to come up with a solution on...
Questions: 6 | Attempts: 1753 | Last updated: Nov 29, 2023
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Sample QuestionMonopolistic competition means:
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: 35745 | Last updated: Sep 9, 2024
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Sample QuestionWhat Microeconomics is about?
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