Microeconomics Quizzes, Questions & Answers
Recent 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: 28562 | Last updated: Mar 12, 2025
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Sample QuestionWhich of the following best describes the three fundamental economic questions?
Questions: 52 | Attempts: 2681 | 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: 330 | 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: 133 | 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: 1700 | 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
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: 1576 | 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: 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
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
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: 1059 | Last updated: Jan 15, 2024
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Sample QuestionA monopolist is:
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