Microeconomics Quiz 1

The post is about an Economics and Microeconomics quiz with answers. There are 20 multiple-choice type questions covering the topics related to utility, competitive market, equilibrium, normal goods, marginal returns, monopolistic competitive market structure, revenue, fixed costs, profit, demand, substitute goods, and elasticity of demand. Let us start with the microeconomics quiz with answers.

Online Microeconomics Quiz with Answers

1. Which of the following is a characteristic of a monopolistic competitive market structure?

 
 
 
 

2. What is the profit-maximizing level of output for a perfectly competitive firm in the short run?

 
 
 
 

3. In a perfectly competitive market, how does a firm maximize profit in the long run?

 
 
 
 

4. Which of the following is an example of a positive externality?

 
 
 
 

5. Which of the following is an example of a normal goods

 
 
 
 

6. What is the shape of the demand curve for a perfectly competitive firm?

 
 
 
 

7. In economics, what does the term “utility” refer to

 
 
 
 

8. What is the main objective of a firm in the short run?

 
 
 
 

9. What is the main purpose of a price ceiling in a market?

 
 
 
 

10. Which of the following is a characteristic of a natural monopoly?

 
 
 
 

11. What is the formula for calculating total revenue in economics?

 
 
 
 

12. What happens to consumer surplus when the price of a good decreases?

 
 
 
 

13. Which of the following is an example of a fixed cost for a firm?

 
 
 
 

14. What is the cross-price elasticity of demand for substitute goods?

 
 
 
 

15. In the long run, a firm in a competitive market will earn

 
 
 
 

16. Which of the following is NOT a determinant of demand?

 
 
 
 

17. What is the law of diminishing marginal returns

 
 
 
 

18. In the context of demand and supply, what does the “equilibrium price” represent

 
 
 
 

19. What is the primary goal of antitrust laws?

 
 
 
 

20. Which of the following is NOT a characteristic of a perfectly competitive market

 
 
 
 

Online Microeconomics Quiz with Answers

  • In economics, what does the term “utility” refer to
  • Which of the following is NOT a characteristic of a perfectly competitive market
  • What happens to consumer surplus when the price of a good decreases?
  • In the context of demand and supply, what does the “equilibrium price” represent
  • Which of the following is an example of a normal goods
  • What is the main objective of a firm in the short run?
  • In the long run, a firm in a competitive market will earn
  • What is the law of diminishing marginal returns
  • Which of the following is a characteristic of a monopolistic competitive market structure?
  • What is the profit-maximizing level of output for a perfectly competitive firm in the short run?
  • What is the formula for calculating total revenue in economics?
  • Which of the following is an example of a fixed cost for a firm?
  • In a perfectly competitive market, how does a firm maximize profit in the long run?
  • What is the shape of the demand curve for a perfectly competitive firm?
  • Which of the following is NOT a determinant of demand?
  • Which of the following is an example of a positive externality?
  • What is the primary goal of antitrust laws?
  • What is the cross-price elasticity of demand for substitute goods?
  • Which of the following is a characteristic of a natural monopoly?
  • What is the main purpose of a price ceiling in a market?
MCQs Microeconomics Quiz with Answers

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Important MCQs Economics Online Test 10

This post is about the MCQs Economics Online Test. There are 27 multiple-choice questions. The MCQs Economics Online Test covers topics related to microeconomics, inflation, marginal benefits, circular flow of goods, planned economy, demand and supply, etc. Let us start with the MCQs Economics Online Test.

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MCQs Economics Online Test

MCQs Economics Online Test
  • Microeconomics is not concerned with the behaviour of ———–.
  • The study of inflation is part of
  • The total demand for goods and services in an economy is known as
  • Indicate below what is NOT a factor of production.
  • A student chooses to study because the marginal benefits are greater than the ——— cost.
  • The circular flow of goods and incomes shows the relationship between ———.
  • In a free market system, the amount of goods and services that any one household gets depends upon its:
  • In a planned or command economy, all the economic decisions are taken by the:
  • When the decrease in the price of one good causes the demand for another good to decrease, the goods are:
  • Suppose the demand for goods $Z$ goes up when the price of goods $Y$ goes down. We can say that goods $Z$ and $Y$ are:
  • If the demand for coffee decreases as income decreases, coffee is
  • The price of apples fell by 5% and the quantity demanded increased by 6%. This means that demand is
  • The price of burgers increased by 22% and the quantity of burgers demanded fell by 25%. This indicates that demand for burgers is
  • If the cross-price elasticity of demand between two goods is negative, then the two goods are:
  • When the market operates without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as
  • Macroeconomics distinguishes between the real economy and the:
  • The equation for Anna’s demand curve for CDs is $Q=20-5P$. If the price of a CD is E18, consumer surplus will be:
  • A utility-maximizing consumer changes their spending for goods $X$ and $Y$, so that:
  • The $\frac{MUX}{MUY}$ is ten and the $\frac{PX}{PY}$ is eight, so the consumer should buy:
  • If the income and substitution effects of a price increase work in the same direction the good whose price has changed is a:
  • A graph showing all the combinations of capital and Labour available for a given total cost is the
  • The formula for average fixed costs is:
  • The formula for average variable cost (AVC) is:
  • If the prices of both goods increase by the same percent, the budget line will:
  • A market demand curve can be derived by adding all the individual demand curves:
  • Some goods are not closely related to each other and are neither substitutes nor complements. for such goods, the cross-price elasticity of demand would be:
  • For a firm operating in a perfect market, its short-run supply is identical with the rising arm of:
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Important MCQs Economics Quiz with Answers 9

Online Economics Quiz with answers. There are 20 multiple-choice questions each with four options. The Quiz will help you to prepare PPSC, FPSC, NAT, GAT, and many other testing services. It will also help in preparing for college and university admission and degree examinations. Let us start with the Economics Quiz with Answers.

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Economics Quiz with Answers

MCQs Economics Quiz with Answers
  • “Economics is the Science of Wealth”, who gave this definition?
  • “Economics is what economists do”. It has been supported by
  • “Human welfare is the subject of Economics”. The statement is associated with the name of which of the economists?
  • Who has given a scarcity definition of economics?
  • “Economics is a science” The basis of this statement is:
  • Characteristics of economic laws are.
  • Which opinions have revolutionized the scope of macroeconomics?
  • Whose opinions have revolutionized the scope of macroeconomics?
  • Which of the following is an economic activity?
  • The passive factor of production is
  • Under the law of demand
  • For inferior commodities, the income effect is
  • When total utility becomes maximum, then the marginal utility will be
  • Utility means
  • Marginal utility is equal to average utility at that time when average utility is
  • At the point of satiety, marginal utility is
  • Which of the following is the second law of Gosse?
  • The total utility of a commodity is measured by which price of the commodity?
  • In Economics the central problem is
  • Macroeconomics deals with

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Important MCQs Economics Questions 8

The post is about the MCQs Economics Questions with Answers. There are 20 questions in this test. The Quiz will help you to prepare PPSC, FPSC, NAT, GAT, and many other testing services. It will also help in preparing for college and university admission and degree examinations. Let us start with the MCQs Economics Questions.

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MCQs Economics Questions with Answers

  • The real interest rate will increase
  • What would result from a depreciation of the pound on the foreign exchange market?
  • The news on television reports that the dollar has strengthened relative to the Japanese yen. This means that
  • In Keynesian economics, if aggregate expenditures are less than aggregate output then
  • Demand is elastic when the elasticity of demand is
  • Which of the following statements is TRUE about cartels?
  • After the collision, oligopolists can
  • If production remains the same and all prices double, then which of the following will happen?
  • The relationship between hours provided by labor and wage rate is
  • If the government wishes to achieve a fall in unemployment, which of the following policies should it adopt?
  • In the long run, sustained inflation is due to
  • The government has a balanced budget if:
  • The situation when a country imports more than it exports is known as
  • In a period of boom, credit creation is
  • What will be the impact of an increase in taxes?
  • Suppose the price of rail tickets decreases, what will happen to the demand for airline travel?
  • The production possibilities curve will shift upward if there is
  • Which of the following is NOT included in the perfect information assumption of perfect competition?
  • Suppose a monopolist sets his output at the level where marginal revenue, marginal cost, and average total cost are equal. In this case, economic profit will be
  • “An Enquiry into the Nature and Causes of Wealth of Nations” is a book by an economist.
MCQs Economics Questions with Answers

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