Economics

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

Microeconomics Quiz Questions with Answers

• When is a good considered to be “elastic” in terms of demand?
• Which of the following is an example of a public good?
• What is the formula for calculating price elasticity of demand?
• Which of the following is a characteristic of a perfectly elastic demand curve?
• What is the primary determinant of the level of profit a firm can earn in the long run?
• What is a “monopsony” in the context of labor markets?
• Which of the following is a characteristic of a monopolistic market structure?
• What is the formula for calculating total cost?
• Which of the following is an example of a cartel?
• What is the primary objective of a monopolist?
• Which of the following is a characteristic of a perfectly inelastic demand curve?
• What is the primary difference between accounting profit and economic profit?
• Which of the following is a characteristic of a perfectly competitive market in the long run?
• What is the price elasticity of demand for a perfectly inelastic demand curve?
• Which of the following is a characteristic of an oligopoly market structure?
• When is a good considered to be a “luxury” in terms of demand?
• What is the primary determinant of a consumer’s decision to purchase a product?
• What is the formula for calculating average total cost (ATC)?
• What is a “substitute good” in economics?
• Which of the following is NOT a characteristic of a monopolistic market structure?

Statistics and Data Analysis

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.

Please go to Microeconomics Quiz 1 to view the test

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?

Statistics and Data Analysis

R Frequently Asked Questions

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.

Please go to Important MCQs Economics Online Test 10 to view the 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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