Microeconomics Quiz Questions 1

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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.

Online Microeconomics Quiz Questions with Answers

1. What is the primary difference between accounting profit and economic profit?

 
 
 
 

2. When is a good considered to be a “luxury” in terms of demand?

 
 
 
 

3. When is a good considered to be “elastic” in terms of demand?

 
 
 
 

4. What is the formula for calculating total cost?

 
 
 
 

5. What is a “monopsony” in the context of labor markets?

 
 
 
 

6. What is the primary determinant of a consumer’s decision to purchase a product?

 
 
 
 

7. What is the formula for calculating price elasticity of demand?

 
 
 
 

8. Which of the following is a characteristic of a perfectly inelastic demand curve?

 
 
 
 

9. Which of the following is NOT a characteristic of a monopolistic market structure?

 
 
 
 

10. What is the price elasticity of demand for a perfectly inelastic demand curve?

 
 
 
 

11. What is the primary objective of a monopolist?

 
 
 
 

12. Which of the following is an example of a public good?

 
 
 
 

13. What is a “substitute good” in economics?

 
 
 
 

14. What is the formula for calculating average total cost (ATC)?

 
 
 
 

15. Which of the following is a characteristic of a perfectly elastic demand curve?

 
 
 
 

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

 
 
 
 

17. Which of the following is a characteristic of a perfectly competitive market in the long run?

 
 
 
 

18. Which of the following is a characteristic of an oligopoly market structure?

 
 
 
 

19. What is the primary determinant of the level of profit a firm can earn in the long run?

 
 
 
 

20. Which of the following is an example of a cartel?

 
 
 
 

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?
Microeconomics Quiz Questions with Answers

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Microeconomics Quiz 1

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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?
MCQs Microeconomics Quiz with Answers

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MCQs Development of Social Thoughts 2

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The post is about the MCQs Development of Social Thoughts with answers. There are 20 multiple-choice questions from Development of Sociological Thoughts. It is related to the theories developed by the founding fathers of sociology, Auguste Comte and Herbert. Spencer explains the social processes and organizations that belong to this. The quiz will provide familiarity with the history of social thought, stages of social development, and change.

This quiz is one of a series of Quizzes on the Subject of Sociology. Let us start with the MCQS Development of Sociological Thoughts Quiz now.

Please go to MCQs Development of Social Thoughts 2 to view the test

Online MCQs Development of Social Thoughts with Answers

MCQs Development of Social Thoughts with Answers
  • “False customs and traditions are one the social disease of the society” was said by?
  • Which Muslim Scholar wrote “Keemia E Saadat?”
  • The power of Ethnocentrism is based on two principles, social solidarity and —————.
  • ————— is a system of interconnected abstractions or ideas that condense and organize knowledge about the social world.
  • The concept of Yin and Yang is given great importance in ————- Philosophy.
  • Which Pakistani Philosopher presented the “Theory of Self?”
  • A person who utilizes his capacities and resources for the attainment of a goal while keeping a firm reliance on Allah is called —————.
  • Imam Ghazali presented ————- principles of being an idea king.
  • The last phase of social thought includes
  • ———- Perspective is a framework for building theory that sees society as a platform of inequality.
  • The word “Khudi” is of ————- language.
  • ————- School of thought was shifted from India to China.
  • An Italian Sociologist presented the concept of “circulation of Elites”. Which Muslim philosopher presented that concept already?
  • “A ruler is necessary to make people comply to the orders of Allah,” was said by —————-.
  • Identify which of the following is a major school of thought in Chinese Philosophy.
  • —————- is a perspective that focuses on social structures and interpersonal relationships that shape society as a whole.
  • The book ‘Shaoor e Agahi’ was written by ————–.
  • Socrates is one of the main characters of ————— philosophy.
  • —————— presented the concept of Pan Islamism.
  • “Ra” the Sun God belonged to ——————- philosophy.

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