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D the current butter surplus is the result of federal policies. C the seller pay the full amount if supply is perfectly elastic D Both buyer and seller pays some of the tax if the supply is perfectly elastic.
In a diagram with movies on the horizontal axis and soda on the vertical axis Dean budge line: A becomes steeper to the right B Becomes shallower to the right C has a constant positive slope D has a constant negative slope. Her marginal utility of her last dish of strawberries is and her marginal utility of her last pint of cream is To maximize her utility, Sarah should A Buy more strawberries and less cream B Buy more cream and less strawberries C Not change her purchase of strawberry cream.
D Definitely buy no cream at her consumer equilibrium. What is Dave real income in terms of the magazines? B 40 C To increase its profit the firm will A lower its prices B raise it prices C decrease its output D increase its output. B Higher supply elasticities C lower average willingness to pay D higher average willingness to pay. D deadweight loss escape market discipline 24 Although the effects of antitrust law have varied over the years the overall thrust appears to have been to A reduce deadweight loss as suggested by the capture theory B reduce deadweight loss as suggested by the social interest theory C increase producer surplus as suggested by the capture theory D increase producer surplus as suggested by the social interest theory.
This solution is comprised of a detailed explanation to answer the microeconomic multiple choice questions.
Multiple Choice Questions for Economics with Answers
C the seller pay the full amount if supply is perfectly elastic D Both buyer and seller pays some of the tax if the supply is perfectly elastic 9 Dean spend all his income on movies and soda. In a diagram with movies on the horizontal axis and soda on the vertical axis Dean budge line: A becomes steeper to the right B Becomes shallower to the right C has a constant positive slope D has a constant negative slope 10 Sarah consume only strawberries and cream, and she is spending all of her income.
To increase its profit the firm will A lower its prices B raise it prices C decrease its output D increase its output 18 In demand for its product is elastic, a monopoly's: A Total revenue is unchanged when the firm lower its prices B Total revenue decrease when the firm lower its price C Marginal revenue is positive D Marginal revenue is zero.
B Higher supply elasticities C lower average willingness to pay D higher average willingness to pay 21 In the dominant firm model of oligopoly the dominant firm charges A a lower price than larger firms B the same price as the smaller firms C a higher price than the smaller firms D a price equal to its marginal revenue 22 According to economic model of public choice the object of politicians is to A promote the social interest B get elected and remain in office C maximize free-ridership D maximize total public utility 23 According to capture theory, regulation occurs because a A small group of loser from regulation loses a great deal per person B small group of winners from regulation gains a great deal per person C large groups of winners from regulation gains only a small amount per person.
Add Solution to Cart Remove from Cart.Speak now. Our newest quiz is about that part of economics that studies the behavior of individuals and small players on the market. Our questions will not be impossible to answer but you will need to remember some of those things that you learned about in those years. The theory of supply and demand usually assumes that the markets are perfectly what?
The measurement of how responsive an economic variable is to a change in another variable is called what? Show us your microeconomics skills and make it to first place. Microeconomics Knowledge Practice Test!
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 Sample Question. Study of Business Environment. Study of financial position of the economy. Study of the Economy at Micro Level. None of the above. Economics Quiz 3 Microeconomics. This is an interactive quiz on microeconomics precisely demand, supply and markets. An increase in the demand for good X. A decrease in the demand for good X. No change in the quantity demanded for good X.
A larger quantity demanded for good X. A smaller quantity demanded for good X. Microeconomics Practice Quiz Test. The Ultimate Microeconomics Proficiency Test! Human beings wants are unlimited and the resources required to meet them are most often scarce.
Understanding how to allocate the scarce resources to meet the unlimited wants of a firm or an individual forms the basis of 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 inelastic. Below is a microeconomics quiz on Opportunity Cost Quizzes. Supply And Demand Quizzes. Elasticity Quizzes. Economy Quizzes. Price Quizzes. When price changes there is a opposite change in the quantity demanded as measured on the horizontal axis.
What does the decrease in the price of coffee other things being equal result in if coffee and tea are substitutes? Downward movement along the demand curve for tea. The decrease in price for coffee a substitute for tea will make consumers demand more coffee than tea.
What is Microeconomics all about? Option C - microeconomics is about the study if economy at micro level. It focuses on issues that affect individuals and groups.Answer: Option B. Answer: Option C.
Answer: Option A. Irrespective of price, Sofia always spends Rs. Elasticity of demand is 0 B. Elasticity of demand is 1 C. Elasticity of demand is infinite D.
Answer: Option B Explanation:. Report Errors. Kindly mention the details of the error here When cross elasticity of demand is a large positive number, one can conclude that: A. The good is normal B. The good is inferior C. The good is a substitute D. Answer: Option C Explanation:. If demand is inelastic, a change in the price: A. Will change the quantity in same direction B. Will change total revenue in same direction C.
Will change total revenue in the opposite direction D. Which one is the assumption of law of demand? Price of the commodity should not change B. Quantity demanded should not change C. Prices of substitutes should not change D. Which of the following is a demand function? Answer: Option A Explanation:. Zubair has a special taste for college canteen is hotdogs.Saturday, April 05, Economics Quiz 1, Fall Economics Quiz 3 Friday, September 22, Reason: Everything was mixed up!
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The study of economics is divided into how many branches? In case of negative marginal utility which of the following must be true:. The elasticity of demand, in this case, will be:.
Who introduced the Utility Analysis of Demand? Which of the is true for the perfect market? Which of the following is a capital commodity?
Which of the following is an economic activity?
Multiple choice questions
According to the Keynes, demand for money is affected by:. Theory of Absolute Advantage was presented by:. Economics MCQs including with microeconomics and macroeconomics mcqs questions and answers are updated daily.
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View Answer a Two Microeconomics and Macroeconomics. View Answer a Microeconomics. View Answer c Price of the product and its Demand. View Answer a Utility.
Name the book written by Alfred Marshall:. View Answer d Allam Iqbal. Ceteris Paribus means:.Micro Unit 1 Summary- Basic Economic Concepts
View Answer c Other things are equal.Here's a set of 20 questions on any micro or macro topic from the A level in Economics specification. A quick test before the Paper 3 exam! Join s of fellow Economics teachers and students all getting the tutor2u Economics team's latest resources and support delivered fresh in their inbox every morning.
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Microeconomics - 'Test Yourself' activity looking at frequently misused key phrases Learning Activities. From the Blog. Preparing for Paper 2 Macroeconomics June 10th June Diagram in Your Pocket online resource 10th April Dashboard on the UK Economy 11th September While you were away! Quick quiz on events over the summer to test returning students 6th September Microeconomics diagram in your pocket 4th June Diagram in your pocket - quick diagram revision tool for Business Economics 3rd June Micro Multi-Choice Quiz - revision for upcoming exams 11th April Eggzactly what you need for micro 2nd December Beyond the Bike lesson resource for returning AS students 25th May More Revision quizzes.
Financial Economics Quizlet Activity Revision quizzes. Fiscal Policy Quizlet Activity Revision quizzes. Investment Quizlet Activity Revision quizzes. Consumer spending and saving Quizlet Activity Revision quizzes.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.
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Have you been having a hard time revising for your microeconomics course work? This quiz is designed to check your economics knowledge. The answers and detailed explanations are given at the end of each question. Forgot your password? Speak now. Microeconomics Knowledge Test! Practice Quiz!
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The Ultimate Microeconomics Proficiency Test! Featured Quizzes. Are You Really Best Friends? Related Topics. Questions and Answers. Remove Excerpt. Removing question excerpt is a premium feature. What Microeconomics is about? Law of Demand states that:. With the increase in price, quantity decreases other things remaining the same. The Slope of the Indifference Curve indicates:. Production Functions Shows:.
While in Perfect Competition:.