Our experts have gathered these Introduction to Microeconomics MCQs through research, and we hope that you will be able to see how much knowledge base you have for the subject of Introduction to Microeconomics by answering these 40 multiple-choice questions.
Get started now by scrolling down!
A. Proteins in the blood
B. Blood pressure
C. Both
D. None
A. U
B. Upward-sloping.
C. Downward-sloping.
D. Horizontal
A. Buyer,small
B. Seller,big
C. Buyer,big
D. Seller,small
A. The government
B. Market
C. Private individuals
D. All of the above
A. Have no effect because the equilibrium level of employment is not affected by a minimum
B. Wage above the equilibrium wage.
C. Create a surplus of labor.
D. Create a lower wage rate for skilled workers than for unskilled workers.
E. Create a shortage of labor
A. Is less than
B. Is greater than
C. Is equal to
D. None of the above
A. Buy
B. Sell
C. Buy & sell
D. None of the above
A. Entry; exit
B. MR = MC
C. P = MC
D. Zero long
A. Elastic.
B. Demand; positively
C. Greater than one.
D. Rise according to the income effect
A. How
B. What
C. For whom
D. Why
E. Social interest versus
A. More
B. Fewer
C. The
D. Same
A. Regardless of location
B. In the U.S
C. In North America
D. In North and South America
A. Price taker
B. Single seller
C. Price setter
A. Labor market
B. Financial capital market
C. Savings market
D. Goods & services market
A. Supply goods and services; supply goods and services
B. Supply goods and services; purchase goods and services
C. Purchase goods and services; supply goods and services
D. Purchase goods and services; supply goods and services
A. Diminishing marginal utility
B. A budget constraint model
C. A long-term perspective theoretical model
D. Substitute consumption
A. Pure competition
B. Opportunity
C. Implicit
D. Explicit
A. Opportunity
B. Implicit
C. Explicit
D. Variable
A. Profit
B. Loss
C. None
A. Steeper
B. Perfectly vertical
C. Flatter
D. One cannot conclude anything about elasticity from the slope of a supply curve
A. Fixed costs are spread over more units
B. Of increasing diseconomies of scale
C. Variable costs decrease
D. Revenue increases
A. Total profit; marginal benefit
B. Total cost; marginal cost
C. Profit; selling price
D. Marginal benefit; marginal cost
A. Decrease, decrease
B. Decrease, increase
C. Increase, decrease
D. None of the above
A. Less
B. More
C. Dosen't effect
D. None of these
A. Elastic
B. Inelastic
C. No
D. None of these
A. Average
B. Axable
C. Marginal
D. Utility
A. Factors of production; final goods and services
B. Final goods and services; factors of production
C. Goods markets; resource markets
A. Minimum; sell various quantities of a good
B. Maximum; sell various quantities of a good
C. Sell various quantities of a good; minimum
D. Sell various quantities of a good; maximum
A. Sales price variance
B. Product price variance
C. Both a and b
D. None of the above
A. Second
B. Third
C. Seventh
D. Fourth
A. Price
B. Production level
C. Profit
D. Supply level
A. Variable; the short
B. Fixed; both the short and long
C. Variable; the long
D. Fixed; the long
A. Bartering
B. Minting
C. Checking account balances
A. APC
B. APS
C. MPC
D. MPS
A. Potential GDP is increasing, and increases in aggregate demand cannot keep pace with increases in long-run aggregate supply
B. The Fed is constantly increasing the quantity of money
C. Aggregate demand and short-run aggregate supply fluctuate, but the money wage rate does not adjust quickly enough to keep real GDP at potential GDP
D. The government is constantly trying to produce an inflationary gap, but expenditures in the economy cannot keep pace with the government's agenda
A. Government borrowing increases when budget deficits increase, and vice versa.
B. A lender's ability to make loans falls as the real interest rate rises.
C. A higherhigher real interest rate reducesreduces a borrowing firm's profit and hence its willingness to borrow.
D. Households seek to borrow more when their outlook for the future improves.
A. Real GDP and potential GDP
B. Real GDP equals potential GDP
C. Exceeds
D. Rarely at full employment
A. Consumption goods and services and capital goods; consumption good
B. Factors of production, households; consumption good
C. Entrepreneurship, interest; consumption good
D. None of these
A. Too little pollution
B. Too much pollution
C. The socially optimal amount of pollution
D. The amount of pollution that maximizes total surplus
A. Used clothing
B. Formal
C. Inverse
D. Movement