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Microeconomics Quiz

Authored by Dr.D Hema

Arts

University

Used 4+ times

Microeconomics Quiz
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25 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Microeconomics deals with:

The economy as a whole

The behavior of individual economic units

Government policies related to inflation

The aggregate level of national income

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a microeconomic concept?

Inflation rate

Unemployment rate

Demand and supply of a specific product

Gross Domestic Product (GDP)

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The concept of 'marginal utility' refers to:

Total satisfaction from consumption

Additional satisfaction from consuming an additional unit

The total quantity demanded at various prices

The budget constraint of a consumer

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The demand curve is usually:

Upward sloping from left to right

Downward sloping from left to right

Vertical

Horizontal

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A consumer is in equilibrium when:

Total utility is maximized

Marginal utility per dollar spent on each good is equal

Total expenditure is minimized

Marginal utility is zero

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If the price of a substitute good rises, the demand for the original good:

Increases

Decreases

Remains constant

Becomes perfectly elastic

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A price ceiling set below the equilibrium price will result in:

Surplus

Shortage

No effect

Equilibrium

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