Microeconomics MCQs (Chapterwise Multiple Choice Questions)

When a company retains a product but reduces marketing costs, it is referred to as __________.

Skimming

Harvesting

Milking

Deletion

Divesting.

Answer & Explanation

Correct Answer: Harvesting

Note: This Question is unanswered, help us to find answer for this one
Normative economics deals with ____ and positive economics deals with ____.

What should be; what is

Fiction; fact

Microeconomics; macroeconomics

Negative aspects; positive aspects

Answer & Explanation

Correct Answer: What should be; what is

Note: This Question is unanswered, help us to find answer for this one
The demand for ben & jerry's ice cream will likely be ________ the demand for dessert.

Panel A; the downward sloping one

More price elastic than

A wheat farmer in Kansas

More; substitutes

Answer & Explanation

Correct Answer: More price elastic than

Note: This Question is unanswered, help us to find answer for this one
At the highest price, you would expect the demand for goods and services to be the _____.

Most

Least

none o fthese

Both of these

Answer & Explanation

Correct Answer: Least

Note: This Question is unanswered, help us to find answer for this one
When doing research, economists _______

And more observation

Cannot use experiments, as they are often done in areas like Physics and Chemistry

Have to use whatever data the world happens to give them

All of the above

Answer & Explanation

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one
If an entity can exist apart from one or more related entities, it is said to be ____-independent.

Existence

Business

Weak

Relationship

Answer & Explanation

Correct Answer: Existence

Note: This Question is unanswered, help us to find answer for this one
If the government assigns property rights to a common resource, _______.

The marginal social cost curve becomes the marginal private cost curve, and the use of the resource is efficient

A deadweight loss is created

Then the government must also set a production quota to achieve efficiency

The common resource will be over utilized

Answer & Explanation

Correct Answer: The marginal social cost curve becomes the marginal private cost curve, and the use of the resource is efficient

Note: This Question is unanswered, help us to find answer for this one
When consumer demandis sensitive to price changes, _____ occurs.

Inelastic demand

Elastic supply

Elastic demand

Inelastic supply

Answer & Explanation

Correct Answer: Elastic demand

Note: This Question is unanswered, help us to find answer for this one
As the marginal physical product of a variable input __________, the marginal cost __________.

Increases; increases

Increases; decreases

Decreases; increases

B and c

Answer & Explanation

Correct Answer: B and c

Note: This Question is unanswered, help us to find answer for this one
Jewelry, art, hairstyles and clothing each represent examples of ________.

Higure

Nonmaterial culture

Material culture

Low cultur

Answer & Explanation

Correct Answer: Material culture

Note: This Question is unanswered, help us to find answer for this one
Microeconomics Quick Quiz

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Start Practicing with our MCQs given below.

MCQ on Basic Microeconomics	MCQ on Competitive Markets in Economics
MCQ on Consumer Choice Theory	MCQ on Demand, Supply, and Market Equilibrium
MCQ on Eight Powerful Ideas	MCQ on Elasticities in Microeconomics
MCQ on Income, Poverty and Health Care	MCQ on International Finance
MCQ on International Trade	MCQ on Introduction to Microeconomics
MCQ on Market Efficiency and Welfare	MCQ on Market Failure
MCQ on Market in Motion and Price Controls	MCQ on Markets for Labor, Capital, and Land
MCQ on Monopolistic Competition	MCQ on Monopoly and Antitrust
MCQ on Oligopoly and Strategic Behavior	MCQ on Production and Costs
MCQ on Public Finance and Public Choice	MCQ on Scarcity, Trade-Offs, and Production Possibilities
General Microeconomics MCQs

Microeconomics MCQ

Microeconomics Quick Quiz

When a company retains a product but reduces marketing costs, it is referred to as __________.

Normative economics deals with and positive economics deals with .

The demand for ben & jerry's ice cream will likely be ________ the demand for dessert.

At the highest price, you would expect the demand for goods and services to be the _____.

When doing research, economists _______

If an entity can exist apart from one or more related entities, it is said to be ____-independent.

If the government assigns property rights to a common resource, _______.

When consumer demandis sensitive to price changes, _____ occurs.

As the marginal physical product of a variable input , the marginal cost .

Jewelry, art, hairstyles and clothing each represent examples of ________.

Microeconomics MCQ

Microeconomics Quick Quiz

When a company retains a product but reduces marketing costs, it is referred to as __________.

Normative economics deals with ____ and positive economics deals with ____.

The demand for ben & jerry's ice cream will likely be ________ the demand for dessert.

At the highest price, you would expect the demand for goods and services to be the _____.

When doing research, economists _______

If an entity can exist apart from one or more related entities, it is said to be ____-independent.

If the government assigns property rights to a common resource, _______.

When consumer demandis sensitive to price changes, _____ occurs.

As the marginal physical product of a variable input __________, the marginal cost __________.

Jewelry, art, hairstyles and clothing each represent examples of ________.

Normative economics deals with and positive economics deals with .

As the marginal physical product of a variable input , the marginal cost .