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General Microeconomics MCQs

1. A firm's total revenue is the _____ of its output multiplied by the _____.

2. Given linear demand curves, if demand increases and supply decreases, then __________.

3. When a _____ is applied to a labor market, it is called a minimum wage.

4. When unskilled teens earn less than college graduates, society answers the ________ question.

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

6. In the ______________, households receive goods and services and pay firms for them

7. In the ____________, households work and receive payment from firms.

8. _________ is the synchronized movement of goods through the channel.

9. If demand is inelastic, the tax burden falls primarily on the _____ and deadweight loss is _____.

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

11. According to the law of demand, a change in _______ causes a movement along the demand curve.

12. An increase in income taxes ________ employment and ________ potential gdp.

13. An increase in productivity will _____.

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

15. Price wars are prima facie evidence of _____.

16. _____ is excludable and _____ is nonexcludable.

17. _____ is rival and _____ is nonrival.

18. A ________ program is one for which the recipient qualifies on the basis of ________.

19. Allocative efficiency best explains ________, and productive efficiency best explains ________.

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

21. Households ________ final goods and services in the ________ market.

22. In a "seller's market" ________.

23. In microeconomics, the term _____________________ is synonymous with economies of scale.

24. Mc = atc at the minimum of _________ .

25. Mc is a _____-shaped curve due to the law of diminishing returns.

26. Price gouging is _____

27. The demand will be _______________ if the consumer has _________ substitute goods to choose from

28. The most common pattern for marginal utility is ____________________.

29. Total demand is a function of three separate situations, which can be described as ___________.

30. When consumer demandis sensitive to price changes, _____ occurs.

31. With _____________ demand the price changes, but the amount purchased remains the same.

32. You are analyzing a trade-off when you compare the _____and _____ of doing something.

33. You can afford to buy the latest hdtv, which means that it _____ as demand for you.

34. A giffen good is one in which the _____ curve is _____ sloped.

35. Accountants include ____ costs as part of a firm’s costs, while economists include ____ costs.

36. A production quota is ______ because at the quantity produced ______.

37. A rise in mpc makes the total expenditures (te) curve __________ and __________ the multiplier.

38. All of these statements are characteristic of vzv infections except __________.

39. _____________ has occurred if a government-owned firm becomes privately owned.

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

41. Standard deviation measures _____ risk while beta measures _____ risk.

42. For most high-income countries of the world, gdp _________________ over time.

43. As you become more educated, you provide your environment with a ________

44. Compared with competitive markets, monopolies charge ______ prices and produce a ______ output.

45. In the table above at an output of four units the amount of normal profit is _________ .

46. The earliest written records of auctions are from _____.

47. The controller of a monopoly sets the price of goods by charging _____.

48. Refer to exhibit 3-14. at a price of $11, there is a ____________ unit ____________ of good x.

49. In a public debate on evolution, ____ refuted the points made against evolution by ____.

50. In a simple circular-flow model, there are flows of _________ and flows of _________.

51. The main difference between perfect competition and imperfect competition involves _____.

52. __________________ law implies ownership over an idea or concept or image

53. Allocation is concerned with how we choose to use our scarce resources on ___________________.

54. All other things being equal, an increase in supply results in a(n) _____

55. Capital accumulation is the _____, including _____ capital.

56. Human capital is the improvement in ________ created by ________.

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

58. If output is three units, then mr>mc>avc and output should be _________ .

59. If people decide to purchase less at every price level, __________ (shift left) will result.

60. If people have ______ income, they will purchase more of a normalgood.

61. If the demand for iphones rises as incomes increase, then the iphone is a(n) _____ good.

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

63. If the union (monopoly seller) faces a _____ the situation is called bilateral monopoly.

64. In a market system, producers are _________ seeking new opportunities to satisfy consumer needs.

65. The term ____________ refers to the percentage share of a firm's total sales in the market.

66. Information asymmetry in a market can lead to ________.

67. In the diagram to the right, point a provides the _____, point b the _____, and point c the _____.

68. International trade is fundamentally a ________________________.

69. In the beginning, some entrepreneurs use ____________ as a source of financing.

70. In the u.s. manufacturing sector, unionized jobs have _________________ in recent years.

71. The description of an economy by stating facts is called __________________ .

72. The characteristics of monopoly are ____________ represented within a capitalistic economy.

73. The bottled water industry has experienced ________ than the carbonated beverage industry.

74. People employed by a seller or an auctioneer to make bids on behalf of the seller are called _____.

75. Excess capacity is the amount by which the _____ exceeds the quantity that the firm produces.

76. For a purely competitive firm _______________; and for a uniform-price monopolist _______________ :

77. When doing research, economists _______

78. When a business is calculating its operating costs, it must include _____.

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

More Resources

Microeconomics Skill Assessment

Microeconomics PDF

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More Resources

Microeconomics Skill Assessment

Microeconomics PDF

Related MCQs