Microeconomics Quiz

Microeconomics Quiz

12th Grade

20 Qs

quiz-placeholder

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Microeconomics Quiz

Microeconomics Quiz

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Murugadas Ramdas

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the best definition of microeconomics?

Study of national income and output

Study of individual and firm-level economic decisions

Study of inflation and unemployment

Study of global trade policies

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is the main focus in microeconomics?

International organisations

Households and firms

Governments

Military

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is NOT a concept studied in microeconomics?

Consumer behavior

Market structure

Gross Domestic Product (GDP)

Price determination

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The main goal of microeconomics is to:

Control world prices

Study how small units make choices

Increase government income

Plan the whole economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the THREE (3) Basic Economic problems?

Inflation, demand, and cost

What, how, and for whom to produce

Taxation, production, and spending

Planning, pricing, and purchasing

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity in economics means:

There is enough supply

Unlimited resources

Limited resources for unlimited wants

Price is too high

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a capitalist economy, decisions are made by:

Government only

People and businesses

Military leaders

Central banks

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