Microeconomics quiz

Multiple choice questions from january series

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  • Created by: Sophie
  • Created on: 27-04-13 18:25

1. which is associated with a missing market

  • a firm deciding to produce a private good
  • the production of a negative externality
  • a monoploy restricting output
  • a govt subsidising agricultural production
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Other questions in this quiz

2. a misallocation of resources is most likely to occur in monopoly if

  • higher prices are charged than under competitive conditions
  • there are economies of scale
  • other firms enter the industry
  • market output increases

3. the demand curve for a normal good will shift to the left if

  • the price of a complementary good increases
  • there is a successful advertising campaign for the good
  • the price of the good increases
  • the tax on the good increases

4. an economic good is one which

  • is supplied competitively
  • has an opportunity cost in production
  • doesn't use up resources
  • makes a profit

5. Choice is an important element in the basic economic problem because

  • limited resources have alternative uses
  • wants increase with income
  • incomes are distributed unequally
  • high demand leads to high prices

Comments

davidsalter

This 10 question multiple choice quiz tests several aspects of unit 1 micro economics and could provide a relief from intensive reading as well as a guide to areas still needing revision.

Nimrahkhan

Not easiest resource but 0k for basic revision

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