Basic Economic Principles and Decision Making Quiz Test your knowledge with 13 questions covering fundamental concepts like supply and demand, elasticity, and market structures in this microeconomics quiz.
#1
Opportunity cost
Profit maximization
Demand curve
Market equilibrium
#2
Gross Domestic Product
General Demand Protocol
Governmental Development Plan
Global Debt Projection
#3
The satisfaction or pleasure derived from consuming a good or service
The total cost of producing a good or service
The quantity of a good or service demanded at a specific price
The measure of income inequality in an economy
#4
As price increases, quantity demanded increases
As price increases, quantity demanded decreases
As price decreases, quantity demanded increases
As price decreases, quantity demanded decreases
#5
The unlimited availability of resources
The unequal distribution of wealth
The situation where wants exceed available resources
The equilibrium price of a good or service
#6
Many buyers and sellers
Homogeneous products
Barriers to entry
Perfect information
#7
Percentage change in quantity demanded / Percentage change in price
Percentage change in price / Percentage change in quantity demanded
Absolute change in price / Absolute change in quantity demanded
Absolute change in quantity demanded / Absolute change in price
#8
Homogeneous products
Many firms selling identical products
Price taker
Product differentiation
#9
To regulate fiscal policy
To regulate monetary policy
To control government spending
To oversee international trade
#10
Market equilibrium
Information asymmetry
Perfect competition
Monopolistic competition
#11
Total utility increases at a decreasing rate
Total utility decreases at an increasing rate
Marginal utility increases
Marginal utility decreases
#12
Sales tax
Progressive income tax
Property tax
Corporate tax
#13
All other things being equal
Supply and demand
Market equilibrium
Perfect competition
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