Economic Concepts and Models Quiz Test your knowledge with 15 questions on microeconomics, covering concepts like perfect competition, GDP, supply and demand, monetary policy, and more.
#1
Many buyers and many sellers
One seller with significant market power
High barriers to entry
Homogeneous products
#2
Gross Domestic Profit
Gross Domestic Product
General Domestic Product
Government Domestic Policy
#3
A decrease in the general price level of goods and services
An increase in the general price level of goods and services
A decrease in the quantity of money in circulation
An increase in the quantity of money in circulation
#4
Microeconomics studies individual markets, while macroeconomics studies the economy as a whole
Microeconomics studies the economy as a whole, while macroeconomics studies individual markets
Microeconomics focuses on government policies, while macroeconomics focuses on consumer behavior
Microeconomics focuses on international trade, while macroeconomics focuses on domestic markets
#5
As price decreases, quantity supplied decreases
As price increases, quantity supplied decreases
As price decreases, quantity supplied increases
As price increases, quantity supplied increases
#6
As price increases, quantity demanded decreases
As price increases, quantity demanded increases
As quantity demanded increases, price decreases
As quantity demanded decreases, price decreases
#7
Percentage change in quantity demanded / Percentage change in price
Percentage change in price / Percentage change in quantity demanded
Percentage change in quantity demanded * Percentage change in price
Percentage change in price - Percentage change in quantity demanded
#8
The cost of producing one additional unit of a good
The cost of choosing one alternative over the next best alternative
The total cost of production
The cost of raw materials
#9
Change in total cost / Change in quantity
Total cost / Quantity
Change in quantity / Change in total cost
Quantity / Total cost
#10
Fiscal deficit
Income tax
Open market operations
Government spending
#11
Many buyers and many sellers
Product differentiation
Ease of entry and exit
Price taker
#12
The relationship between tax rates and government revenue
The relationship between inflation and unemployment
The relationship between interest rates and investment
The relationship between exports and imports
#13
The relationship between unemployment and inflation
The relationship between savings and investment
The relationship between government spending and GDP
The relationship between interest rates and exchange rates
#14
A situation where interest rates are so low that monetary policy becomes ineffective
A situation where government spending exceeds tax revenue
A situation where inflation is high and rising
A situation where the central bank loses control over the money supply
#15
A situation where a resource is overused and depleted due to individual self-interest
A situation where a resource is preserved due to collective action
A situation where a resource is privatized for public use
A situation where a resource is regulated by the government
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