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    Quiz Micro

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    Faidz Fuad
    This document contains a sample test with 10 multiple choice questions covering microeconomics topics such as the characteristics of perfect competition, monopoly, monopolistic competition, and oligopoly market structures. The questions test understanding of concepts like barriers to entry, equilibrium price and quantity, cost curves, and the relationship between variables.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Quiz Micro

    Uploaded by

    Faidz Fuad
    354 views3 pages
    This document contains a sample test with 10 multiple choice questions covering microeconomics topics such as the characteristics of perfect competition, monopoly, monopolistic competition, and oligopoly market structures. The questions test understanding of concepts like barriers to entry, equilibrium price and quantity, cost curves, and the relationship between variables.

    Original Title

    QUIZ MICRO

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    This document contains a sample test with 10 multiple choice questions covering microeconomics topics such as the characteristics of perfect competition, monopoly, monopolistic competition, and oligopoly market structures. The questions test understanding of concepts like barriers to entry, equilibrium price and quantity, cost curves, and the relationship between variables.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    354 views3 pages

    Quiz Micro

    Uploaded by

    Faidz Fuad
    This document contains a sample test with 10 multiple choice questions covering microeconomics topics such as the characteristics of perfect competition, monopoly, monopolistic competition, and oligopoly market structures. The questions test understanding of concepts like barriers to entry, equilibrium price and quantity, cost curves, and the relationship between variables.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    SAMPLE MCQ TEST – APRIL 2019

    1. Which statement indicates that it is under microeconomics category?


    Select one:
    a. Unemployment was 9.8 percent of the labour force last year.
    b. The price of wheat declined last year. 

    c. The real domestic output increased by 2.5 percent last year.

    2. If we say that two variables are inversely related, what does it mean?
    Select one:
    a. The resulting relationship is a straight line parallel to the horizontal axis
    b. An increase in one variable is associated with a decrease in the other 

    c. An increase in one variable is associated with an increase in the other

    3. If we graph the equation y = 5 + 0.6x, what would be its slope?


    Select one:
    a. Vertical intercept would be +0.6 
    b. Slope would be +5

    c. Slope would be +0.6

    4. When consumption increases consistently, a level will be reached where total utility will increase
    at an increasing rate.

    What does the above statement describe?


    Select one:
    a. The Law of Increasing Marginal Utility 
    b. The Law of Decreasing Total Utility

    c. The Law of Diminishing Marginal Utility

    5. Firms will definitely take into account the cost and profit in choosing technology, besides
    determining the level of efficiency. Which technology should be chosen? 
    Select one:
    a. Choose the technology that it is able to minimise production cost.
    b. Choose the technology that it is able to maximise production units. 
    c. Choose the technology that it is able to minimise the cost of technology.

    6. What does curve D represent? Why is it downward sloping?

    Select one:
    a. Average Fixed Cost (AFC). Total fixed cost per unit output will decrease as the firm increases
    its output level. 
    b. Average Total Cost (ATC). Total cost per unit output will decrease as the firm increases its output
    level.

    c. Average Variable Cost (AVC). Total variable cost will decrease as the firm increases its output level.

    7. Assume in a competitive market that price is initially above the equilibrium level. What will happen
    in the long run?
    Select one:
    a. Price will decrease, quantity demanded will decrease, and quantity supplied will increase.
    b. Price will decrease, quantity demanded and quantity supplied will both decrease.

    c. Price will decrease, quantity demanded will increase, and quantity supplied will decrease. 

    8. Barriers to entry are highest in which two types of markets?


    Select one:
    a. Monopolistic competition and oligopoly
    b. Monopoly and monopolistic competition 

    c. Oligopoly and monopoly


    9. How do you differentiate monopolistic competition from perfect competition? 
    Select one:
    a. The goods in perfect competition are homogeneous; but in monopolistic competition, the goods are
    differentiated. 
    b. There are a large number of sellers in perfect competition; but in monopolistic competition, the number
    of sellers is small.

    c. There are no barriers to entry in perfect competition; but there are barriers to entry in monopolistic
    competition

    10. In which market structure, the firm must consider seriously the action of its competitors?
    Select one:
    a. Oligopoly
    b. Perfect competition 

    c. Monopoly

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