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Microeconomics final exam

Fifteen questions on all of Microeconomics. Answer all 15 to see your score. Questions are drawn from a bank of 45, so every attempt is different.

0 of 15 answered

Question 1 of 15

The opportunity cost of a choice is:

Question 2 of 15

Points outside the production possibilities frontier are:

Question 3 of 15

A rise in income shifts demand for an inferior good:

Question 4 of 15

If the price of a complement rises, demand for the good:

Question 5 of 15

Qd = 60 - 2P and Qs = 3P. Equilibrium price is:

Question 6 of 15

A binding price ceiling causes:

Question 7 of 15

A 20% price rise cuts quantity by 10%. Demand is:

Question 8 of 15

If demand is elastic, cutting the price:

Question 9 of 15

A negative cross-price elasticity indicates:

Question 10 of 15

A tax falls mostly on the side of the market that is:

Question 11 of 15

Diminishing marginal utility means:

Question 12 of 15

Consumers maximise utility by equalising:

Question 13 of 15

The consumer optimum occurs where the budget line is:

Question 14 of 15

Losses feeling worse than equivalent gains feel good is:

Question 15 of 15

Diminishing marginal returns occurs when:

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