Economists, Theories and Concepts- Microeconomics Online Test

An increment to the Total Cost involved in expanding or contracting the Output by one unit is known as:
Total Cost
Total Cost per unit
Fixed Cost per unit
Marginal Cost
Variable Cost per unit
The Curve tracing the optimum combinations of two inputs as the Money outlay changes is known as:
Input Consumption Curve
Demand Curve
Supply Curve
Engel Curve
Expansion Path
“The Equilibrium Prices are obtained at the intersections of their reaction curves”. Under which model, does the statement hold true? I Samuelson’s Model II Bertrand’s Duopoly Model III Edgeworth’s Model
I only
II only
III only
I and II
II and III
Which of the following theories is called the Neo-Classical Theory of Rate of Interest?
Loanable Funds Theory
Keynesian Theory
Time Preference Theory
Liquidity Preference Theory
Classical Theory
Opportunity Costs are known as:
Money Costs
Reserve Price
Spill-over Costs
External Costs
Alternative Costs
Which of the following is a continuous line that passes through all points representing the same level of satisfaction?
Price Line
Demand Curve
Indifference Curve
Supply Curve
Utility Curve
Homogeneous Product Function of First Degree is the name of:
Constant Returns to Scale
Increasing Returns to a Factor
Increasing Returns to Scale
Decreasing Returns to a Factor
Decreasing Returns to Scale
What is the name of the Price prevailing in the Market Period?
Short-run Price
Long-run Price
Natural Price
Market Price
Artificial Price
The Degree of Monopoly depends upon: I the extent of the difference between Marginal Cost and Price II Elasticity of the Demand Curve III the size of the Super-Normal Profits
I only
II only
III only
I and II
I, II and III
Who propounded the Residual Claimant Theory of Wages?
Paul Samuelson
David Ricardo
Robert Giffen

In Microeconomics, a student of AP Microeconomics, learns a number of Theories and Concepts. These relate to Demand, Utility Analysis, Indifference Curve Analysis, Elasticity of Demand, Revenue, Production, Costs, Price determination and Equilibrium under Perfect Competition, Price determination and Equilibrium under Monopoly, Price determination and Equilibrium under Monopsony, Price determination and Equilibrium under Oligopoly, Price determination and Equilibrium under Monopolistic Competition, Factor Pricing, Rent, Wages, Interest and Profit.


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