Free Microeconomics MCQs with Answers
1,742 Microeconomics MCQs from Economics, each with the correct answer and a written explanation of why it is correct. Free and unlimited, with no account needed.
Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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1,742 questions · page 22 of 88
- A. nation
- B. state
- C. government
- D. society
Explanation: Society is the broad population living within a shared territory and culture, whereas a state emphasizes political authority and a nation…
Correct answer: society- A. violence
- B. coercion
- C. contest
- D. competition
Explanation: Competition occurs when two or more individuals seek the same scarce object, resource, or valued position.
Correct answer: competition- A. is a model
- B. is a concept
- C. illustrates how social relationships work in a group
- D. all of the above
Explanation: A social system is a conceptual model showing how social relationships and institutions operate together within a group.
Correct answer: all of the above- A. our human ancestors way of life in trees
- B. the fact that human infants are helpless for a long period of time
- C. a faulty genetic development
- D. the small size of humans relative to other animals
Explanation: Human infants depend on adults for many years, so cooperation and group living improve their chances of survival and development.
Correct answer: the fact that human infants are helpless for a long period of time- A. Gemeinschaft
- B. Gesellschaft
- C. Mineshaft
- D. family
Explanation: Gemeinschaft describes a community formed through close personal relationships, such as family or village life.
Correct answer: Gemeinschaft- A. the use of the plow
- B. hunting animals
- C. factories
- D. farm animals
Explanation: Agrarian societies depend mainly on settled agriculture, historically involving the plow to cultivate land.
Correct answer: the use of the plow- A. reference group
- B. membership group
- C. involuntary group
- D. all of the above
Explanation: A rock band admired by a young guitarist serves as a reference group because its style and achievements provide standards for comparison…
Correct answer: reference group- A. the U.S Army
- B. a family
- C. AT&T Corp
- D. all of the above
Explanation: A family is a primary group because it involves intimate, face-to-face and enduring relationships.
Correct answer: a family- A. triad
- B. family
- C. primary
- D. society
Explanation: Society is the broadest social group, encompassing all the smaller groups to which a person belongs.
Correct answer: society- A. no role involvement
- B. role happiness
- C. role strain
- D. the best of both roles
Explanation: Role strain occurs when the demands of one or more roles are difficult to meet, as a working mother may struggle to balance employment and…
Correct answer: role strain- A. achieved status
- B. ascribed status
- C. no status
- D. castes
Explanation: A college degree is an achieved status because it is earned through education and effort.
Correct answer: achieved status- A. status
- B. role
- C. norm
- D. institution
Explanation: A status is a recognized social position, such as general, while a role is the behavior expected from someone occupying that position.
Correct answer: status- A. expectations as to the behavior of others
- B. chaos
- C. haphazard behavior
- D. disorganization
Explanation: A social system depends on people forming expectations about how others will behave, which makes interaction predictable.
Correct answer: expectations as to the behavior of others- A. Black female
- B. President of the U.S
- C. Exotic dancer
- D. Thief
Explanation: An ascribed status is assigned at birth or involuntarily, such as being Black or female.
Correct answer: Black female- A. faulty role performance
- B. status inconsistency
- C. improperly learned roles
- D. all of the above
Explanation: Stress and maladjustment can result from performing a role poorly, holding inconsistent statuses, or learning roles improperly.
Correct answer: all of the above- A. social process
- B. social structure
- C. social stability
- D. social value system
Explanation: Repeated interaction guided by shared expectations creates a social structure, consisting of patterned relationships, statuses, and roles.
Correct answer: social structure- A. Boston Bruins
- B. Ku Klux Klan
- C. campaign staff working for presidential candidate
- D. the Smith family
Explanation: An involuntary group is one whose membership is assigned rather than chosen, such as a family.
Correct answer: the Smith family- A. provide standards against which we measure ourselves
- B. are important during socialization
- C. affect our values goals attitudes and behavior
- D. are groups to which we belong from birth on
Explanation: Reference groups provide standards for evaluating ourselves and can shape values, goals, attitudes, and behavior during socialization.
Correct answer: are groups to which we belong from birth on- A. Gesellschaft
- B. secondary group
- C. voluntary group
- D. primary group
Explanation: A family involves close, face-to-face, enduring relationships, making it a primary group.
Correct answer: primary group- A. supports the Sapir-Whorf hypothesis
- B. shows that perceptions affect reality
- C. language affects perceptions of reality
- D. only A and C
Explanation: The Sapir-Whorf hypothesis holds that language influences how people perceive and interpret reality.
Correct answer: only A and C