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.
Last updated
1,742 questions · page 9 of 88
- A. skin color
- B. common customs and /or identities
- C. genes
- D. eye shape
Explanation: An ethnic group is identified mainly by shared culture, customs, history, or a common sense of identity.
Correct answer: common customs and /or identities- A. attitudinal discrimination
- B. institutional discrimination
- C. cultural discrimination
- D. personal discrimination
Explanation: Attitudinal discrimination is discriminatory conduct arising from prejudiced beliefs or attitudes.
Correct answer: attitudinal discrimination- A. Anglo-conformity
- B. melting pot
- C. ethnicity
- D. cultural pluralism
Explanation: Cultural pluralism supports the coexistence of distinct cultural identities rather than requiring minorities to assimilate.
Correct answer: cultural pluralism- A. minorities are perceived as different
- B. minorities perceive themselves as different
- C. the dominant group has coercive power
- D. all of the above
Explanation: Conflict can arise when minorities are seen as different, when they identify themselves as different, and when the dominant group uses its…
Correct answer: all of the above- A. in the size of each group
- B. ethnic minorities do not suffer from discrimination but only from prejudice
- C. racial minorities differ biologically ethnic minorities differ culturally from the dominant group
- D. racial minorities have been here longer than ethnic minorities
Explanation: In the conventional textbook distinction, racial minorities are identified through perceived biological or physical differences, whereas…
Correct answer: racial minorities differ biologically ethnic minorities differ culturally from the dominant group- A. characteristic only of industrial societies
- B. a variable of the stratification system
- C. a biological rather than a social product
- D. the cross every individual must bear
Explanation: Group membership can affect access to status, income, power, and opportunities, making race, ethnicity, and religion variables in the…
Correct answer: a variable of the stratification system- A. upper-middle class
- B. middle-middle class
- C. working class
- D. "new class"
Explanation: Craftsmen, foremen, secretaries, and similar office workers generally occupy lower-status paid employment and are placed in the working…
Correct answer: working class- A. how one performs one,s job
- B. how long one lives
- C. how much stress one experiences
- D. only B and C
Explanation: Social position affects life chances, including expected longevity and exposure to stress, through differences in income, security, health…
Correct answer: only B and C- A. structural mobility of a negative sort
- B. horizontal mobility
- C. intragenerational mobility
- D. status ambiguity
Explanation: Structural mobility occurs when changes in the economy alter the number or type of available positions; eliminating whole job categories…
Correct answer: structural mobility of a negative sort- A. offer ways to end inequality
- B. answer the of what causes inequality
- C. agree that inequality is an evil
- D. offer two different ways of looking at inequality
Explanation: Functionalist and conflict theories provide contrasting explanations of inequality, so they offer different ways of viewing stratification…
Correct answer: offer two different ways of looking at inequality- A. resulting from class struggles
- B. effects of the law of nature
- C. mechanisms of coercion
- D. BOTH coercive and resulting from class struggles
Explanation: Conflict theorists connect stratification to class struggle and coercion, arguing that dominant groups use social institutions to preserve…
Correct answer: BOTH coercive and resulting from class struggles- A. Class status and power
- B. Family background attractiveness wealth
- C. Talent service goodness
- D. Caste estate feudalism
Explanation: The main Weberian dimensions of stratification are class, status and power.
Correct answer: Class status and power- A. usually do not worry about it
- B. tend to suffer more frustration and dissatisfaction than those whose status is consistent
- C. work hard to accumulate wealth to make up for it
- D. willingly accept a lower status in return for social recognition
Explanation: Status inconsistency occurs when a person's rankings in class, status or power do not match, such as high education but low income.
Correct answer: tend to suffer more frustration and dissatisfaction than those whose status is consistent- A. be the strongest in mind and body
- B. carry out one,s wishes in spite of resistance
- C. gain consent
- D. do as one pleases
Explanation: Weber defined power as the ability to impose one's will in a social relationship despite resistance.
Correct answer: carry out one,s wishes in spite of resistance- A. life style approach
- B. reputational approach
- C. subjective approach
- D. occupational prestige and socioeconomic status(SES)
Explanation: Occupational prestige and socioeconomic status are widely used objective indicators of social class.
Correct answer: occupational prestige and socioeconomic status(SES)- A. technological changes only
- B. lack of work ethic
- C. patterns of prejudice and technological change
- D. discrimination only
Explanation: Poverty can be reinforced by prejudice and discrimination, while technological change can eliminate some jobs or reduce demand for certain…
Correct answer: patterns of prejudice and technological change- A. firm to firm
- B. household to firm to consumer and back again
- C. government to consumer
- D. firm to consumer
Explanation: The circular flow describes households supplying resources to firms and receiving income, while firms supply goods and services to…
Correct answer: household to firm to consumer and back again- A. Large consumer purchasing power
- B. Elastic demand
- C. Inelastic demand
- D. Inferior products
Explanation: With elastic demand, consumers respond strongly to price changes, so sellers may need to reduce prices to attract buyers or increase total…
Correct answer: Elastic demand- A. who says that a football player is more important than a college professor?
- B. sons of talented persons are privileged even if they themselves lack talent
- C. is a stable society better than an unequal society?
- D. all of the above
Explanation: Structural functionalism is criticised for justifying inequality, treating existing social arrangements as necessary, and overlooking…
Correct answer: all of the above- A. inequality is the law of nature
- B. stratification must be legislated
- C. inequality results from exploitation
- D. none of the above
Explanation: Classical conservatives generally view hierarchy and unequal outcomes as natural or inevitable rather than as results of exploitation or…
Correct answer: inequality is the law of nature