100 Microeconomics Multiple Choice Quiz Questions Answers

  • November 24, 2022
  • Math
quiz questions and answers GK microeconomics quiz

Microeconomics is an interesting subject closely mingled with our day-to-day life. A microeconomics quiz can help anyone to get proper knowledge on the subject matter related to our day-to-day life. In this microeconomics quiz, you will be able to solve the basic but very crucial terms and facts about economics and its all other branches. In fact, a microeconomics quiz is a good way to learn the topic so easily in the form of fun. Let’s solve these 100 microeconomics MCQ quiz questions so that you can have ample notion about the topic. Share the microeconomics quiz with others so that people can also learn for free.

It is crucial to talk about Karl Marx, the last of the classical economists, before moving on. He released the first volume of his book Das Kapital in 1867; the second and third volumes followed after his passing in 1885 and 1894, respectively. Explore microeconomics multiple choice quiz questions and answers free MCQ quiz test. Marx’s claim to be “the last of the classical economists” may be justified by the fact that his economic theories were largely based on the theories of Smith and Ricardo rather than on observations of the real world. They had advocated the “labor theory of value,” which contends that the worth of goods is roughly inversely correlated with the labor expenses associated with producing them. The “theory of surplus value,” which is based on the premise that human labor alone is the single creator of value and hence the only source of profits, was added to this theory by Marx after he thought out all of its logical ramifications.

Being a Marxian economist essentially means that you agree with the value judgment that it is socially undesirable for certain members of the community to make their living only from property ownership. Marxian economics failed to gain widespread popularity among professional economists because few of them in the 19th century embraced this ethical assumption and most of them were really inclined to find some societal justification for the existence of private property and the revenue earned from it. Enjoy microeconomics multiple choice quiz questions and answers free MCQ quiz test. In addition, the Marxian approach resulted in three generalizations about capitalism, with the first serving as the foundation for the others: the tendency for the rate of profit to decline; the growing impoverishment of the working class; and the severity of business cycles as they become more severe.

Marx’s explanation of the “law of the diminishing rate of profit,” however, is illogical (even ardent Marxists recognize its logical problems), and with it, all of Marx’s other predictions fail. Marxian economics also did not address many of the real-world issues that confront economists in every society, such as the impact of taxes on certain goods or the impact of an increase in interest rates on the amount of overall investment. Find microeconomics multiple choice questions and answers free MCQ quiz test. Marx had comparatively little influence on the growth of economics as a social science, despite the fact that his theories helped spark social transformation all over the world.

Microeconomics multiple choice questions and answers

009-Microeconomics Quiz (100)

Producer's Surplus

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The work of three men—English economist and logician Stanley Jevons, Austrian economist Carl Menger, and French-born economist Léon Walras—led to the next significant advancement in economic theory, known as the marginal revolution. Their contribution to economic theory was the “marginal utility theory of value,” which took the role of the labor theory of value. Share microeconomics multiple choice questions and answers free MCQ quiz test. The behavior of consumers in selecting between increments of goods and services served as the foundation for the marginalists’ explanation of prices. Specifically, they looked at the utility that a consumer derives from purchasing an additional unit of a good or service that he already owns in some quantity.

In the long term, it turned out that stressing the “marginal” (or last) unit was more important than the idea of utility alone because utility simply accounts for the level of satisfaction gained from a certain economic activity, like consumption. The actual line between classical theory and contemporary economics, in fact, was the constant use of marginalism. Solve microeconomics multiple choice questions and answers free MCQ quiz test. Predicting the consequences of changes in the quantity of capital and labor on the rate of growth of national production was the main issue in economics, according to classical economists. The marginal approach, however, concentrated on the circumstances in which these elements tend to be distributed among competing applications with the best outcomes—best in the sense of increasing customer happiness.

The marginal revolution was interpreted differently by economists from the Austrian, English, and French schools over the course of the final three decades of the 19th century. Bookmark microeconomics multiple choice questions and answers free MCQ quiz test. The Austrian school disregarded traditional economics as being entirely out of date and focused instead on the significance of utility as the determinant of value. Eugen von Böhm-Bawerk, an Austrian economist, made a significant contribution to capital theory by applying new concepts to the calculation of the interest rate.

The English school, under the direction of Alfred Marshall, aimed to harmonize its ideas with those of ancient authors. Marshall based his case on the fact that whereas marginal utility theorists were more interested in the demand side of the market, classical economics focused on the supply side. Compete over microeconomics multiple choice questions and answers free MCQ quiz test. Marshall famously used the analogy of a pair of scissors, which cuts with both blades, to argue that prices are influenced by both supply and demand. He extended his “partial equilibrium analysis” to specific markets and sectors in an effort to be useful.

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