About this Study Set
This study set covers Microeconomics through
20 practice questions.
A set of basic questions to test understanding of fundamental microeconomic principles suitable for middle school curriculum. Every question includes the correct answer so you can learn as you go — pick any format above to get started.
Questions & Answers
Browse all 20 questions from the
Introduction to Microeconomics Concepts study set below.
Each question shows the correct answer — select a study format above to practice interactively.
1
What is the term for the amount of a good or service that producers are willing and able to sell at a certain price?
-
A
Demand
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B
Supply
-
C
Equilibrium
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D
Scarcity
2
When the price of a good goes up, what usually happens to the quantity demanded of that good?
-
A
It increases
-
B
It decreases
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C
It stays the same
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D
It becomes zero
3
What does the term 'scarcity' mean in economics?
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A
There is too much of everything
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B
There are unlimited wants and limited resources
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C
Resources are distributed equally
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D
Prices are always high
4
What is the main goal of a business?
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A
To reduce costs as much as possible
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B
To make a profit
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C
To employ as many people as possible
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D
To satisfy customer complaints
5
What is the price at which the quantity demanded equals the quantity supplied called?
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A
Market price
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B
Surplus price
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C
Equilibrium price
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D
High price
6
When the price of a good goes down, what usually happens to the quantity supplied of that good?
-
A
It increases
-
B
It decreases
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C
It stays the same
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D
It becomes infinite
7
What is a 'consumer'?
-
A
Someone who produces goods
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B
Someone who sells goods
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C
Someone who buys and uses goods and services
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D
Someone who owns a business
8
What is a 'producer'?
-
A
Someone who buys goods
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B
Someone who consumes goods
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C
Someone who makes or provides goods and services
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D
Someone who saves money
9
If there is a shortage of a product, what is likely to happen to its price?
-
A
It will decrease
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B
It will stay the same
-
C
It will increase
-
D
It will become free
10
What is 'opportunity cost'?
-
A
The price of a good
-
B
The cost of producing a good
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C
The value of the next best alternative that must be forgone
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D
The total amount of money spent
11
What is a 'market' in economics?
-
A
A place where people work
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B
A place where goods and services are exchanged
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C
A type of government
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D
A large building with many shops
12
What is the main factor that influences how much of a good people want to buy?
-
A
The number of producers
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B
The cost of production
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C
The price of the good
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D
The weather
13
If the supply of apples decreases, but the demand stays the same, what will likely happen to the price of apples?
-
A
The price will decrease
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B
The price will stay the same
-
C
The price will increase
-
D
Apples will become free
14
What is a 'need' in economics?
-
A
Something people want but do not require to survive
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B
Something essential for survival
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C
A luxury item
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D
A service provided by the government
15
What is a 'want' in economics?
-
A
Something essential for survival
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B
Something people desire but is not essential
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C
A basic necessity
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D
A resource that is not scarce
16
What does 'competition' mean in a market?
-
A
Businesses working together to set prices
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B
Multiple sellers trying to attract buyers
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C
Buyers competing for limited goods
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D
The government controlling prices
17
What is a 'resource' in economics?
-
A
A product that is sold
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B
Anything used to produce goods or services
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C
A type of advertisement
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D
A customer's wish list
18
If the demand for a product increases, while supply stays the same, what will likely happen to the price?
-
A
The price will decrease
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B
The price will stay the same
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C
The price will increase
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D
The product will become unavailable
19
What is a 'good' in economics?
-
A
A service provided by a person
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B
A tangible item that satisfies a want or need
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C
An idea or concept
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D
A financial investment
20
What is a 'service' in economics?
-
A
A physical product
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B
An action or activity performed for others
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C
A natural resource
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D
A form of currency
