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AP Intermediate 1st Year Introduction to Microeconomics — practice questions

Explore 29 free Introduction to Microeconomics questions in AP Intermediate 1st Year Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Introduction to Microeconomics questions and exercises with answers

Showing questions 1–29 of 29.

Which branch of economics deals with the economy as a whole?Read the answer and worked solution →Studying why the price of one commodity such as wheat rises is a problem of which branch?Read the answer and worked solution →Which topic is studied mainly in macroeconomics?Read the answer and worked solution →Microeconomics is also known as which theory, because it stresses the role of prices?Read the answer and worked solution →Which economist is generally credited with starting macroeconomics as a separate field through his 1936 book?Read the answer and worked solution →Which Swedish economist wrote Interest and Prices in 1898, seen as a pioneer work of macroeconomics?Read the answer and worked solution →Which three variables are the central concerns of macroeconomics?Read the answer and worked solution →Microeconomic theory begins with which kind of agent?Read the answer and worked solution →In the utility maximization problem, a consumer maximizes utility subject to what?Read the answer and worked solution →The law of demand states that price and quantity demanded are generally what kind of relation?Read the answer and worked solution →According to the law of supply, a rise in price generally leads to what?Read the answer and worked solution →Market equilibrium occurs where which two quantities are equal?Read the answer and worked solution →At a price above the equilibrium price, the market shows what?Read the answer and worked solution →Supply and demand analysis assumes that markets are of which type?Read the answer and worked solution →A cost that does not change with the level of output is called what?Read the answer and worked solution →Raw materials and delivery charges are examples of which type of cost?Read the answer and worked solution →A fixed cost already incurred that cannot be recovered is called what?Read the answer and worked solution →Production theory studies the process of converting what into outputs?Read the answer and worked solution →Which market structure has numerous small firms selling identical products?Read the answer and worked solution →A market with a single seller of a good is called what?Read the answer and worked solution →A monopoly in an industry where one producer can supply at lower cost than many is called what?Read the answer and worked solution →A market dominated by a small number of firms is called what?Read the answer and worked solution →An oligopoly with only two firms is known as what?Read the answer and worked solution →Many firms selling slightly different products is a feature of which market?Read the answer and worked solution →A market with only one buyer and many sellers is called what?Read the answer and worked solution →A market with one seller and one buyer is known as what?Read the answer and worked solution →Firms in an oligopoly may form a cartel to do what?Read the answer and worked solution →Market structure depends on the number of firms and what else?Read the answer and worked solution →A classic example of suboptimal resource allocation by markets is which kind of good?Read the answer and worked solution →

Worked practice questions

Which branch of economics deals with the economy as a whole?

  1. Welfare economics
  2. Macroeconomics
  3. Microeconomics
  4. Public choice theory
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Correct answer: B. Macroeconomics

Macroeconomics studies the performance, structure and behaviour of a whole regional, national or global economy.

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Studying why the price of one commodity such as wheat rises is a problem of which branch?

  1. Macroeconomics
  2. Fiscal economics
  3. Microeconomics
  4. Monetary economics
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Correct answer: C. Microeconomics

Price determination in a single market belongs to microeconomics, which focuses on individual markets and industries.

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Which topic is studied mainly in macroeconomics?

  1. Pricing by a single firm
  2. Consumer choice between two goods
  3. Cost curves of one factory
  4. Unemployment across a whole country
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Correct answer: D. Unemployment across a whole country

Aggregate measures such as output, unemployment and inflation are the concern of macroeconomists.

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More Economics topics

Market EquilibriumProduction and CostsTheory of Consumer Behaviour & DemandMacroeconomics: Income, Budget & BankingUnit 1A: Basic Economic Concepts and Production Systems