Start learning →

Economics — Uganda Microeconomics — practice questions

Explore 29 free Microeconomics questions in Economics — Uganda Economics. Open each question or exercise to read its content, reference answers and available explanation.

Practise Microeconomics with Quill →

Microeconomics questions and exercises with answers

Showing questions 1–29 of 29.

Petrol prices rise and drivers start carpooling. The quantity demanded therefore:Read the answer and worked solution →That inverse link between price and quantity demanded is called the law of:Read the answer and worked solution →Because higher prices cut quantity demanded, the demand curve slopes:Read the answer and worked solution →The amount producers are willing to bring to market at each price is called:Read the answer and worked solution →A higher petrol price encourages firms to drill and refine more, so quantity supplied:Read the answer and worked solution →Because of that, the supply curve slopes:Read the answer and worked solution →The one price at which quantity demanded equals quantity supplied is the:Read the answer and worked solution →At a price above equilibrium, quantity supplied exceeds quantity demanded, creating a:Read the answer and worked solution →At a price below equilibrium, quantity demanded exceeds quantity supplied, creating a:Read the answer and worked solution →A market sitting at its equilibrium price and quantity has no reason to:Read the answer and worked solution →A demand curve relates quantity to price alone, holding everything else fixed. That assumption is:Read the answer and worked solution →Household incomes rise and people buy more new cars. New cars are therefore a:Read the answer and worked solution →Incomes rise and shoppers buy fewer generic groceries. Generic groceries are therefore an:Read the answer and worked solution →A good that can be used in place of another good is called a:Read the answer and worked solution →Cereal and milk are used together, so economists call them:Read the answer and worked solution →Laws that a government passes to regulate prices are known as price:Read the answer and worked solution →A legal maximum price that may be charged for a good is a price:Read the answer and worked solution →A rent control law fixing rents below equilibrium will make the quantity of housing supplied:Read the answer and worked solution →A legal minimum price that must be paid for a good or service is a price:Read the answer and worked solution →The best known price floor in the labour market is the:Read the answer and worked solution →When a price floor sits above equilibrium, quantity supplied ends up:Read the answer and worked solution →Catch the market wordsRead the answer and worked solution →Pop the demand shiftersRead the answer and worked solution →Run the market gatesRead the answer and worked solution →Slice the economics wordsRead the answer and worked solution →Ceiling or floorRead the answer and worked solution →Sort the economics wordsRead the answer and worked solution →Type the numberRead the answer and worked solution →Markets bingoRead the answer and worked solution →

Worked practice questions

Petrol prices rise and drivers start carpooling. The quantity demanded therefore:

  1. Falls
  2. Rises
  3. Holds
  4. Jumps
Show answer and solution

Correct answer: A. Falls

1. A higher price makes buyers look for ways to use less. 2. Carpooling is exactly such a way. 3. So the quantity demanded falls. _Source: OpenStax Principles of Microeconomics 3e, Chapter 3, Demand and Supply._

Open this question →

That inverse link between price and quantity demanded is called the law of:

  1. Discount
  2. Demand
  3. Descent
  4. Density
Show answer and solution

Correct answer: B. Demand

1. Price up, quantity down; price down, quantity up. 2. Economists give that regular pattern a name. 3. It is the law of demand. _Source: OpenStax Principles of Microeconomics 3e, Chapter 3, Demand and Supply._

Open this question →

Because higher prices cut quantity demanded, the demand curve slopes:

  1. Downward
  2. Upward
  3. Outward
  4. Inward
Show answer and solution

Correct answer: A. Downward

1. Price sits on the vertical axis and quantity on the horizontal. 2. As you move right, price must fall for quantity to rise. 3. So the curve slopes downward from left to right. _Source: OpenStax Principles of Microeconomics 3e, Chapter 3, Demand and Supply._

Open this question →

How to practise

  1. Choose a Microeconomics question and try to work out your answer.
  2. Open the question to check the correct answer and read its worked solution.
  3. Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account.

More Economics topics

Demand and SupplyEconomics