Micro & Household Consumption Quiz

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Test your microeconomics and consumer behavior knowledge.

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Julie

Denmark

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Micro & Household Consumption Quiz


Froggy Jumps Micro & Household Consumption QuizOnline version Test your microeconomics and consumer behavior knowledge. by Julie 1 Name the different ways in which income can be measured. a Nominal income, real income, and disposable income b Cash income, debt income, and savings income c Monthly income, yearly income, and lifetime income 2 How can a real income index be calculated? a Nominal income × CPI b (Nominal income ÷ CPI) × 100 c CPI × 100 3 Explain in principle how the consumer price index is calculated a b By measuring total production in a country c By comparing prices of a fixed basket of goods over time 4 What factors influence private consumption? a Weather, geography, and government debt b Income, taxes, and expectations about the future c Age, gender, and nationality 5 In what ways can savings be placed or invested? a In shares, bonds, or a savings account b In taxes, rent, and food c In expenses, travel, and consumption 6 How is the average propensity to consume calculated? a Consumption ÷ Income b Income ÷ Consumption c Savings ÷ Income 7 How is the marginal propensity to save calculated? a Change in consumption ÷ Change in income b Change in savings ÷ Change in income c Savings ÷ Income 8 What does the personal income distribution show? a How total income is divided among individuals or households b The total income of a country c How many people are unemployed 9 What does a Gini coefficient of 28 and 38 respectively indicate about income distribution in two countries? a 28 means less equal, 38 means more equal b 28 means more equal, 38 means less equal c Both show perfect equality 10 What is meant by lifetime income? a Money inherited from family b Income received in a single year c Total income earned over a person’s entire life 11 Name some factors that affect the demand for a product. a Production costs and wages b Price, income, and consumer preferences c Exchange rates and interest rates 12 Why does demand decrease when the price increases? a Because producers make more b Because fewer people can afford or want to pay the higher price c Because the product becomes more popular 13 What does it mean when the demand for a certain product is price elastic? a Demand changes a lot when the price changes b Demand does not change when the price changes c Demand always decreases 14 Name some factors that influence a product’s elasticity. a Tax rate, rent, and interest b GDP, inflation, and exchange rate c Substitutes, necessity, and time period 15 What is the reason why the supply of a product increases when the price rises? a Higher prices make production more profitable b Lower wages increase production c Consumers buy more 16 Why will the price of a product move toward the equilibrium price, where supply equals demand? a Because the government sets the price b Because buyers and sellers adjust their behavior until balance is reached c Because prices never change 17 What is meant by consumer surplus and producer surplus? a The benefit consumers and producers gain from trading at equilibrium price b The taxes paid by consumers c The total profit of all companies 18 What happens in the market if the price is set below the equilibrium price? a Nothing changes b There will be a surplus of goods c There will be a shortage of goods 19 What happens if the price is set above the equilibrium price? a There will be a shortage b There will be a surplus of goods c Demand will increase 20 What happens in the market if the price is set below the equilibrium price? a There will be a surplus of goods b There will be a shortage of goods c Nothing changes 21 What happens if the price is set above the equilibrium price? a There will be a shortage b There will be a surplus of goods c Demand will increase 22 What does it mean when two products are substitutes? a They can replace each other b They are used together c They have the same brand 23 What does it mean when two products are complementary? a They have the same price b They compete with each other c They are used together 24 What is meant by the market mechanism? a A law about competition b A government-controlled pricing system c The interaction between supply and demand that determines the price 25 What happens to the equilibrium price if supply decreases while demand remains unchanged? a The price rises b The price falls c The price stays the same 26 How can the government influence supply and demand through taxes or subsidies? a Taxes increase consumption; subsidies lower demand b Taxes reduce supply; subsidies increase supply c Taxes and subsidies have no effect

Micro & Household Consumption Quiz

Froggy Jumps

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Micro & Household Consumption QuizOnline version

by Julie

Name the different ways in which income can be measured.

How can a real income index be calculated?

Explain in principle how the consumer price index is calculated

What factors influence private consumption?

In what ways can savings be placed or invested?

How is the average propensity to consume calculated?

How is the marginal propensity to save calculated?

What does the personal income distribution show?

What does a Gini coefficient of 28 and 38 respectively indicate about income distribution in two countries?

What is meant by lifetime income?

Name some factors that affect the demand for a product.

Why does demand decrease when the price increases?

What does it mean when the demand for a certain product is price elastic?

Name some factors that influence a product’s elasticity.

What is the reason why the supply of a product increases when the price rises?

Why will the price of a product move toward the equilibrium price, where supply equals demand?

What is meant by consumer surplus and producer surplus?

What happens in the market if the price is set below the equilibrium price?

What happens if the price is set above the equilibrium price?

What happens in the market if the price is set below the equilibrium price?

What happens if the price is set above the equilibrium price?

What does it mean when two products are substitutes?

What does it mean when two products are complementary?

What is meant by the market mechanism?

What happens to the equilibrium price if supply decreases while demand remains unchanged?

How can the government influence supply and demand through taxes or subsidies?