Economics 101: Principles of Microeconomics Final Exam

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Question 1 1. _____ is the study of business and consumers, while _____ is the study of the economy as a whole.

Question 2 2. If a 10% change in price leads to a 30% change in the quantity demanded, then what is the elasticity?

Question 3 3. How is price elasticity of demand measured?

Question 4 4. Which of the following BEST explains sustainable economic growth?

Question 5 5. As Rosa considers where to build her new bakery, she also factors in the number of other bake shops in the area. If she builds in an area where she is one of many bakeries, she will be forced to charge lower prices in order to compete with the other bakeries already in the neighborhood. This is an example of which economic theory?

Question 6 6. Which of the following is NOT an inelastic demand for a product?

Question 7 7. What is economics?

Question 8 8. Which of the following is NOT a subject in the study in macroeconomics?

Question 9 9. Elasticity of demand is said to be elastic when elasticity is:

Question 10 10. If a seller knows that the demand for his good or service is inelastic, then what would they most likely do?

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Economics 101: Principles of Microeconomics Final Free Practice Test Instructions

Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!

Economics 101: Principles of Microeconomics  /  Business Courses
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