Have Difficulty In 11th Grade Economics? Here Is A Practice Test!
Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services. Have Difficulty in 11th Grade Economics? Here Is a Practice Test for you
- 1.Demand by all consumers for a particular good or service.
- A.
- 2.When a decrease in the price of good or service causes an increase in the quantity demanded this is termed as
- A.
- 3.Material desires of individuals or communitys can be defined as
- A.
Needs
- B.
Demands
- C.
Wants
- D.
Opportunity costs
- 4.Desires of each person are
- A.
Collective wants
- B.
Individual wants
- C.
Demands
- 5.A library is an example of :
- A.
Individual want
- B.
Collective want
- C.
Demand
- 6.Pick the recurrent want (pick all that apply)
- A.
A new car
- B.
Clothes
- C.
Food
- D.
Petrol
- 7.What factors affect wants (tick all that apply)
- A.
Income
- B.
Age
- C.
Fashion
- D.
Technology
- 8.Which of these is not an example of opportunity costs
- A.
Paying $300 for a mobile phone
- B.
Missing a basket ball game to go to the movies
- C.
Miss a basket ball game because the train was late
- 9.What are the four key economic issues
- A.
How to produce
- B.
What to produce
- C.
How much to produce
- D.
How to distribute
- E.
Why to produce
- 10.Items that have not been produced for immediate consumption but will be used for the production of other goods are termed as
- A.
Consumer goods
- B.
Capital goods
- C.
Services
- 11.Which one of these is a capital good? (tick all that apply)
- A.
Labour
- B.
Machinery
- C.
Truck
- 12.What is NOT a factor influencing market demand
- A.
Price of good or service itself
- B.
Changes in consumer taste and preferences
- C.
Past prices
- D.
Level of income
- 13.The way the economy income is spread among the members of different social and socio economic groups is termed?
- A.
Income distribution
- B.
Social income
- C.
Economic income
- D.
Income allocation
- 14.What does "Ceteris paribus assumption" mean
- A.
Assumption used in economics to isolate relationship between two economic variables
- B.
Assumption used in economics to describe income patterns
- C.
Assumption used in economics to compare the relationship between income and spending
- 15.The law of demand – states
- A.
That the quantity demanded by consumers falls as the price rises
- B.
That the quantity demanded by consumers rises as the price rises
- C.
That the quantity demanded by consumers fall as the price falls
- 16.What are other factors that affect demand beside price (tick all that apply)
- A.
Expected future prices
- B.
Changes in consumer taste and preferences
- C.
Price of substitute goods
- D.
None of these
- 17.Elastic demand is which of the following?
- A.
Weak response to a price change
- B.
Strong response to a price change
- C.
No response to a price change
- 18.Contraction of demand is
- A.
Strong response to a price change
- B.
Weak response to a price change
- C.
When an increase in the price of good or service causes an decrease in the quantity demanded.
- 19.A weak response to a price change is termed as
- A.
Elastic demand
- B.
Inelastic demand
- C.
Unit elastic demand
- 20.The law of demand states
- A.
That as the price of a good decreases, the quantity demanded will decrease
- B.
That as the price of a good increases, the quantity demanded will increase
- C.
That as the price of a good increases, the quantity demanded will decrease
- 21.The total stock of goods and services held by a firm at a particular time, which is intended for sale to consumers is termed
- A.
Supply
- B.
Inventory
- C.
Goods
- D.
Demand
- 22.Price mechanism determines what?
- A.
The equilibrium in supply
- B.
The equilibrium in demand
- C.
The equilibrium in the market
- 23.The non cash exchange of goods and services is known as
- A.
Exchanging
- B.
Bartering
- C.
Swapping
- 24.What is recession
- A.
Stage of the business cycle where there is no economic activity
- B.
Stage of the business cycle where there is increasing economic activity
- C.
Stage of the business cycle where there is decreasing economic activity
- 25.Human effort, both physical and mental used to produce goods and services is termed as
- A.
Capital
- B.
Labour
- C.
Natural resources
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