Have Difficulty In 11th Grade Economics? Here Is A Practice Test!

26 Questions | Total Attempts: 1086

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11th Grade Quizzes & Trivia

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


Questions and Answers
  • 1. 
    Material desires of individuals or communitys can be defined as
    • A. 

      Needs

    • B. 

      Demands

    • C. 

      Wants

    • D. 

      Opportunity costs

  • 2. 
    Desires of each person are
    • A. 

      Collective wants

    • B. 

      Individual wants

    • C. 

      Demands

  • 3. 
    A library is an example of :
    • A. 

      Individual want

    • B. 

      Collective want

    • C. 

      Demand

  • 4. 
    Pick the recurrent want (pick all that apply)
    • A. 

      A new car

    • B. 

      Clothes

    • C. 

      Food

    • D. 

      Petrol

  • 5. 
    What factors affect wants (tick all that apply)
    • A. 

      Income

    • B. 

      Age

    • C. 

      Fashion

    • D. 

      Technology

  • 6. 
    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

  • 7. 
    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

  • 8. 
    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

  • 9. 
    Which one of these is a capital good? (tick all that apply)
    • A. 

      Labour

    • B. 

      Machinery

    • C. 

      Truck

  • 10. 
    Demand by all consumers for a particular good or service.
    • A. 

  • 11. 
    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

  • 12. 
    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

  • 13. 
    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

  • 14. 
    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

  • 15. 
    When a decrease in the price of good or service causes an increase in the quantity demanded this is termed as
    • A. 

  • 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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