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
Needs
Demands
Wants
Opportunity costs
Collective wants
Individual wants
Demands
Individual want
Collective want
Demand
A new car
Clothes
Food
Petrol
Income
Age
Fashion
Technology
Paying $300 for a mobile phone
Missing a basket ball game to go to the movies
Miss a basket ball game because the train was late
How to produce
What to produce
How much to produce
How to distribute
Why to produce
Consumer goods
Capital goods
Services
Labour
Machinery
Truck
Price of good or service itself
Changes in consumer taste and preferences
Past prices
Level of income
Income distribution
Social income
Economic income
Income allocation
Assumption used in economics to isolate relationship between two economic variables
Assumption used in economics to describe income patterns
Assumption used in economics to compare the relationship between income and spending
That the quantity demanded by consumers falls as the price rises
That the quantity demanded by consumers rises as the price rises
That the quantity demanded by consumers fall as the price falls
Expected future prices
Changes in consumer taste and preferences
Price of substitute goods
None of these
Weak response to a price change
Strong response to a price change
No response to a price change
Strong response to a price change
Weak response to a price change
When an increase in the price of good or service causes an decrease in the quantity demanded.
Elastic demand
Inelastic demand
Unit elastic demand
That as the price of a good decreases, the quantity demanded will decrease
That as the price of a good increases, the quantity demanded will increase
That as the price of a good increases, the quantity demanded will decrease
Supply
Inventory
Goods
Demand
The equilibrium in supply
The equilibrium in demand
The equilibrium in the market
Exchanging
Bartering
Swapping
Stage of the business cycle where there is no economic activity
Stage of the business cycle where there is increasing economic activity
Stage of the business cycle where there is decreasing economic activity
Capital
Labour
Natural resources