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Grade 11 Quizzes, Questions & Answers

Recent Grade 11 Quizzes

Asymmetric Information Quiz

Questions: 15 | Attempts: 11 | Last updated: Mar 27, 2026

Sample Question
What does asymmetric information mean in economics?

Both parties in a transaction have equal knowledge

One party has more or better information than the other

The government controls all market information

Prices are hidden from consumers

Free Rider Problem Economics Quiz

Questions: 15 | Attempts: 11 | Last updated: Mar 27, 2026

Sample Question
What is the free rider problem in economics?

A situation where producers overcharge consumers for goods they do not need

A situation where individuals benefit from a good or service without contributing to its cost because they cannot be excluded

A situation where governments tax citizens more than necessary to fund public services

A situation where consumers pay more than a good is worth due to lack of information

Payoff Matrix Game Theory Quiz

Questions: 15 | Attempts: 12 | Last updated: Mar 27, 2026

Sample Question
What is a payoff matrix in game theory?

A chart showing the costs of production for competing firms

A government policy tool used to regulate oligopoly pricing

A table that shows the outcomes each player receives based on the combination of strategies chosen by all players

A supply and demand diagram showing equilibrium in competitive markets

Total Revenue and Price Change Quiz

Questions: 15 | Attempts: 10 | Last updated: Mar 27, 2026

Sample Question
How is total revenue calculated for a seller?

Total cost minus total profit

Quantity supplied multiplied by the cost of production

Price multiplied by quantity sold

Total wages paid divided by units produced

Price Elasticity of Supply Quiz

Questions: 15 | Attempts: 13 | Last updated: Mar 27, 2026

Sample Question
What is the formula for calculating price elasticity of supply?

Percentage change in price divided by percentage change in quantity supplied

Percentage change in quantity supplied divided by percentage change in price

Change in total revenue divided by change in price

Change in quantity demanded divided by change in quantity supplied

Elastic vs Inelastic Supply Quiz

Questions: 15 | Attempts: 14 | Last updated: Mar 27, 2026

Sample Question
What does elasticity of supply measure?

How much consumer demand changes when income rises

How responsive the quantity supplied of a good is to a change in its price

How quickly a market reaches its equilibrium price

How much the cost of production changes when output rises

Complementary Goods Cross Price Quiz

Questions: 15 | Attempts: 10 | Last updated: Mar 27, 2026

Sample Question
What sign does the cross price elasticity of demand have for complementary goods?

Positive, because demand for both goods rises together

Zero, because the goods are unrelated

Negative, because a price rise in one good reduces demand for the other

Greater than one, because complements are highly sensitive to price changes

Substitute Goods Cross Elasticity Quiz

Questions: 15 | Attempts: 11 | Last updated: Mar 27, 2026

Sample Question
What does cross price elasticity of demand measure?

How quantity demanded of a good changes when its own price changes

How quantity demanded of one good responds to a change in the price of a related good

How income changes affect the demand for two goods simultaneously

How supply of one good responds to a price change in another good

Economic Rent Land Quiz

Questions: 15 | Attempts: 10 | Last updated: Mar 27, 2026

Sample Question
What is economic rent in the context of the land market?

Economic rent is the wages paid to farm workers who cultivate and maintain land on behalf of the landowner

Economic rent is the payment made to a landowner for the use of land or other natural resources that are in fixed supply, representing the income earned by a resource whose supply cannot be increased

Economic rent refers only to payments made for residential properties and does not apply to commercial or agricultural land

Economic rent is the interest earned by landowners when they deposit the sale proceeds from land into financial accounts

Physical Capital Investment Return Quiz

Questions: 15 | Attempts: 10 | Last updated: Mar 27, 2026

Sample Question
What is the return on a physical capital investment, and why do firms evaluate it before investing?

The return on physical capital investment is the total revenue a firm earns from all goods sold using that capital over its entire lifetime

The return on physical capital investment is the additional revenue or output the capital generates above its cost, which firms compare to the interest rate to decide whether the investment is financially worthwhile

The return is the market resale value of the capital asset if the firm decides to sell it before the end of its productive life

The return is the amount of money the firm borrows to purchase the capital good, which determines how much revenue is needed to repay the loan

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