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Grade 12 Quizzes, Questions & Answers

Recent Grade 12 Quizzes

GDP Income Approach vs Expenditure Approach Quiz

Questions: 15 | Attempts: 19 | Last updated: Apr 21, 2026

Sample Question
Which approach to measuring GDP focuses on the total spending on final goods and services?

Income approach

Expenditure approach

Production approach

Value-added approach

Collective Bargaining and Wage Setting Quiz

Questions: 15 | Attempts: 12 | Last updated: Apr 21, 2026

Sample Question
What is collective bargaining?

Individual workers negotiating wages with employers

Groups of workers negotiating wages and conditions together

Government setting all wage rates

Employers competing for the lowest wages

Difference between Specific Tax and Ad Valorem Tax Quiz

Questions: 15 | Attempts: 11 | Last updated: Apr 21, 2026

Sample Question
A specific tax is a fixed amount of tax imposed on each unit of a good sold. Which of the following best describes a specific tax?

A tax based on the percentage of a product's selling price

A flat dollar amount charged per unit regardless of price

A tax that varies with the consumer's income level

A tax applied only to luxury goods

Subsidy Effect on Market Output Quiz

Questions: 15 | Attempts: 11 | Last updated: Apr 21, 2026

Sample Question
A subsidy is a payment from the government to producers. How does a subsidy typically affect the quantity supplied in a market?

Increases quantity supplied

Decreases quantity supplied

Has no effect on quantity supplied

Causes quantity supplied to become zero

Minimum Wage as Price Floor Quiz

Questions: 15 | Attempts: 14 | Last updated: Apr 21, 2026

Sample Question
What is a price floor?

A maximum price set by government

A minimum price below which goods cannot be sold

The average market price

The cost to produce a good

Difference between Price Floor and Price Ceiling Quiz

Questions: 15 | Attempts: 11 | Last updated: Apr 21, 2026

Sample Question
A price floor is a government-imposed minimum price. What is the primary goal of setting a price floor?

To protect producers from prices falling too low

To reduce consumer spending

To increase market competition

To eliminate all price variation

Difference between Short Run and Long Run Production Quiz

Questions: 15 | Attempts: 18 | Last updated: Apr 21, 2026

Sample Question
Which of the following is a characteristic of the short run in production?

All factors of production can be varied

At least one factor of production is fixed

The firm can change its plant size easily

All inputs are variable

Price Change and Consumer Equilibrium Quiz

Questions: 15 | Attempts: 12 | Last updated: Apr 21, 2026

Sample Question
A consumer is in equilibrium when the ratio of marginal utilities equals the ratio of prices. What is this condition called?

Law of diminishing returns

Equimarginal principle

Income effect

Substitution effect

Difference between Individual and Market Demand Quiz

Questions: 15 | Attempts: 46 | Last updated: Apr 21, 2026

Sample Question
Which factor does NOT directly cause a shift in individual demand?

Consumer income

Price of the good

Consumer preferences

Price of related goods

Role of Commercial Banks in Credit Creation

Questions: 15 | Attempts: 10 | Last updated: Apr 21, 2026

Sample Question
What is the primary function of commercial banks in the economy?

To create money and provide credit to borrowers

To only safeguard customer deposits

To set interest rates for the entire nation

To invest directly in stock markets

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