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Economic End of Month Test

Authored by Tia McInnis

Business

10th - 11th Grade

Used 4+ times

Economic End of Month Test
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20 questions

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1.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following costs are dependent on the level of output.

i.variable costs

ii. average costs

iii.fixed costs

iv.Total costs

i and ii only

i and iii only

ii and iii only

ii and iv only

2.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Identify the public goods from the following list.

i.factory building

ii. defence

iii. law and order

iv. street lighting

i and ii only

i, ii and iii

ii, iii and iv only

All of the above

3.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

In economics, when we refer to a market we are speaking of

a place where only goods are sold, although buyers and seller may never meet.

a situation where buyers and sellers, interact, to set the price for a product.

a place where buyers and sellers converge to make arrangements to purchase a good

a place that allows individuals to express their desire to purchase a good or service.

4.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following BEST describe total fixed costs curves?

diagonal line

vertical line

horizontal line

concave line

5.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following is a major difference between a service and a good?

a service is intangible while a good is tangible

a service can be easily transferred while a good cannot

a service does not provide utility while a good can

a service is tangible while a good is intangible

6.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following are costs related to indivisible factors- for example building, machinery and vehicles?

variable costs

marginal costs

decreased costs

fixed costs

7.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

the formula for marginal cost is

change in total cost ×\times change in quantity

change in quantity ÷\div change in total cost

change in total cost ×\times change in quantity

change in total cost ÷\div change in quantity

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