Economics May/June 2023 (06/09/22)

Economics May/June 2023 (06/09/22)

12th Grade

15 Qs

quiz-placeholder

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Economics May/June 2023 (06/09/22)

Economics May/June 2023 (06/09/22)

Assessment

Quiz

Other

12th Grade

Hard

Created by

Educational Advancement Centre

Used 3+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

What is likely to be introduced in the market for bus travel if an economy moved from a mixed economy to a market economy?
allowing companies to bid for bus routes
free bus travel for school children
maximum prices for bus travel
subsidies to bus operators

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

An individual buys a ticket to visit a government-owned art gallery. How would this visit be classified by an economist?
private and demerit good
private and merit good
public and demerit good
public and merit good

3.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image
The diagram shows a shift in a firm’s supply curve from S1 to S2. What may have caused the shift from S1 to S2?
a decrease in the costs of production of the firm
a decrease in the popularity of the firm’s product
a decrease in the subsidy on the good
a decrease in the tax on the good

4.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image
There is a reduction in world oil supplies due to war in some supplying countries at a time when the winter in some importing countries was much colder than usual. The diagram shows the original equilibrium price, P. What will be the equilibrium price of oil in these circumstances?
P1
P2
P3
P4

5.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Which types of good are distinguished from one another by the presence or absence of opportunity cost?
demerit and merit goods
economic and free goods
inferior goods and normal goods
private and public goods

6.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Along which axis can the market demand curve be aggregated from individual demand curves?
both the horizontal and vertical axis
the horizontal axis only
the horizontal or the vertical axis but not both
the vertical axis only

7.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Media Image
To increase production a firm in industry X needs to install capital equipment, while a firm in industry Y needs to research and introduce a new technology. What time periods are illustrated by these cases?
A
B
C
D

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