AS Economics Unit 1: Top 50

AS Economics Unit 1: Top 50

12th Grade

11 Qs

quiz-placeholder

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AS Economics Unit 1: Top 50

AS Economics Unit 1: Top 50

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Mohammad Husain

Used 2+ times

FREE Resource

11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

People plant flowers in a local park. Which statement is correct?

A Flowers in parks are a public good because people can enjoy them at no charge.

B Flowers in parks are a public good because they are owned by local people and are not for profit.

C Flowers in parks are not a public good if local people can limit the number of visitors to the parks.

D Flowers in parks are not a public good if they are individual, not identical, in nature.

A

B

C

D

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A government decides that all non-essential businesses must close for three months due to a disease pandemic. What is an opportunity cost of this policy?

A increased leisure time for employees

B lives that are saved due to reduced disease levels

C the production of goods by essential businesses

D the loss of goods from the closed businesses

A

B

C

D

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The diagram shows an economy’s production possibility curve. The economy produces combinations of goods and services using all available resources.

What does the production possibility curve indicate for goods and services?

A constant returns to scale in the production of both goods and services

B diminishing returns to scale in the production of both goods and services

C increasing returns to scale in the production of both goods and services

D infinite returns to scale in the production of both goods and services

A

B

C

D

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which economic conditions are likely to encourage an increase in enterprise?

A

B

C

D

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A good is most suitable to be provided by the market if it is

A excludable and non-rival.

B excludable and rival.

C non-excludable and non-rival.

D non-excludable and rival.

A

B

C

D

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the definition of long run?

A the time period when all factors of production are specialised

B the time period when all factors of production are variable

C the time period when all key inputs into production are variable

D the time period when at least one factor of production is fixed

A

B

C

D

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The table states the consequences of two macroeconomic policies. What correctly identifies whether the statements are normative or positive?

A

B

C

D

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