Economics grade 11 mixed bag

PPC can show economic growth in the following way...

• Inward shift of PPC

• Outward shift of PPC

• Intersection of PPC

• None of the above

All productive resources are owned by the government

• Socialism

• Capitalism

• Mixed

• None of the above

Price mechanism

• Interaction of demand and supply

• Interaction of price and cost

• Interaction of buyers and sellers

• None of the above

Frictional unemployment

• Lack of adjustment between demand and supply of labour force

• lack of job opportunity due to cyclical fluctuation of the economy

• When number of workers are more than what is required

• None of the above

Which one is an exception to the law of demand

• Normal goods

• Inferior goods

• Giffen goods

• None of the above

Increase in consumer preference for a commodity will lead to

• Shift in the demand curve

• Shift in supply curve

• movement along a demand curve

• None of the above

Price effect is

• Income effect + substitution effect

• Income effect + Marginal rate of substitution

• Change in real income

• None of the above

Exception to the law of demand is shown by a

• Upward sloping demand curve

• Downward sloping demand curve

• Straight line demand curve

• None of the above

A market period supply curve is

• Horizontal

• Vertical

• rectangular hyperbola

• downward sloping

Which type of supply curve will be most flat ?

• Short period

• Long period

• Market period

• normal period