
Past paper Econ Practice
Authored by Maya Kharishma
Social Studies
11th Grade
Used 3+ times

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50 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the payment received for the use of capital?
interest
profit
rent
wage
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which type of good would be over-consumed because of information failure?
demerit
inferior
merit
public
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does the phrase 'ceteris paribus' mean?
All the resources used are of equal quality
Everything else remains uncahanged
The price mechanism rations scarce goods
The variable under consideration is held constant
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Government wishes to raise the farmers incomes without raising the price of food to consumers.Which policy should it use?
a maximum price below the market price for food
a minimum price below the market price for food
a payment of a subsidy to farmers to produce food
a release of government food stocks onto the market
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What could explain a shift of an upward-sloping curve to the right?
an increase in firms' unit labour costs
an increase in the number of firms in the industry
an increase in the price of the good
an indirect tax imposed on the good
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When will it NOT be possible to use price as a rationing mechanism?
when a good has a number of close substitutes
when a good is an inferior good
when the demand for a good is perfectly inelastic
when the quantity of a good is in fixed supply
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Money is paid by the government to an unemployed worker in the form of benefit. Why is this called a transfer payment?
The payment is from taxes paid by employed workers
The payment is without the production of goods&services taking place
The payment is made from government savings not current income
The payment must be spent as directed by the government
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