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Grade 11 Economics Quiz

Authored by Sunday Inna

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11th Grade

Used 2+ times

Grade 11 Economics Quiz
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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What does the Production Possibility Curve (PPC) represent?

The total income of a country

The maximum combination of two goods that can be produced with available resources

The relationship between price and demand

The financial budget of a business

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following assumptions is NOT associated with the PPC?

Fixed technology

Limited resources

Increasing government intervention

Full and efficient use of resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A point inside the PPC curve represents:

Efficient use of resources

Unemployment or underutilization of resources

The maximum possible production

A combination that is unattainable

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What does a point outside the PPC indicate?

Efficient use of resources

Economic decline

Currently unattainable production level

Unemployment

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which economic concept explains the movement along the PPC curve?

Scarcity

Opportunity cost

Demand and supply

Market equilibrium

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following best explains the Law of Variable Proportion?

As more units of a variable input are added to fixed inputs, output initially increases but eventually decreases

Output always increases in direct proportion to inputs

The cost of production remains constant irrespective of input use

Total output decreases as more inputs are added

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is the correct formula for Average Product (AP)?

AP = TP × number of inputs

AP = TP ÷ number of inputs

AP = TP + marginal product

AP = TP - marginal product

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