SS3 Economics Test for First Term (2024/2025)

Money can be defined as ___________.

• medium of exchange

• All of the options

• Means of Payment

• settlements of debt

The short run – cost can be defined as the period of time during which

• At least two inputs are fixed

• all inputs are fixed

• at least one of the firm’s input is fixed

• all inputs are variable

The demand for a good is price inelastic when _______.

• the price elasticity is negative

• the price elasticity is less than one

• the price elasticity is greater than one

• the price elasticity is less than one

Part – time workers who are desire full time employment are __________.

• not part of the labour force and do not continue to the unemployment statistic

• underemployment but do not contribute to the unemployment statistics

• underemployed and contribute to the unemployment statistic

• Cyclical unemployment

The law of supply states that other things being constant , as price increases, _______.

• quantity supplied increases

• supply increases

• supply decreases

• quantity supplied decreases

Real cost is _________.

• true cost

• alternative commodities forgone

• amount of money spent on goods and services

• cost of goods and services

An industry is __________.

• a group of firms producing distinct commodities

• a group of firm’s producing differentiated products

• A group of firms producing related goods

• a group of firms producing unrelated goods

If a business ‘ total economic cost of producing 10.000 units of a product is #750,000 and this output is sold to consumers for #1,000,000 then the firm would earn ________.

• a normal profit of #1750000

• an economic profit of #750,000

• an economic profit of #250,000

• a normal profit of #750,000

A tariff is a tax imposed on ____________.

• Imported goods

• domestic goods

• consumer goods

• exported goods

The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is _________.

• structural unemployment

• seasonal unemployment

• frictional unemployment

• cyclical unemployment