Grade 10 Economics Quiz

What is the law of demand?

• As the price of a good increases, the quantity demanded increases.

• As the price of a good increases, the quantity demanded decreases.

• As the price of a good decreases, the quantity demanded decreases.

• There is no relationship between price and quantity demanded.

Which of the following is a characteristic of a perfectly competitive market?

• Few sellers

• Unique products

• Many buyers and sellers

• High barriers to entry

What type of economic system is characterized by government ownership of resources?

• Capitalism

• Socialism

• Mixed economy

• Market economy

Which of the following best describes the labor force?

• All people who are employed

• All people who are unemployed

• All people who are employed or actively seeking employment

• All people who are not working

What happens to the supply curve when there is an improvement in technology?

• It shifts to the left.

• It shifts to the right.

• It becomes vertical.

• It does not change.

In a monopoly, how many sellers are there in the market?

• One

• Two

• Few

• Many

Which economic system relies on supply and demand to allocate resources?

• Command economy

• Traditional economy

• Market economy

• Mixed economy

What is the term for the total number of people who are willing and able to work?

• Employment rate

• Labor force

• Workforce

• Unemployment rate

What is the effect on demand if consumer income increases for a normal good?

• Demand decreases

• Demand increases

• Demand remains unchanged

• Demand becomes zero

Which market structure is characterized by a few large firms dominating the market?

• Perfect competition

• Monopoly

• Oligopoly

• Monopolistic competition