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WorksheetsSample Quiz
Total questions: 10
Worksheet time: 10mins
Name
Class
Date
1.
A government taxes the production of cars.What is likely to decrease?
a)
the cost of supplying cars
b)
the price of cars
c)
the revenue for the governmenthe revenue for the government
d)
the supply of cars at every price
2.
How is PED calculated?
a)
Change in price / change in quantity
b)
Change in quantity / change in price
c)
Percentage change in quantity / percentage change in price
d)
Percentage change in price / percentage change in quantity
3.
When is the price elasticity of demand for a good likely to be high?
a)
When expenditure on the good is a small part of total expenditure
b)
When the good has few uses
c)
When the good is habit-forming
d)
When there are many substitutes for the good
4.
The price of rice has increased by 10%. What is the likely percentage change in quantity demanded?
a)
Fall by 12%
b)
Fall by 5%
c)
Fall by 10%
d)
Fall by 20%
5.
What are inferior goods?
a)
goods that are not well produced
b)
goods no one wants to buy
c)
goods for which the demand rises when income falls
d)
goods for which the demand rises when income rises
6.
What is the basic principle of the law of demand?
a)
the higher the price, the more people will want the good
b)
everyone has a limited income that they will spend
c)
when a good'd price is lower, people will buy more of it
d)
services are of interest in the same way that goods are
7.
A shift in the demand curve means....
a)
a change in demand at every price
b)
a rise in prices
c)
a decrease in both price and quantity demanded
d)
a change in consumer income
8.
When the selling price of a good goes up, what is the relationship to the quantity supplied?
a)
the cost of production goes up
b)
the profit made on each item goes up
c)
it becomes practical to produce more goods
d)
there is no relationship between the two
9.
What does the French phrase laissez faire mean as far as the government's relationship with business?
a)
government is hands off, little involvement
b)
extensive regulations by government
c)
government ownership of business
d)
government control of wage an hour laws only
10.
_______________________ is the negotiation between union and management.
a)
equilibrium wage rate
b)
real or constant dollars
c)
injunction
d)
collective bargaining
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