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Worksheets4th Year Economics Summer Test 2021
Total questions: 30
Worksheet time: 18mins
Money that the government collects from individuals and businesses to pay for public goods and services
Rand
Tax
dollar
serving
what do we call someone who took a risk and start a business?
manager
entrepreneurship
entrepreneur
enterprise
What is the remuneration of an entrepreneur?
profit
wage
salary
rent
Another name for natural resources
land
unnatural resources
water
air
The study of factors of production falls under_
economic pursuit
contemporary economic
microeconomics
macroeconomics
The definition of the law of diminishing marginal utility
As more units are consumed the marginal utility falls.
As more units are consumed the marginal utility increases.
As price decreases quantity demanded increases.
As price increases consumers are willing to pay more.
The total utility definition states:
The usefulness, benefit or satisfaction a consumer gains from life
The satisfaction gained from consuming a quantity of an economic good, measured in utils.
The added consumer satisfaction from consuming a quantity of a good.
The consumer's satisfaction from consuming a quantity of a good.
The wish to have something is_
Desire
Want
Need
Demand
Willingness to pay for the want is_
Need
Desire
Demand
Show off
If a consumer was to act rational, they would....
will spend their income in such a way that they will achieve the most satisfaction from these goods and services
see two identical products priced differently in two different shops they will buy the cheaper good
will not demand something that does not provide satisfaction
The law of demand argues that as prices rise
the quantity demanded will fall
the quantity demanded will rise
the demand curve will shift to the right
quantity demanded will fall due to a decrease in demand
The 'law of supply' suggests that
price and quantity supplied are directly related
price and quantity supplied are inversely related
movements along the supply curve are caused by a price fall
supply will expand until market equilibrium is reached
At equilibrium price:
Quantity supplied = quantity demanded
Price increases to soak up excess demand
Price decreases to soak up excess supply
Demand increases in response to the price of related goods
Market forces are best described as
supply and demand determining prices
the government set a minimum price for corn so farmers can make more money
the government setting a maximum price on gas so people can save money
a group of buyers and sellers for a particular good or service
Which of the following demonstrates price equilibrium?
Which of these demonstrates a surplus of goods?
