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ECONOMICS - ULTIMATE REVISION

Total questions: 100

Worksheet time: 2hrs 40mins

Name
Class
Date
1.

Which scenario contributes towards the shifting of the curve in the picture above?

a)

When a country is struck by a natural disaster, natural resources are either exhausted or reduced due to the incident.

b)

Huge reduction in Construction Expenses and equipment manufacturing

c)

Economic decline due to Covid 19

d)

None of the above

2.

The following diagram shows the production possibility frontier for an economy that produces bread and honey.


If the economy is initially at point W, then the opportunity cost of moving to point X is

a)

6 units of honey.

b)

8 units of honey.

c)

12 units of bread.

d)

23 units of bread.

3.
What does point B represent?
a)
Production at greater than the country's minimum potential
b)
Production is less than the country's minimum potential
c)
Productive inefficiency
d)
Productive efficiency
4.
If many workers decide to retire at an early age, the PPF would shift inward.
a)
True
b)
False
5.

What does point B represent?

a)

Production at greater than the country's minimum potential

b)

Production is less than the country's minimum potential

c)

Production is greater than the country's maximum potential

d)

Production at the country's maximum potential

6.
What does point Y represent on the PPC?
a)
Efficiency
b)
Unattainable / impossible
c)
Inefficency
d)
Nothing
7.

What does PPC show? Select Multiple options.

a)

Describes the production of only two products in economy.

b)

It explains the production when there is full and efficient utilisation all resources in economy

c)

It explains the consumption pattern in economy

d)

It is the combination of all possible output points of two goods given that technology and resources are fixed.

8.

The table shows the production possibilities for a country. Based on the table, which of the following production combinations is a possibility?

a)

5 pairs of shoes and 28 pizzas

b)

3 pairs of shoes and 23 pizzas

c)

2 pairs of shoes and 20 pizzas

d)

4 pairs of shoes and 15 pizzas

9.

What is Production?

a)

Production is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

b)

Production is an activity related to selling or the number of goods or services sold in a given time period.

c)

Production is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

d)

Production is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or directly to another agent in the marketplace.

10.

What is Demand?

a)

Demand is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

b)

Demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

c)

Demand is an activity related to selling or the number of goods or services sold in a given time period.

d)

Demand is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or directly to another agent in the marketplace.

11.

What is Supply?

a)

Supply is an activity related to selling or the number of goods or services sold in a given time period.

b)

Supply is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

c)

Supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or directly to another agent in the marketplace.

d)

Supply is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

12.

What is Cost?

a)

The amount a producer spends on producing a good or service.

b)

The amount he or she sells the product for.

c)

The actual earning.

d)

When the selling price is less than the cost.

13.

What is Price?

a)

When the selling price is less than the cost

b)

the actual earning

c)

The amount he or she sells the product for

d)

The amount a producer spends on producing a good or service

14.

In terms of Demand, what happens when the price of the products or services increases?

a)

The demand increases.

b)

The quantity demanded decreases.

c)

The quantity demaded increases.

d)

The demand decreases.

15.

Regarding "demand", there's a direct relationship between "price" and "quantity demanded".

a)

True

b)

False

16.

Regarding "supply", there's a direct relationship between "price" and "quantity supplied".

a)

True

b)

False

17.

Regarding "demand", when the price increases, the quantity demanded:

a)

increases too.

b)

decreases.

18.

Regarding "supply", when the price increases, the quantity supplied:

a)

increases too.

b)

decreases.

19.

Regarding supply, what is surplus?

a)

When the quantity supplied is greater than the quantity demanded.

b)

When the quantity demanded is greater than the quantity supplied.

20.

The price of coffee beans decreases significantly. How will this impact the supply side of the market for coffee beans?

a)

The supply will increase.

b)

The supply will decrease.

c)

Supply will not change, but quantity supplied will increase.

d)

Supply will not change, but quantity supplied will decrease.

21.

The price of bananas increase dramatically. How will this affect the demand side of market for bananas?

a)

Demand will increase.

b)

Demand will decrease.

c)

Demand will remain the same, but quantity demanded will increase.

d)

Demand will remain the same, but quantity demanded will decrease.

22.

A change in the price of complimentary goods.

a)

Shift in Supply

b)

Shift in Demand

23.

What does this curve represent?

a)

Supply

b)

Demand

c)

Equillibrium

d)

Quantity

24.

What does this curve represent?

a)

Demand

b)

Supply

c)

Equilibrium

d)

Shortage

25.
The following is a factor that will not cause the demand curve to shift:
a)
Advertising
b)
Population
c)
Price
d)
Consumer expectations
26.

In economics, the term demand refers to the quantity of a good that people ...

a)

will buy at one particular price over a long time period

b)

would like to consume on a given date

c)

will buy at many different prices at a particular time

d)

would like to have available during a given time period

27.
A shortage of a good is often a signal for a producer to 
a)
lower production of that good.
b)
lower the prices of that good.
c)
raise the prices of that good.
d)
shift production to another good.
28.

When there is a shortage the price will usually?

a)

Rise

b)

Fall

c)

Remain the same

d)

Equilibrium

29.

If the cost of computers falls, then…

a)

the demand for computers goes up.

b)

the supply of computers goes up.

c)

none of the choices

d)

the demand for computers goes down.

30.

Qd = 1700-20P

if P = 80

a)

Qd = 10

b)

Qd = 50

c)

Qd = 100

d)

Qd = 150

31.

Qd = 1700 - 20P

IF Qd = 87

a)

p = 80.60

b)

p = 80.65

c)

p = 80.70

d)

p = 80.75

32.

Qd = 1700 - 20P

If Qd = 367

a)

p = 66.65

b)

p = 65.65

c)

p = 66.55

d)

p = 56.65

33.

Qd = 1700 - 20P

If P = 45

a)

Qd = 800

b)

Qd = 700

c)

Qd = 600

d)

Qd = 500

34.

Qd = 1700 - 20P

if Qd = 400

a)

P = 35

b)

P = 45

c)

P = 55

d)

P = 65

35.

Qs = -250 + 10P

if Qs = 560

a)

P = 80

b)

P = 81

c)

P = 82

d)

P = 83

36.

Qs = -250 + 10P

If P = 46

a)

Qs = 200

b)

Qs = 210

c)

Qs = 220

d)

Qs = 230

37.

What does p1 represent?

a)

Supply

b)

Demand

c)

Shortage

d)

surplus

38.

What does P1 represent

a)

supply

b)

demand

c)

shortage

d)

surplus

39.

What does the graph represent

a)

elastic demand

b)

inelastic demand

40.

What does the graph represent

a)

elastic demand

b)

inelastic demand

41.

What does the graph represent

a)

supply curve

b)

demand curve

c)

shortage

d)

Surplus

42.
What will cause an immediate rise in the size of a country’s labour force?
a)
an increase in the birth rate
b)
an increase in the age of retirement
c)
an increase in the school-leaving age
d)
an increase in the number of redundancies
43.
What is not held constant when aggregating individual firms’ supply curves to give the market supply curve?
a)
the number of firms in the industry
b)
the price of the product
c)
the prices of factors of production
d)
the state of technology
44.
The table shows the demand for tickets for a concert. The capacity of the concert hall is 6000. What price should be charged to maximise total revenue?
a)

$20

b)

$30

c)

$40

d)

$50

45.
The price elasticity of demand for a product is constant and equal to unity. Which curve in the diagram shows the relationship between total expenditure on the product and its price?
a)

A

b)

B

c)

C

d)

D

46.
In the UK, attempts to encourage people to change from road to rail travel by the introduction of a system of road pricing were forecast to fail because ‘people like using their cars too much’. How would this forecast be explained?
a)
The price elasticity of demand for cars is high.
b)
The price elasticity of demand for petrol is high
c)
The price elasticity of demand for rail travel is low.
d)
The price elasticity of demand for car travel is low.
47.
The table shows changes in a consumer’s expenditure on various goods when his income increases from $20 000 to $24 000. Assuming all else remains unchanged, for which goods is the consumer’s income elasticity of demand greater than 1.0?
a)

W only

b)

Z only

c)

W and Z only

d)

W, Y and Z

48.
Between 2006 and 2007, the price of skimmed milk powder on the world market rose from $1000 per tonne to $2400 per tonne. Assuming that the market is a free market, what will result from the price change?
a)
Consumers will buy more complements to skimmed milk powder.
b)
Farmers will increase the size of their dairy herds to supply more milk.
c)
Firms processing milk into skimmed milk will switch to producing substitutes.
d)
Governments will introduce a system of rationing.
49.
What may cause cost-push inflation?
a)
an appreciation of the exchange rate
b)
a higher level of consumption
c)
an increase in labour productivity
d)
an increase in trade union power
50.
The graphs show consumer prices and employment for Ireland. What can be concluded from the graphs?
a)

Between 2003 and 2004, unemployment and prices moved in the same direction.

b)

Prices were at their lowest in 2004

c)

Prices rose continuously over the period

d)

The number of unemployed workers fell over the period

51.
The diagram shows the market for wheat. What quantity of wheat must the government buy if it wishes to raise the market price from P1 to P2?
a)

OZ

b)

XY

c)

XZ

d)

YZ

52.
The demand curve in the diagram shows the relationship between the number of car journeys and the cost of a car journey. What would cause the demand curve to shift to the left?
a)
a reduction in car tax
b)
a reduction in petrol prices
c)
a reduction in public transport prices
d)
the introduction of tolls on motorways
53.
A change in market conditions causes a reduction in supply. This results in a higher price for the product, which has a downward-sloping demand curve. What must be the outcome of this higher price?
a)
an increase in the factors employed in the industry
b)
an increase in producer’s revenue
c)
a reduction in the quantity demanded
d)
a reduction in the demand for substitutes
54.

The diagram shows a country’s production possibility curve.

What could allow the economy to move from M to N?

a)

an increase in consumer spending

b)

an increase in demand for exports

c)

an increase in government spending on pensions

d)

an increase in investment

55.
What is an example of the factor of production capital?
a)
a bank account held by a small firm to be used for future purchases
b)
a forest of hardwood trees ideal for furniture making
c)
the market value of a company’s shares
d)
word processing software used by a writer to complete her new book
56.
The table shows the levels of demand for silver in millions of ounces for different uses between 1999 and 2001. What can be concluded about the different demands for silver between 1999 and 2001?
a)

All types of demand followed the same trend.

b)

Industrial use had the greatest fall in demand.

c)

Jewellery and silverware had a continuous increase in demand.

d)

Total demand increased.

57.
The diagram shows the demand curve for commodity X. Which of the following statements is correct?
a)

Demand is less elastic at higher prices than at lower prices.

b)

Consumer expenditure on the commodity always rises when price falls.

c)

Price elasticity of demand is different at every price

d)

Price elasticity of demand equals one at every price.

58.
Over the last ten years the price elasticity of demand for tea in many countries has risen. What is the most likely cause of this change in price elasticity?
a)
a decrease in the incomes of consumers
b)
a decrease in the number of complements to tea
c)
an increase in the number of substitutes for tea
d)
an increase in the supply of tea
59.
The price of Good X rises by 20%. As a result, the demand for a substitute Good Y rises by 10%. What is the cross-elasticity of demand for Good Y with respect to Good X?
a)
=+ 2
b)
=+ 0.5
c)
-0.5
d)
-2.0
60.
Which of the following will not cause a shift in the market supply curve of a commodity?
a)
a rise in the price of the commodity
b)
a rise in the price of a factor input
c)
a change in technology
d)
the introduction of a specific tax on the commodity
61.
In 2003 the outbreak in Asia of the SARS virus had a significant effect on the demand for travel to holiday destinations in the region. The response of airlines was to reduce the number of flights to Asian destinations. The original market equilibrium was at point X. Which point represents the new equilibrium in the market for travel to Asia?
a)

A

b)

B

c)

C

d)

D

62.
The diagram shows the original market clearing price is P1. The government then imposes a maximum price of P2 on the industry. What will result from this?
a)

a higher price and output

b)

a shortage

c)

a surplus

d)

an unchanged price and output

63.

Identify types of price elasticity of demand

a)

Elastic

b)

Inelastic

c)

Unitary Elastic

d)

Perfect Elastic

64.

Identify types of price elasticity of demand

a)

Elastic

b)

Inelastic

c)

Unitary Elastic

d)

Perfect Elastic

65.

Identify types of price elasticity of demand

a)

Elastic

b)

Inelastic

c)

Unitary Elastic

d)

Perfect Elastic

66.

Identify degrees of price elasticity of demand

a)

Ed = ∞

b)

0 < Ed < 1

c)

Ed = 1

d)

Ed = 0

67.

Identify degrees of price elasticity of demand

a)

Ed = 1

b)

0 < Ed < 1

c)

Ed = ∞

d)

Ed = 0

68.

monopoly has two key features, which are

a)

barriers to entry and no close substitutes.

b)

franchises and barriers to entry.

c)

barriers to entry and close substitutes.

d)

close substitutes and no barriers to entry.

69.

A single-price monopoly is characterized by a marginal revenue curve that is

a)

upward sloping.

b)

downward sloping.

c)

horizontal.

d)

vertical.

70.

Which of the following is not a barrier to entry in a monopolized market?

a)

The presence of many buyers and sellers in the market

b)

The government gives a single firm the exclusive right to produce some good.

c)

The costs of production make a single producer more efficient than a large number of producers.

d)

A key resource is owned by a single firm.

71.

A barrier to entry is

a)

an economic term for economies of scale

b)

illegal in most markets

c)

anything that prevents new firms from entering the market

d)

a factor that increases competition

72.
Which market has no competition?
a)
perfect competition
b)
oligopoly
c)
monopoly
d)
monopolistic competition
73.
Factors that make it difficult for new firms to enter a market are called
a)
Barriers to entry
b)
Factors of production
c)
Limited supply
d)
Monopolistic Outlook
74.

A perfect competitive firm charges a price that is ____________.

a)

different to other firms

b)

higher than other firms

c)

lower than other firms

d)

similar to other firms

75.

If a monopoly firm practices price discrimination the firm will _____________.

a)

earn smaller profit

b)

produce lower quantity than before price discrimination

c)

charge a higher price when demand is inelastic and a lower price when demand is elastic

d)

charge a higher price when demand is elastic and a lower price when demand is inelastic

76.

Patent right for invention leads to

a)

Natural monopoly

b)

Fiscal monopoly

c)

Legal monopoly

d)

Technical monopoly

77.

Under the monopoly MC is

a)

More than the price

b)

Less than the price

c)

Equal to the price

d)

All of the above

78.

In short run, the monopolists

a)

Incurs a loss

b)

Makes a profit

c)

Break even

d)

Any of the above

79.
In perfect competition, the product is differentiated
a)
True
b)
False
80.
Perfect competition is characterized by
a)
a large number of sellers and buyers.
b)
diverse products.
c)
sellers acting together to set prices.
d)
uninformed buyers and sellers.
81.

List the four market structures in the order from least competitive to most competitive.

a)

Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition

b)

Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition

c)

Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

d)

Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly

82.
Trading something for something else - no currency involved
a)
demand
b)
barter
c)
goods
d)
market
83.

Increasing the money supply too quickly > currency loses value > prices increase

a)
price
b)
inflation
c)
scarcity
d)
demand
84.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
85.

The idea that resources are limited

a)

scarcity

b)

supply

c)

demand

d)

inflation

86.

A business organization established, owned and financed by one person is called …………..

a)

Co-operative society

b)

Partnership

c)

Public/private company

d)

Sole proprietorship

87.

   The person or organization that decides to go into business is called ………

a)

Entrepreneur

b)

Production

c)

Capital

d)

Self-employed

88.

   The reward for labour is …………

a)

Gratitude

b)

Service

c)

Capital

d)

Wages/salaries

89.

  The factors of productions are ……………

a)

  Land, capital, labour and commerce

b)

Land, capital, commerce and economics

c)

Capital, labour, commerce and economics

d)

Land, labour, capital and entrepreneur

90.

Money citizens or businesses must pay the

government.

a)

Profit

b)

Interest

c)

Taxes

d)

Expenses

91.

A person who provides a good or service

a)

producer

b)

need

c)

want

d)

consumer

92.
How many total students are in the science class?
a)
13
b)
6
c)
27
d)
25
93.

According to the pie chart, what uses the most water in a house?

a)

Shower

b)

Faucet

c)

Clothes Washer

d)

Toilet

94.

Kendra earned money by babysitting for 4 months.

Suppose she earned $35 in January. Where would the bar end?

a)

At the $30 line

b)

Halfway between the $20 and $30 lines

c)

Halfway between the $30 and $40 lines

d)

Halfway between the $40 and $50 lines

95.

Mrs. Ratas’ class made a bar graph of the number of pets each student has.

How many students in the class have 3 pets?

a)

4

b)

2

c)

7

d)

5

96.
Explain why this graph may be misleading?
a)
the x-axis does not have equal intervals
b)
San Fransisco is not a real city
c)
you cannot have percents in a line graph
d)
the y-axis does not have equal intervals
97.
The graph shows the results of a survey to determine student's favorite pets. Why is this graph misleading?
a)
The slices are the wrong color
b)
The slices are not the correct size
c)
The percents do not add up to 100
d)
Not misleading
98.

Why is this graph misleading?

a)

broken scale (doesn't start at 0)

b)

uneven values on vertical axis

c)

unequal spacing of lines

d)

none of the above

99.

This graph represents the number of different types of bird species in a zoo. Why is it misleading?

a)

broken scale

b)

values on the y axis scale are not uniform (the same)

c)

uneven spacing of values on the y axis

d)

none of the above

100.

What factor of production is he?

(a)  

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