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2024 XMAS TERM REVISION BOOK ECONOMICE YEAR 10

Total questions: 110

Worksheet time: 2hrs 43mins

Name
Class
Date
1.
The law of demand refers to how
a)
demand changes when people's incomes change
b)
demand changes when the prices of substitutes and complements change
c)
the quantity demanded changes when the price of the good changes
d)
the price of the good changes when people's demand for the good changes
2.
Market demand curves are obtained by
a)
determining the price each consumer is willing to pay for the good & summing those prices across all consumers
b)
observing the prices and quantities sold in a market over time and plotting those price-quantity combinations in a graph
c)
summing the quantities every consumer is willing to buy at each different price
d)
observing the behavior of an individual consumer in a market
3.
To access Internet services, consumers must use a computer. If computer prices fall, what is the effect on the demand for Internet services
a)
the demand for Internet services increases
b)
the demand for Internet services decreases
c)
The demand for Internet services remains unchanged
d)
The demand for Internet services could increase, decrease, or stay the same depending on other factors 
4.
Iceberg & romaine are two different types of lettuce. For most consumers, iceberg and romaine are 
a)
complements
b)
substitutes
c)
inferior goods
d)
resources
5.
If the demand for used cars decreases after the price of a new car falls, used cars and new cars are
a)
inferior goods
b)
substitute goods
c)
complementary goods
d)
normal goods
6.

When prices rise, supply levels will also increase. If prices drop, supply will also fall.

a)

law of supply

b)

law of demand

c)

determinant of supply

d)

cost of production

7.

Demand means

a)

the amount of a good or service that consumers are willing to buy.

b)

is the amount of a good or service produced.

c)

is the price that is demanded by consumers.

d)

None of the above.

8.

If the price of printers goes down, what happens in the market for ink cartridges?

a)

Supply increases.

b)

Supply decreases.

c)

Demand increases.

d)

Demand decreases

9.
The price of petrol/gas is expected to increase next week. Then today the demand for petrol/gas will
a)
increase
b)
decrease
10.
What is a market demand curve?
a)
table showing how much of a product an individual is willing to pay
b)
table showing how much of a product a market is willing to buy
c)
graph showing how much of a product an individual is willing to buy
d)
graph showing how much of a product an market is willing to buy
11.
Jennifer Lopez is seen wearing a new short and sleek dress. People now want this dress. Which demand determinant is this most likely to fall under?
a)
Change in Consumer Income
b)
Change in Consumer Tastes
c)
Change in Price of Substitute Good
d)
Change in Consumer Price Expectations
12.
Oreo cookies are now extremely expensive to purchase. Instead of buying Oreo cookies, I now want to buy Chips Ahoy. What determinant of demand does this likely fall under?
a)
Change in Price of Complementary Good
b)
Change in Price of Substitute Good
c)
Change in Consumer Price Expectations
d)
Change in Number of Consumers in the Market
13.
The government is giving every individual 18 and above an extra $1,000.00 this year. What determinant of demand does this likely fall under?
a)
Change in Consumer Tastes
b)
Change in Consumer Price Expectations
c)
Change in Number of Consumers in the Market
d)
Change in Consumer Income
14.
I know that the iPhone 8 is coming out next year but really need a phone badly. I'm thinking about buying an iPhone 7 when the new iPhone comes to the market because it will be much cheaper than today's price. What determinant of demand does this suggest?
a)
Change in Price of Complementary Good
b)
Change in Consumer Price Expectations
c)
Change in Number of Consumers in the Market
d)
Change in Consumer Income
15.
McDonald's is having a special on their Big Mac purchases this week. Every Big Mac is $3 cheaper! When burger prices go down, this means you can buy more fries and a drink. What demand factor does this relate to?
a)
Change in Consumer Tastes
b)
Change in Price of Substitute Good
c)
Change in Price of Complementary Good
d)
Change in Number of Consumers in the Market
16.
Porterville, California is now a major immigration center for Russians. Over 10,000 Russians are living in Porterville now! What demand does this determine?
a)
Change in Consumer Income
b)
Change in Consumer Tastes
c)
Change in Consumer Price Expectations
d)
Change in Number of Consumers in the Market
17.
Goods that are bought and used together are 
a)
complementary goods
b)
substitute goods
c)
income goods
d)
unrelated goods
18.

Please check ALL FACTORS affecting demand.

a)

taste of the buyer

b)

income level of consumers

c)

supplier

d)

expectations

19.

____ is a table that shows the quantity demanded of a good or service at different price levels.

a)

Demand schedule

b)

Demand table

20.
Which graph below shows the SUPPLY CURVE?
a)
A
b)
B
c)
C
d)
D
21.
The Law of Supply states:
a)
as price increases, supply increases
b)
as prices decrease, supply increases
22.

When producers offer more of a good as its price increases and less as its price falls, this defines the

a)

law of demand

b)

law of supply

c)

change in demand

d)

change in supply

23.
New technology advances the rate at which furniture can be assembled. Why does this change the supply?
a)
Change in cost of production
b)
Changes in number of producers
c)
Changes in expectations
24.
Study of behavior of individual households, firms, and governments
a)
Microeconomics
b)
Macroeconomics
c)
Economics
25.
It is comes from Greek word mikros, meaning “small”
a)
Micro
b)
Microeconomics
c)
Economics
26.
It is comes from Greek word, makros, meaning “large”
a)
Macro
b)
Micro
c)
Eco
27.
The study of the economy as a whole
a)
Macroeconomics
b)
Microeconomics
c)
Economics
28.
Scarcity is a basic economic problem because:
a)
governments limit production
b)
resources are limited
c)
people have trouble making choices
d)
opportunity costs limit demand
29.
Opportunity cost refers to:
a)
Cost of labor when production is expanded or changed
b)
Dollar amount attached to a good or service
c)
Value of the next best alternative
d)
Cost of not expanding production
30.
If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 
a)
desire
b)
demand
c)
supply
d)
scarcity
31.

Economics is a science because it __________

a)

uses biological methods to study human behaviour

b)

uses scientific methods to study human behaviour

c)

uses research approach to study human behaviour

d)

uses experimental pedagogy to study human behaviour

32.

The gap between limited resources and unlimited wants is known as ______________.

a)

Demand

b)

Scarcity

c)

Supply

d)

Surplus

33.

Economics can be defined as the study of ___________ 

a)

How to spend the family income efficiently

b)

How to find the minimum cost of production

c)

The interpretation of scarce resources and data

d)

How scarce resources can be efficiently used

34.

Economics is a social science because it

a)

studies  human behaviour

b)

Provides people with the commodities they want

c)

Deals with limited resources with alternative uses

d)

Is related to how choice is made

35.

Which of the following defines Economics most comprehensively?

 

a)

The study of buying and selling

b)

The organization of industries and markets

c)

The study of human behaviour in the allocation of scarce resources

d)

the study of market forces as they affect human behavior

36.

The definition of economics as ‘the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses’ was given by _______

 

a)

Lionel Robbins

b)

Thomas R. Malthus

c)

David Ricardo

d)

Adam Smith

37.

The study of economists enables  individuals to __________

a)

Change jobs

b)

Make rational decisions

c)

Evade tax

d)

Accumulate huge wealth

38.

  The main concern of economists is to _________________

a)

Allocate scarce resources to satisfy human wants

b)

Satisfy all human wants

c)

Redistribute income between the rich and the poor

d)

Control the growth population

39.

The study of Economics becomes necessary because of the ________

a)

Large population size of the world

b)

Scarcity of resources

c)

Opportunity cost of goods and services

d)

Need to satisfy every desire of man

40.

Economics as a field of study is a ____________subject

 

 

a)

Social science

b)

Pure science

c)

Political science

d)

Physical science

41.

Economics is a science that studies human behaviour as a relationship between ends and scarce means which have alternative uses ‘ends’ refers to _______

a)

Resources

b)

Wants

c)

Choice

d)

Factors

42.

Predicting how consumers will react to higher gasoline prices

a)

Microeconomics

b)

Macroeconomics

43.

Measuring the rate of unemployment

a)

Microeconomics

b)

Macroeconomics

44.

Analyzing the consequences of a free trade agreement between two countries


a)

Microeconomics

b)

Macroeconomics

45.

Explaining the effect of higher wage rates on a company's supply decision

a)

Microeconomics

b)

Macroeconomics

46.

Forecasting when a recession likely will begin and end

a)

Microeconomics

b)

Macroeconomics

47.

Studying how consumer demand reacts to advertising

a)

Microeconomics

b)

Macroeconomics

48.

Predicting how higher US inflation will affect the international value of the dollar

a)

Microeconomics

b)

Macroeconomics

49.

Predicting how an increase in the price of pizza will affect the total revenue of a pizza restaurant


a)

Microeconomics

b)

Macroeconomics

50.

The way in which a family plans for a vacation to Disney World

a)

Microeconomics

b)

Macroeconomics

51.

How a state decides on unemployment compensation levels

a)

Microeconomics

b)

Macroeconomics

52.
What are the two main branches of economics?
a)
Microeconomics and Macroeconomics
b)
Supply and Demand
c)
Fiscal and Monetary Policy
d)
Capitalism and Socialism
53.

It is an effective desire for a commodity and the willingness to put in efforts to acquire it.

a)

Desire

b)

Need

c)

Wants

d)

All of these

54.

Which of these is not a decision which is made to solve the basic economic problem?

a)

What to produce

b)

How to produce

c)

Why to produce

d)

For whom to produce

55.
Opportunity cost refers to:
a)
Cost of labor when production is expanded or changed
b)
Dollar amount attached to a good or service
c)
Value of the next best alternative
d)
Cost of not expanding production
56.

Economics as a field of study is a ____________subject

 

 

a)

Social science

b)

Pure science

c)

Political science

d)

Physical science

57.

Forecasting when a recession likely will begin and end

a)

Microeconomics

b)

Macroeconomics

58.

How a state decides on unemployment compensation levels

a)

Microeconomics

b)

Macroeconomics

59.

Which of these is not a decision which is made to solve the basic economic problem?

a)

What to produce

b)

How to produce

c)

Why to produce

d)

For whom to produce

60.

What happens every time we make a decision?

a)

We win!

b)

We incur an opportunity cost

c)

We incur an opportunity loss

d)

We incur an opportunity cost of multiple other options

61.

What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

a)

What to produce, why to produce, when to produce?

b)

What is your opportunity cost, what economic resources are needed, why should these resources be used?

c)

What is produced, how is it produced, and for whom is it produced?

d)

What is your opportunity cost, why are economic resources needed, when should these resources be used?

62.

Which of the following would reflect a country with a mixed economy?

a)

Prices and wages are completely regulated by a country’s government.

b)

A combination of privately-owned industry and government control.

c)

A country’s distribution of resources is based on inheritance.

d)

Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.

63.
Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
64.
What is an economic system where only the government makes the economic decisions? 
a)
traditional economy
b)
free enterprise 
c)
mixed economy
d)

Socilaism economy

65.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
66.

In a socialism economy, who holds power over the economy?

a)
The people
b)
The government 
c)
Beyonce
d)

The traditions

67.
In this type of economy, the individual decides who to sell their products to.  
a)
Traditional 
b)
Mixed 
c)

Capitalism

d)
Command
68.
What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?
a)
Market
b)
Mixed
c)

Socialism

d)
Traditional
69.

This economic system discourages new ways of doing things

a)

free market

b)

Capitalism

c)

Socialism

d)

Mixed

70.
Opportunity cost refers to:
a)
Cost of labor when production is expanded or changed
b)
Dollar amount attached to a good or service
c)
Value of the next best alternative
d)
Cost of not expanding production
71.

What happens every time we make a decision?

a)

We win!

b)

We incur an opportunity cost

c)

We incur an opportunity loss

d)

We incur an opportunity cost of multiple other options

72.

In a socialism economy, who holds power over the economy?

a)
The people
b)
The government 
c)
Beyonce
d)

The traditions

73.
What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?
a)
Market
b)
Mixed
c)

Socialism

d)
Traditional
74.
A decrease in the price of a good will
a)
increase supply.
b)
decrease supply.
c)
increase quantity supplied.
d)
decrease quantity supplied.
75.

The desire to have some good or service and the ability to pay for it

a)

supply

b)

equilibrium

c)

demand

d)

quantity demanded

76.

Explain whether the following is labor, capital, land, or enterprise:

Library building

a)

Land

b)

Labor

c)

Capital

d)

Enterprise

77.

Explain whether the following is labor, capital, land, or enterprise:

raw ingredients to a cancy bar

a)

Land

b)

Labor

c)

Capital

d)

Enterprise

78.

The factor of production known as land represents

a)

human capital

b)

natural resources/ raw materials - the parts and pieces that go into the final product

c)

office buildings

d)

business experience

79.

A company that purchases new computers is investing in which factor of production?

a)

Land

b)

Labor

c)

Capital

d)

Enterprise

80.

Which of the following accurately lists the productive resources employed in the situation below?

A teenager working at a sandwich shop uses a meat slicer.

a)

Labor and Entrepreneurship

b)

Labor and Capital

c)

Entrepreneurship and Land

d)

Land and Capital

81.

Primary production is the __________ stage of the production process

a)

second

b)

last

c)

third

d)

first

82.

Secondary production has to do with converting __________________________ into finished goods

a)

raw materials

b)

products

c)

services

d)

primary

83.

Which is not an example,of capital?

a)

vehicle

b)

machines

c)

building

d)

workers

84.
Which of the following does NOT belong to secondary production?
a)
garment-manufacturing industry
b)
mining industry
c)
construction industry
d)
supply of electricity
85.
The resources used to make all goods and services
a)
Capital
b)
Labor
c)
Factors of Production
d)
Land
86.
Lebron James is a famous basketball player and he often participates in basketball matches. In economics, he engages in ____________ production.
a)
primary
b)
secondary
c)
tertiary
87.

Primary Production is _______?

a)

When you offer a service

b)

Involves the removal of raw materials from the earth

c)

The making of products

d)

The selling of goods or services

88.

Select the list of activities associated with primary production.

a)

Farming Potatoes

b)

Catching fish

c)

The building of furniture

d)

Selling Marl

e)

Mining bauxite

89.

The sector that involves the extraction of raw materials.

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

90.

The sector that involves manufacturing.

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

91.

What sector is a fishing company working in?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

92.

What sector is the chef of a restaurant working in?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

93.

Which is the most dominant sector in a country that is at a low level of development?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

94.

which sector of the economy removes or harvest products directly from the earth in order to extract raw materials or food?

a)

secondary

b)

primary

c)

tertiary

d)

linear

95.

3 types of tertiary jobs

a)

banker,teachers,doctor

b)

doctor,teacher,steel making

c)

fishing,hunting,astronaut

96.

agriculture would be an example of

a)

secondary sector

b)

tertiary sector

c)

primary sector

97.

insurance is an example of

a)

primary sector

b)

agriculture

c)

tertiary sector

98.
Which of the following is an example of primary sector?
a)
mining, fishing, forestry
b)
manufacturing
c)
retail
d)
research and development
99.
Which of the following is a job from secondary sector?
a)
mining, fishing, forestry
b)
manufacturing
c)
retail
d)
research and development
100.
Which of the following is an example of tertiary sector?
a)
mining, fishing, forestry
b)
manufacturing
c)
retail
d)
research and development
101.

The factor of production known as land represents

a)

human capital

b)

natural resources/ raw materials - the parts and pieces that go into the final product

c)

office buildings

d)

business experience

102.
The resources used to make all goods and services
a)
Capital
b)
Labor
c)
Factors of Production
d)
Land
103.

Primary Production is _______?

a)

When you offer a service

b)

Involves the removal of raw materials from the earth

c)

The making of products

d)

The selling of goods or services

104.

What sector is a fishing company working in?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

105.

What sector is the chef of a restaurant working in?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

106.

agriculture would be an example of

a)

secondary sector

b)

tertiary sector

c)

primary sector

107.

insurance is an example of

a)

primary sector

b)

agriculture

c)

tertiary sector

108.
Which of the following is an example of primary sector?
a)
mining, fishing, forestry
b)
manufacturing
c)
retail
d)
research and development
109.
Which of the following is a job from secondary sector?
a)
mining, fishing, forestry
b)
manufacturing
c)
retail
d)
research and development
110.
Which of the following is an example of tertiary sector?
a)
mining, fishing, forestry
b)
manufacturing
c)
retail
d)
research and development

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