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WorksheetsYEAR 11 EASTER TERM ECONOMICS REVISION BOOK 2024
Total questions: 86
Worksheet time: 55mins
Which of the following are fixed costs?
Rent
Cost of labour
Material costs
None
Fixed costs + variable costs =
Average costs
Fixed Costs
Total Cost
Marginal Cost
Fixed costs + variable costs =
Average costs
Fixed Costs
Total Cost
Marginal Cost
When production increases fixed costs does what?
Increases
Decreases
Remains the same
Diminishes
In the long-run all costs are:
Variable Costs
Fixed Costs
Total Cost
Marginal Cost
Select all the options that comprises short-run costs:
Variable Costs
Fixed Costs
Expense Costs
Sunk costs
When production is zero what would be the fixed cost?
Not enough information
More than zero
Zero
Same as if production was NOT zero
When production increases variable costs does what?
Increases
Decreases
Remains the same
Diminishes
Identity curve number 3
Fixed cost
Variable cost
Total cost
Marginal cost
Identity curve number 2
Fixed cost
Variable cost
Total cost
Marginal cost
Wages paid to labourers is an example of:
explicit cost
implicit cost
selling cost
opportunity cost.
When production level is zero, fixed cost will be:
zero
negative
positive
equal to variable cost.
Fixed costs are also known as :
supplimentary cost
overhead cost
indirect cost
all of these
per unit cost of a good is called:
fixed cost
variable cost
average cost
marginal cost
Which statement of the following is true ?
AC=TFC – TVC
AC = AFC + TVC
AC=TFC + AVC
AC = AFC + AVC
The shape of average cost curve is :
U-shaped
Reactangular Hyperbola shaped
Line parallel to x-axis
None of these
Which of the following is correct ?
TVC = TC – TFC
TC = TVC-TFC
TFC = TVC + TC
TC = TVC x TFC
Average variable costs can be defined as:
TVC x Q
TVC + Q
TVC-Q
TVC ÷ Q
With increase in output, the difference between total cost and total variable cost:
Decreases
Increases
Remains Constant
None of the above
Which factors are used in short-run production process ?
Fixed Factors
Variable Factors
Both (a) and (b)
None of the above
Which of the following is correct ?
TVC = TC – TFC
TC = TVC-TFC
TFC = TVC + TC
TC = TVC x TFC
Which statement of the following is true ?
AC=TFC – TVC
AC = AFC + TVC
AC=TFC + AVC
AC = AFC + AVC
Wages paid to labourers is an example of:
explicit cost
implicit cost
selling cost
opportunity cost.
Payment made to outsiders for their goods and services are called:
(a) Opportunity cost
(b) Real cost
(c) Explicit cost
(d) Implicit cost
The change in total cost due to one unit change in the output is called --------------------- cost.
(a) Marginal
(b) Average
(c) Average variable
(d) Average fixed
The change in total cost due to one unit change in the output is called --------------------- cost.
(a) Marginal
(b) Average
(c) Average variable
(d) Average fixed
What impact does increased labour mobility typically have on wages?
Wages tend to decrease due to increased competition for jobs
Wages tend to remain stable as workers move between regions
Wages tend to increase as workers seek higher-paying opportunities
Wages tend to fluctuate unpredictably, causing instability in the labour market
Which factor is NOT typically considered a barrier to labour mobility?
Language barriers
Cultural differences
Technological advancements
Housing affordability
Which of the following best defines the labour market?
A market where goods and services are exchanged
A market where labour services are bought and sold
A market where only skilled labour is traded
A market where the government sets wages
Efficiency of labor refers to:
The amount of output produced per unit of labor input
The number of hours worked by laborers in a given period
The total wages paid to laborers in an economy
The skill level of the labour force
What role do information and communication technologies play in enhancing labour mobility?
They have no significant impact on labour mobility
They facilitate remote work opportunities
They increase the cost of transportation for workers
They discourage workers from seeking employment in different regions
Labor mobility refers to:
The ease with which labor can move between countries
The ability of workers to move between industries
The flexibility of working hours for employees
The availability of jobs in a particular region
Which of the following is an example of geographical labor mobility?
A software engineer switching from one programming language to another
A factory worker relocating to a different city for a job opportunity
A nurse transitioning to a career in teaching
A freelancer working remotely for clients worldwide
Which type of labor mobility refers to workers switching between different industries or occupations?
Geographical mobility
Occupational mobility
Sectoral mobility
Skill-based mobility
Which of the following is a social benefit of labor mobility?
Increased income inequality
Reduced unemployment rates
Higher rates of job automation
Decreased job satisfaction among workers
Which factor is most likely to hinder labour mobility?
Government policies that encourage job training programs
Generous unemployment benefits
High transportation costs
A diverse range of job opportunities in various regions
Which of the following is not a factor affecting labour supply?
Wage levels
Education and skill levels
Government regulations
Availability of alternative employment options
Which factor is most likely to hinder labour mobility?
Government policies that encourage job training programs
Generous unemployment benefits
High transportation costs
A diverse range of job opportunities in various regions
What does "mobility of labour" refer to?
The ability of workers to relocate for employment opportunities
The speed at which workers can perform tasks
The flexibility of labour unions in negotiating contracts
The level of automation in the workforce
Which of the following is an example of the geographical mobility of labour?
A software engineer learning new programming languages
A nurse relocating to a different city for a higher-paying job
A factory worker receiving training to operate new machinery
A construction worker gaining experience in different types of building projects
Socilaism economy
In a socialism economy, who holds power over the economy?
The traditions
Controlled
Capitalism
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market
Nigeria adopts __________ economic system
capitalist
socialist
mixed
pure market
Socialism
This economic system discourages new ways of doing things
free market
Capitalism
Socialism
Mixed
What is a Economic system?
An Economic system is a system of games in a country.
An economic system describes how a country’s economy is organized.
An economic system describes how much weapons a country has.
Click the three type of Economic systems?
Market
Mixed
Command
marcommand.
Which is not an economic system?
Capitalism
Mutualism
Mixed
Socialism
What two beliefs is capitalism based on?
private ownership
public ownership
individual economic freedom
equal distribution of resources
the idea that all people should have equal access to resources
Which of the following best explains a mixed economy?
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
Traditional
Market
Controlled
Mixed
free market
If a single firm raises its price it will not be able to sell any of its output.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
The actions of an individual seller do not affect the overall supply or price of a good or service.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
In this market, the producer is the least responsive to buyers' needs and wants.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
Firms in this kind of market produce goods that are very close substitutes.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
In this market, a good is protected from competition by a patent.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
An action by one seller in this market will always affect all the others.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
Public utilities are an example.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
A monopoly based on the absence of other sellers in a certain location is called
an oligopoly
a natural monopoly
a geographic monopoly
economies of scale
Which of the following would be most likely be subject to government monopoly regulations?
computer software company
large oil company
local restaurant
local cable company
When firms agree to charge the same or similar prices for a product, this is known as
price-fixing
independent behavior
natural monopoly
laissez-faire
Public disclosure supports competition by
Providing buys and sellers with information
revealing competitive trade secrets
converting private businesses into government agencies
concentrating information in the hands of the government
Monopolistic competition is separated from pure competition by
collusion
profit maximization
product differentiation
imperfect competition
Hint: think of the soda market
Which type of market structures has many producers (companies) and sell similar but different products from each other? These companies have a little control over the price and there are relatively low barriers to entry.
perfect competition
monopolistic competition
oligopoly
monopoly
Which of the following is a reason to locate near to the market?
if raw materials were bulky
if there are linkage industries
if the finish product is fragile
All of the above
In early days of industrialisation, coalfields were the most important factor in determining location because:
transportation cost were higher taking the goods to the market
availability of labour near coalfields
transportation cost were higher taking the raw materials to a business
none of the above
Non Economic influences on location is:
those factors that affects average cost directly.
those factors that do not directly affects cost
transportation
None of the above
Which of the following is a reason to locate near to the source of raw materials?
if raw materials were bulky
if there are linkage industries
if the finish product is fragile
All of the above
