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Eleventh Grade (Grade 11) Economics Questions

You can create printable tests and worksheets from these Grade 11 Economics questions! Select one or more questions using the checkboxes above each question. Then click the add selected questions to a test button before moving to another page.

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Grade 11 Economics
When a surplus occurs, suppliers tend to
  1. maintain prices
  2. lower prices
  3. raise prices
  4. increase demand
Grade 11 Economics
The idea that each successive slice of pizza is worth less and less illustrates the concept of
  1. consumerism
  2. elasticity
  3. diminishing marginal utility
  4. none of the above
Grade 11 Economics
When the price of a good increases, the quantity demanded of that good is likely to
  1. increase
  2. decrease
  3. stay the same
  4. shift the demand curve
Grade 11 Economics
Economic demand for a product refers to how much of the product
  1. is available for purchase from business at each price
  2. people are willing and able to buy at each price
  3. people want, whether they can buy it or not
  4. consumers can afford it
Grade 11 Economics
The market structure with the most control over prices is
  1. perfect competition
  2. monopolistic competition
  3. oligopoly
  4. monopoly
Grade 11 Economics
A decrease in supply shifts the supply curve
  1. to the right
  2. to the left
  3. to the center
  4. upward
Grade 11 Economics
The equilibrium price is always determined by the
  1. government.
  2. buyers.
  3. sellers.
  4. buyers and sellers together.
Grade 11 Economics
Substitute goods and complementary goods are known as
  1. elastic goods
  2. inelastic goods
  3. proportional goods
  4. related goods
Grade 11 Economics
When demand increases, the demand curve
  1. shifts to the left
  2. shifts to the right
  3. becomes smooth
  4. becomes steep
Grade 11 Economics
Grade 11 Economics
At a price below equilibrium,
  1. demand exceeds supply
  2. supply exceeds demand
  3. supply and demand are equal
  4. supply and demand curves intersect
Grade 11 Economics
Which of the following could cause a change in supply?
  1. Prices of substitutes
  2. Changes in income
  3. Increased efficiency
  4. Consumer tastes and preferences
Grade 11 Economics
In the case of supply, as price increases
  1. the quantity supplied decreases.
  2. the quantity supplied increases.
  3. the quantity supplied stays the same.
  4. the quantity supplied decreases then increases.
Grade 11 Economics
Grade 11 Economics
Which statement best illustrates the law of supply?
  1. Declining demand for automobiles leads automobile makers to increase production
  2. Declining automobiles prices leads automobile makers to reduce production
  3. Increasing labor productivity leads automobile makers to decrease production
  4. Increasing variable costs leads automobile makers to increase production
Grade 11 Economics
When the demand for a product decreases due to changing consumer preferences, the demand curve
  1. shifts to the left
  2. shifts to the right
  3. remains constant
  4. goes upward
Grade 11 Economics
Grade 11 Economics
The market structure that involves the most competition is
  1. perfect competition
  2. monopoly
  3. monopolistic competition
  4. oligopoly
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