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Twelfth Grade (Grade 12) Economics Questions

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Grade 12 Economics
How might a policy that keeps foreign-made shoes out of the United States work against a major economic goal?
  1. By preventing full employment of American shoemakers
  2. By curtailing economic freedom of American consumers
  3. By creating less economic equity among shoemakers
  4. By decreasing growth in the American shoemaking industry
Grade 12 Economics
Which of the following correctly describes a traditional economy?
  1. Buyers and sellers decide what to produce.
  2. The U.S. is an example of a traditional economy.
  3. The basic economic questions are answered based on ritual, habit or custom.
  4. A central planning authority decides what goods and services to produce and how to produce them.
Grade 12 Economics
Situation in which the allocation of goods and services is not efficient
  1. Inefficiency
  2. Market Failure
  3. Marginal Cost
  4. Net Loss
Grade 12 Economics
What argument might a supporter of a higher minimum wage use?
  1. A higher minimum wage increases costs of production.
  2. A mandatory increase in wages restricts the freedom of employers.
  3. To pay higher wages, employers will have to hire fewer workers.
  4. Minimum wage earners need an increase to cover basic needs.
Grade 12 Economics
The government has the greatest degree of involvement in which of the following?
  1. Traditional Economy
  2. Command Economy
  3. Capitalist Economy
  4. Socialistic Economy
Grade 12 Economics
The cost added by producing one extra item of a product
  1. Production Cost
  2. Market Failure
  3. Marginal Cost
  4. Marginal Expense
Grade 12 Economics
Cost that is suffered by a third party as a result of an economic transaction
  1. Marginal Cost
  2. Negative Externality
  3. Opportunity Cost
  4. External Loss
Grade 12 Economics
In free enterprise, the characteristic of voluntary exchange allows                                                      .
  1. Workers to accept or reject jobs
  2. Businesses to sell goods wherever they want
  3. People to own and control their possessions
  4. Buyers and sellers to both benefit from a transaction
Grade 12 Economics
Grade 12 Economics
Attract customers through style, service, or location, but not a lower price
  1. Autocracy
  2. Oligopoly
  3. Nonprice competition
  4. Socialism
Grade 12 Economics
Sudden shortage of a good
  1. Demand shock
  2. Shell shock
  3. Supply shock
  4. Toxic shock
Grade 12 Economics
Minimum price for a good or service
  1. Price floor
  2. Sale floor
  3. Dance floor
  4. Rent floor
Grade 12 Economics
A few large firms dominate a market
  1. Autocracy
  2. Oligopoly
  3. Dictatorship
  4. Democracy
Grade 12 Economics
Factors that cause a producer’s average cost per unit to fall as output rises
  1. Natural monopoly
  2. Start-up costs
  3. Economies of scale
  4. Barrier to entry
Grade 12 Economics
Many companies sell products that are similar but not identical
  1. Oligopoly competition
  2. Cartel Market
  3. Monopolistic competition
  4. Government Market
Grade 12 Economics
Market in which a single seller dominates
  1. Franchise
  2. Monopoly
  3. Autocrat
  4. Oligopoly
Grade 12 Economics
Ability of firm to raise and maintain a price above level that would prevail under competition
  1. Electric (monopoly) power
  2. Market (monopoly) power
  3. Franchise (monopoly) power
  4. Price (monopoly) power
Grade 12 Economics
Selling the same product at different prices to different buyers
  1. Supply discrimination
  2. Price discrimination
  3. Demand discrimination
  4. Trade discrimination
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