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Eleventh Grade (Grade 11) Economics Questions

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Grade 11 Economics
What is a tariff?
  1. a trade treaty
  2. taxes on imports and/or exports
  3. the inspection of ships going through customs
  4. a license guaranteeing a company's ability to import into a country
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
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 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
In accounting terms, profits are                                                       .
  1. the difference between revenues and expenses
  2. the difference between commissions earned and receipts
  3. the difference between sales and expenses
  4. the sum of sales and expenses
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
Inflation is known as:
  1. a decrease in the price of goods and services.
  2. an increase in the price of good and services.
  3. a decision making strategy.
  4. a step in the decision making process.
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
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
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
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
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