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Eleventh Grade (Grade 11) Economics Questions

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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
Substitute goods and complementary goods are known as
  1. elastic goods
  2. inelastic goods
  3. proportional goods
  4. related goods
Grade 11 Economics
Money paid for the use of money.
  1. Interest
  2. Balance transfer
  3. Co-signer
  4. Universal default
Grade 11 Economics
When the largest 3 or 4 firms in an industry produce 70% or more of the industry's total output, the industry is classified as
  1. a competitive monopoly
  2. a pure monopoly
  3. monopolistic competition
  4. an oligopoly
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
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
In general, items that are not necessities or for which there are many substitutes are said to have
  1. inelastic demand
  2. elastic demand
  3. no demand
  4. reverse demand
Grade 11 Economics
If the costs of producing a particular product increase, the supply is likely to
  1. Increase greatly
  2. Increase slightly
  3. decrease
  4. remain the same
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
The market structure that involves the most competition is
  1. perfect competition
  2. monopoly
  3. monopolistic competition
  4. oligopoly
Grade 11 Economics
In a Monopolistic Competition market, firms usually sell products that are
  1. close substitutes
  2. completely different
  3. complementary
  4. identical
Grade 11 Economics
Rent payments and property taxes would be counted as
  1. total cost
  2. variable cost
  3. fixed cost
  4. marginal costs
Grade 11 Economics
Which of the following market structures has the largest number of firms trying to sell their products?
  1. perfect competition
  2. monopolistic competition
  3. oligopoly
  4. monopoly
Grade 11 Economics
An inelastic demand curve
  1. is almost vertical
  2. is circular
  3. is almost horizontal
  4. cannot be illustrated on a graph
Grade 11 Economics
Which of the following developments would most likely cause the supply curve for jeans to shift to the left?
  1. decreased interest rates
  2. increased labor productivity
  3. increased cotton prices
  4. decreased taxes
Grade 11 Economics
In pure competition, the products of the firm are
  1. quite similar
  2. exactly the same
  3. quite different
  4. totally different
Grade 11 Economics
The supply of a product normally decreases if
  1. the cost of input goes down.
  2. more producers enter the market.
  3. the price of the product increases.
  4. taxes on the product increase.
Grade 11 Economics
Which of the following is a characteristic of Free Enterprise System?
  1. Free Market
  2. Investments decided on by private rather than state control
  3. Private or corporate ownership of capital goods
  4. All of the Above
Grade 11 Economics
Which of the following are considered Basic Economic Principles?
  1. People choose because of limited resources.
  2. People respond to incentitives in predictable ways.
  3. People's choices have consequences that lie in the future.
  4. All of the above.
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