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Eleventh Grade (Grade 11) Economics Questions

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Grade 11 Economics
Which of the following is the best example of perfect competition?
  1. wheat crop
  2. an electric power company
  3. the defense industry
  4. the automotive industry
Grade 11 Economics
Total cost is the sum of the
  1. fixed costs and overhead
  2. all variable costs
  3. fixed and variable costs
  4. fixed and marginal costs
Grade 11 Economics
Each of the following is a condition necessary for the existence of perfect competition except
  1. the good or service must have many sellers available
  2. the good or service being offered by one competing firm must be identical to those offered by other firms
  3. there must be no control over price by any one firm
  4. there are barriers to entry in this type of market.
Grade 11 Economics
All of the following can change the supply curve EXCEPT
  1. the cost of labor.
  2. a change in the amount of taxes a business pays.
  3. a change in the demand for the product.
  4. the number of sellers offering the product.
Grade 11 Economics
The maximum amount you can charge on a credit account.
  1. Minimum finance charge
  2. Balance-transfer fee
  3. Credit limit
  4. Average daily balance
Grade 11 Economics
Which method would be most appropriate for constructing a demand schedule?
  1. polling consumers
  2. polling wholesalers
  3. polling producers
  4. interviewing entrepreneuers
Grade 11 Economics
Price leadership
  1. exists only in pure monopolies
  2. exists in competition among sole proprietorships
  3. is used in oligopolies to control the price of a good
  4. is illegal
Grade 11 Economics
Which of the following is not a type of monopoly?
  1. natural
  2. geographic
  3. technological
  4. oligopolistic
Grade 11 Economics
Which development would tend to increase the equilibrium price for apartment rentals?
  1. decreased availability of apartments
  2. increased supply of building materials
  3. surplus of mobile homes
  4. decreased demand for undeveloped land
Grade 11 Economics
An individual who agrees to repay a loan or consumer debt if the borrower defaults.
  1. Credit card insurance
  2. Authorized user
  3. Credit bureau
  4. Co-signer
Grade 11 Economics
A person or organization that owns property that is rented to tenants.
  1. Landlord
  2. Expense
  3. American Dream
  4. Net Income
Grade 11 Economics
The interest-free time a lender allows between the transaction date and the billing date.
  1. Credit limit
  2. Grace period
  3. Payment allocation
  4. Two-cycle billing
Grade 11 Economics
A bank charge for use of a credit card each year which can range form $0-$300.
  1. Annual fee
  2. Over-the-credit-limit fee
  3. Currency-exchange fee
  4. Late-payment fee
Grade 11 Economics
What is subprime lending?
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