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Twelfth Grade (Grade 12) Economics Questions

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Grade 12 Economics
The invisible barrier that prevents women from advancing in the workplace is known as what?
  1. the glass slipper
  2. the gender divide
  3. the glass ceiling
  4. the discrimination wall
Grade 12 Economics
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
A trade-off is
  1. the extra cost of adding one unit.
  2. the alternatives we give up when we choose one action over another.
  3. a process in which you compare what you will give up and gain from an action.
  4. the money a person makes.
Grade 12 Economics
When quantity supplied is more than quantity demanded
  1. Equilibrium
  2. Shortage
  3. Surplus
  4. Minimum
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
Market in which a single seller dominates
  1. Franchise
  2. Monopoly
  3. Autocrat
  4. Oligopoly
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
Minimum price for a good or service
  1. Price floor
  2. Sale floor
  3. Dance floor
  4. Rent floor
Grade 12 Economics
A nations or individuals level of economic prosperity
  1. Incentive
  2. Standard of living
  3. Human capital
  4. Public interest
Grade 12 Economics
When quantity demanded is more than quantity supplied
  1. Surplus
  2. Supply
  3. Shortage
  4. Collusion
Grade 12 Economics
A few large firms dominate a market
  1. Autocracy
  2. Oligopoly
  3. Dictatorship
  4. Democracy
Grade 12 Economics
Right to use a firm's business model and brand
  1. Franchise
  2. License
  3. Government monopoly
  4. Natural monopoly
Grade 12 Economics
What is scarcity?
  1. When an unlimited amount of goods and services are available to meet limited wants and needs
  2. When a limited amount of goods and services are available to meet unlimited wants and needs
  3. When a limited amount of goods and services are available to meet limited wants and needs
  4. When an unlimited amount of goods and services are available to meet unlimited wants and needs
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
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.
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