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Twelfth Grade (Grade 12) Economics Questions

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Grade 12 Economics
When quantity demanded is more than quantity supplied
  1. Surplus
  2. Supply
  3. Shortage
  4. Collusion
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
Goods used in place of one another are
  1. inferior goods.
  2. complements.
  3. substitutes.
  4. normal goods.
Grade 12 Economics
The most desirable alternative given up is                      .
  1. cost benefit analysis
  2. trade-off
  3. inflation
  4. opportunity cost
Grade 12 Economics
Minimum price that employer can pay a worker for one hour of labor
  1. Maximum wage
  2. Minimum wage
  3. Median wage
  4. Minimal wage
Grade 12 Economics
A good that consumers demand less of when their incomes increase.
  1. inferior good
  2. normal good
  3. substitute good
  4. complement good
Grade 12 Economics
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
A good that consumers demand more of when their incomes increase.
  1. inferior goods
  2. substitutes goods
  3. complement goods
  4. normal goods
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
Grade 12 Economics
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.
Grade 12 Economics
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