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Twelfth Grade (Grade 12) Economics Questions

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Grade 12 Economics
Market in which a single seller dominates
  1. Franchise
  2. Monopoly
  3. Autocrat
  4. Oligopoly
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
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
When quantity demanded is more than quantity supplied
  1. Surplus
  2. Supply
  3. Shortage
  4. Collusion
Grade 12 Economics
Goods/services are sold illegally, without regard for government controls on price/quantity
  1. Black market
  2. Grey market
  3. Stock market
  4. Blue market
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
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
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
Right to use a firm's business model and brand
  1. Franchise
  2. License
  3. Government monopoly
  4. Natural monopoly
Grade 12 Economics
This is the knowledge and skills that is gained from education and experience.
  1. Land
  2. Labor
  3. Human capital
  4. Physical capital
Grade 12 Economics
This is when there is more demand than supply or not enough.
  1. Supply
  2. Shortage
  3. Demand
  4. Surplus
Grade 12 Economics
A few large firms dominate a market
  1. Autocracy
  2. Oligopoly
  3. Dictatorship
  4. Democracy
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
Point which demand for a product or service is equal to the supply of that product or service
  1. Equilibrium
  2. Disequilibrium
  3. Incentive
  4. Subsidy
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