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Twelfth Grade (Grade 12) Economics Questions

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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
The knowledge and skills a worker gains through education and experience
  1. Incentive
  2. Human capital
  3. Competition
  4. Price
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
Hope of a reward or fear of a penalty
  1. Negative
  2. Positive
  3. Incentive
  4. Growth
Grade 12 Economics
Additional satisfaction or utility that a person receives from consuming an additional unit of a good or service
  1. Positive Externality
  2. Profit
  3. Marginal Benefit
  4. Economic Gain
Grade 12 Economics
Maximum price that can legally be charged for a good or service
  1. Price ceiling
  2. Black market
  3. Rent control
  4. Natural monopoly
Grade 12 Economics
Economics is:
  1. The study of how businesses make profit
  2. The study of how we make choices when faced with limited resources
  3. The study of how we face unlimited resources
  4. The study of how the same people are late for class every day!
Grade 12 Economics
This is when people want a good or service and have the ability to pay for it.
  1. Law of demand
  2. Supply
  3. Demand
  4. Inflation
Grade 12 Economics
What are needs?
  1. Things that are important for survival
  2. Something people desire but is not needed to survive
  3. When people want more of a good that producers are willing to make
  4. Things that make our life better
Grade 12 Economics
Government payment that supports a business or market
  1. Subsidy
  2. Margin
  3. Incentive
  4. Capital
Grade 12 Economics
In this economic system, the government owns all the property and controls all resources.
  1. Free market economy
  2. Capitalism
  3. Communism
  4. Traditional economy
Grade 12 Economics
Many companies sell products that are similar but not identical
  1. Oligopoly competition
  2. Cartel Market
  3. Monopolistic competition
  4. Government Market
Grade 12 Economics
Economic concerns of society as a whole
  1. Public interest
  2. Private interest
  3. Excise tax
  4. Oligopoly
Grade 12 Economics
This is where decisions about the three economic questions are made by voluntary exchange.
  1. Command economy
  2. Traditional economy
  3. Free market economy
  4. Socialist economy
Grade 12 Economics
The United States has this type of economy:
  1. Command economy
  2. Traditional economy
  3. Free market economy
  4. Barter system
Grade 12 Economics
This is the money a business keeps after all costs of production have been paid.
  1. Profit
  2. Capital
  3. Income
  4. Marginal cost
Grade 12 Economics
An increase in supply can cause:
  1. A shortage
  2. An increase in demand
  3. A decrease in demand
  4. A surplus
Grade 12 Economics
What is a market?
  1. A transfer of goods, services and ideas that someone makes willingly
  2. When the government makes all the economic decisions
  3. A place that allows buyers and sellers to exchange things
  4. A place in Boston where they make chicken and tasty side dishes
Grade 12 Economics
Situation in which the allocation of goods and services is not efficient
  1. Inefficiency
  2. Market Failure
  3. Marginal Cost
  4. Net Loss
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