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Twelfth Grade (Grade 12) Economics Questions

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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
Apartments in an area of New York City that are rent controlled would be an example of a
  1. price floor
  2. price ceiling
  3. excess supply
  4. essential need
Grade 12 Economics
Attract customers through style, service, or location, but not a lower price
  1. Autocracy
  2. Oligopoly
  3. Nonprice competition
  4. Socialism
Grade 12 Economics
Prices will rise when:
  1. Demand drops
  2. There is a shortage
  3. There is a surplus
  4. They go down
Grade 12 Economics
Which is an example of a SUBSTITUTE?
  1. Hamburgers or hamburger buns
  2. Skis or snowboards
  3. Skis or ski boots
  4. Paint or paint brushes
Grade 12 Economics
Selling the same product at different prices to different buyers
  1. Supply discrimination
  2. Price discrimination
  3. Demand discrimination
  4. Trade discrimination
Grade 12 Economics
This is when there is more supply than demand.
  1. Equilibrium
  2. Price ceiling
  3. Shortage
  4. Surplus
Grade 12 Economics
Goods are:
  1. Actions one person does for another
  2. When limited services are available to meet people’s needs
  3. The knowledge and skills gained from education and experience
  4. Physical objects that people buy
Grade 12 Economics
Capital is:
  1. The effort people devote to tasks for which they are paid
  2. Any human made resource used to produce goods and services
  3. All natural resources used to make goods and services
  4. Washington D. C.
Grade 12 Economics
Cost that is suffered by a third party as a result of an economic transaction
  1. Marginal Cost
  2. Negative Externality
  3. Opportunity Cost
  4. External Loss
Grade 12 Economics
This business type is owned by stockholders.
  1. Partnership
  2. Corporation
  3. Sole proprietorship
  4. Franchise
Grade 12 Economics
What are services?
  1. Physical objects that people buy.
  2. Something that is important to survive.
  3. Action a person does for another for pay.
  4. Anything people use to make things.
Grade 12 Economics
Burger King making more Whoppers because the price of Whoppers went up $2 is an example of:
  1. Law of demand
  2. Law of deflation
  3. Law of elasticity
  4. Law of supply
Grade 12 Economics
Factors that cause a producer’s average cost per unit to fall as output rises
  1. Natural monopoly
  2. Start-up costs
  3. Economies of scale
  4. Barrier to entry
Grade 12 Economics
Government intervention in a market that affects the production of a good
  1. Subsidy
  2. Incentive
  3. Differentiation
  4. Regulations
Grade 12 Economics
Benefit that is enjoyed by a third-party as a result of an economic transaction
  1. Positive Externality
  2. Profit
  3. Marginal Benefit
  4. Economic Gain
Grade 12 Economics
Another word for a business
  1. Firm
  2. Margin
  3. Scale
  4. Costs
Grade 12 Economics
Any price or quantity not at equilibrium
  1. Equilibrium
  2. Disequilibrium
  3. Supply shock
  4. Commodity
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