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Twelfth Grade (Grade 12) Economics Questions

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Grade 12 Economics
This is a certificate showing ownership in a corporation.
  1. Bond
  2. Stock
  3. Dividend
  4. Future
Grade 12 Economics
Which of the following is the best measure of the production or output of an economy?
  1. Consumer price index
  2. Unemployment rate
  3. Gross domestic product
  4. Prime rate
  5. Index of leading indicators
Grade 12 Economics
Buying a gallon of gas for $1.25 per gallon in 1990 and then paying $4.00 a gallon in 2011 is an example of:
  1. Inflation
  2. Medium of exchange
  3. Deflation
  4. Unit of account
Grade 12 Economics
A farmers market is an example of                         .
  1. pure competition
  2. monopolistic competition
  3. oligopoly
  4. monopoly
Grade 12 Economics
What is specialization?
  1. When individuals and businesses do what they do best
  2. When individuals and businesses do what they can’t do well
  3. When individuals and businesses do what they do poorly
  4. When a person is really, really, really, terrible at what they do
Grade 12 Economics
Taking the bus to work instead of buying a new car is an example of:
  1. Medium of exchange
  2. Barter system
  3. Substitution effect
  4. Demand
Grade 12 Economics
This is when the market is balanced.
  1. Equilibrium
  2. Shortage
  3. Surplus
  4. Equilibrium price
Grade 12 Economics
Payment to the government to help fund government services.
  1. regulation
  2. subsidy
  3. overhead
  4. tax
Grade 12 Economics
A demand curve always slopes...
  1. Down
  2. Up
  3. there is no slope
  4. has a straight slope
Grade 12 Economics
Cost/benefit analysis is:
  1. The extra benefit of adding one unit
  2. When the cost of adding one unit outweighs the benefit of producing it
  3. A process in which you compare what you will give up and gain from an action
  4. When a government has to decide between spending money on the military or social programs
Grade 12 Economics
Market that runs most efficiently when one large firm supplies all of the output
  1. Natural monopoly
  2. Government monopoly
  3. True monopoly
  4. Artificial monopoly
Grade 12 Economics
Large number of firms all produce same product and no single seller controls supply or prices
  1. Black market
  2. Perfect competition
  3. Rationing
  4. Commodity
Grade 12 Economics
Tax on the production or sale of a good
  1. Free tax
  2. Consumer tax
  3. Excise tax
  4. Income tax
Grade 12 Economics
These are two goods that are bought and used together.
  1. Substituted
  2. Demographics
  3. Inelasticity
  4. Complements
Grade 12 Economics
This is a loan an investor buys from a business or the government.
  1. Bond
  2. Stock
  3. Dividend
  4. Future
Grade 12 Economics
This is information like age, race, gender, income and occupation of a population.
  1. Demographics
  2. Complements
  3. Expectation
  4. Demand curve
Grade 12 Economics
This is the price that both buyers and sellers accept.
  1. Equilibrium
  2. Equilibrium price
  3. Shortage
  4. Subsidy
Grade 12 Economics
Expenses a new business must pay before it can begin to produce and sell goods
  1. Start-up costs
  2. Start-up coast
  3. Start-up coaster
  4. Start-up costco
Grade 12 Economics
Producers that agree to coordinate prices and production
  1. Cartel
  2. Oligopoly
  3. Commodity
  4. Monopoly
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