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Twelfth Grade (Grade 12) Economics Questions

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Grade 12 Economics
Making a product different from similar products
  1. Differentiation
  2. Market (monopoly) power
  3. Different
  4. Oligopoly
Grade 12 Economics
Which of the following is a statement of the law of demand?
  1. As the price of a good falls, demand rises.
  2. As the price of a good rises, demand rises.
  3. As the price of a good falls, the quantity demanded rises.
  4. As the price of a good falls, the quantity demanded falls.
Grade 12 Economics
Sudden shortage of a good
  1. Demand shock
  2. Shell shock
  3. Supply shock
  4. Toxic shock
Grade 12 Economics
The state says that the minimum you can pay an employee is $15.00 per hour. What is this an example of?
  1. price ceiling
  2. price floor
  3. excess supply
  4. essential need
Grade 12 Economics
If wage rates go down,
  1. supply shifts to the right.
  2. supply shifts to the left.
  3. demand shifts to the right.
  4. demand shifts to the left.
Grade 12 Economics
What are the four types of economic markets?
  1. executive, traditional, liberal, democratic
  2. high class, middle class, lower class, no class
  3. traditional, market, command, mixed
  4. command, demand, mixed, market
  5. traditional, market, command, demand
Grade 12 Economics
An economic system that is based on a society's values, customs, and traditions.
  1. Command Economy
  2. Traditional Economy
  3. Market Economy
Grade 12 Economics
This level of labor requires the highest amount of education.
  1. Unskilled labor
  2. Semiskilled labor
  3. Skilled labor
  4. Professional labor
Grade 12 Economics
What is not an example of a trade-off?
  1. The US government cutting back on military spending and using the money on a health care plan
  2. A person chooses to buy pizza for lunch instead of buy in coffee at Starbucks
  3. Paying rent
  4. Instead of going to economics class, a student decides to cut and go to lunch with friends
Grade 12 Economics
An economic system that is based on a society's values, customs, and traditions.
  1. Command Economy
  2. Traditional Economy
  3. Market Economy
  4. Feudalism
Grade 12 Economics
An increase in supply is the same as
  1. a rightward shift in the supply cuve.
  2. an upward shift in the supply curve.
  3. a downward shift in the supply curve.
  4. a leftward shift in the supply curve.
Grade 12 Economics
The law of demand is
  1. The idea that consumers will buy less at a high price and more at low prices
  2. The idea that producers will make more of product when prices are high and make less when prices are low
  3. The idea that consumers will buy at high prices and less at low prices
  4. The idea that producers will make more of a product at lower prices and less at higher prices
Grade 12 Economics
The following is an example of a ____________________.

Price quantity
$.50 100
$1.00 150
$1.50 200
$2.00 250
  1. supply schedule
  2. market demand schedule
  3. market supply schedule
  4. demand schedule
Grade 12 Economics
                         is a market that has many sellers.
  1. Oligopoly
  2. Monopoly
  3. Open market
  4. Monopolistic competition
Grade 12 Economics
Which economist argued that population growth stimulates societies to innovate and produce more food?
  1. Thomas Malthus
  2. Paul Ehrlich
  3. Ester Boserup
  4. Alexander von Humboldt
  5. Frederich Englels
Grade 12 Economics
This is a market where prices of most stocks are falling.
  1. Bull market
  2. Bear market
  3. Stock market
  4. Deer market
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