humus
TOP 60 QUESTIONS – ECONOMIC GRADE 11
1
Each of the factors of production earns an income.
What are the incomes for land and capital?
A
B
C
D
2
the additional washing machines produced the cost of producing ovens the cost of producing washing machines the loss of production of ovens
What is an advantage of the market economic system?
A
B
C
D
4
It aims for equality of income.
It ensures the provision of defense and law and order.
It gives an incentive to produce.
It reduces pollution and congestion.
What is meant by the economic problem?
A
B
C
D
5
capital
Interest
Profit
Interest
profit
A firm decides to stop manufacturing ovens and to produce washing machines instead.
What is the opportunity cost to the firm?
A
B
C
D
3
land
Rent
Rent
Wages
wages
how to achieve efficiency with the existence of fixed resources and limited wants how to allocate resources between public and private sectors how to balance unlimited wants against finite resources how to decide which methods to use to exploit all resources
The table shows the changes in two influences on the demand for and supply of televisions.
If these two changes occurred at the same time, in which case it is impossible for the price of television to rise?
A
B
C
D
Consumers’ incomes fall fall rise rise
Cost of production fall rise fall rise
1
6
In a country where the demand for petrol (gas) is price-inelastic, the incidence of any increase in petrol tax will be mainly on:
A
B
C
D
7
What is an example of market failure?
A
B
C
D
8
a growth of competition an existence of scarcity a spread of pollution a surplus of production in the short-term
Which action by the operators of an airport directly reduces external costs?
A
B
C
D
9
the company that refines the oil the motorist who buys the petrol the petrol station that sells the petrol the wholesale company that stores the
1
Each of the factors of production earns an income.
What are the incomes for land and capital?
A
B
C
D
2
the additional washing machines produced the cost of producing ovens the cost of producing washing machines the loss of production of ovens
What is an advantage of the market economic system?
A
B
C
D
4
It aims for equality of income.
It ensures the provision of defense and law and order.
It gives an incentive to produce.
It reduces pollution and congestion.
What is meant by the economic problem?
A
B
C
D
5
capital
Interest
Profit
Interest
profit
A firm decides to stop manufacturing ovens and to produce washing machines instead.
What is the opportunity cost to the firm?
A
B
C
D
3
land
Rent
Rent
Wages
wages
how to achieve efficiency with the existence of fixed resources and limited wants how to allocate resources between public and private sectors how to balance unlimited wants against finite resources how to decide which methods to use to exploit all resources
The table shows the changes in two influences on the demand for and supply of televisions.
If these two changes occurred at the same time, in which case it is impossible for the price of television to rise?
A
B
C
D
Consumers’ incomes fall fall rise rise
Cost of production fall rise fall rise
1
6
In a country where the demand for petrol (gas) is price-inelastic, the incidence of any increase in petrol tax will be mainly on:
A
B
C
D
7
What is an example of market failure?
A
B
C
D
8
a growth of competition an existence of scarcity a spread of pollution a surplus of production in the short-term
Which action by the operators of an airport directly reduces external costs?
A
B
C
D
9
the company that refines the oil the motorist who buys the petrol the petrol station that sells the petrol the wholesale company that stores the