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Basic Economics for Grade 12 Flashcards | StudBud

Explore/Basic Economics for Grade 12

Basic Economics for Grade 12

12 terms·StudBud Administration

An #economics #quiz to help you understand basics of economics better!

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Questions 12

Answers

1
Why does 'travel by jet' have elastic demand?
It is necessity
It has no close substitutes
It has to be arranged sometime in advance
It is a luxury form of travel
2
Which of the following is not microeconomic variables
Aggregate demand
Firm's output
Consumer's demand
Market price of a commodity
3
Which of the following is not a component of microeconomic study?
Theory of consumer behavior
Theory related to the equilibrium level of output.
None of the above.
Theory of producer behavior
4
A PPC curve is concave to the origin because of
Law of demand
Law of supply
Unit elastic
Increasing opportunity cost
5
Which of the following is an example of a public good?
Flood Defenses
Education
Health Care
Postal Services
6
Which factor of production is most mobile?
Capital
Enterprise
Labour
Land
7
The government must finance the function of which type of good?
Capital
Consumer
Public
Merit
8
Which type of factor of production can be described as a natural resource?
Capital
Entrepreneur
Land
Labour
9
Demand for a commodity refers to
Quantity demanded of that commodity
Desire for the commodity
Amount of commodity demanded at a particular price and time
Need for the commodity
10
____ of resources is necessary for the development of economy
Non-utilization
Growth
Wastage
Utilization
11
The supply of a good refers to
Total stock in the warehouse
Amount of good offered for sale at a particular price & time
Actual Production of the good
Stock available for sale
12
Shape of IC is convex due to ____ MRT
Equal
Diminishing
Maximum
Increasing