A Level Economics Quiz 2017 Part 1

15 Questions

Quiz Description

There are so many definitions that are used to describe economics. We can define it as the study of the nature and causes of nations’ wealth or simply as the study of wealth.

Economics is often classified by students as one of the most difficult subjects at the advanced level. Due to its broad syllabus at the advanced level, students always feel bored when studying the subject, leading to no interest in the process and failing the A-level Economics exam.

When preparing for an exam, it is very imperative for you to answer past questions for that particular subject, test yourself frequently in order to grasp the concept very well. We have carefully devised a plan to help students prepare for the upcoming June session examinations. We have prepared a quiz of 15 questions. These questions are questions from the CGCE June session of 2017. These questions are based on the topics “Demand, Population, and economic growth”.

At the end of this set of questions, we have also prepared another set of questions which are also based on past CGCE past questions.

Good Luck!!

1:

Economics is a science that studies


Correct
  • 1:
    societies allocate scares resources
  • 2:
    households make decisions
  • 3:
    firms make decisions
  • 4:
    governments make choices about resources
2:

Country A with a set of resources can produce 20 units of good X and 5 unit of good Y. with the same set of resources, country B can produce 10 units of good X and 4 unit of good Y. what is the opportunity cost of production I units of goods Y in country A?


Correct
  • 1:
    2.5 units of good X
  • 2:
    4 units of good X
  • 3:
    5 units of good X
  • 4:
    2 units of good X
3:

In general, the more money you have the more you can buy. This statement defines clearly the behaviour of consumers in a


Correct
  • 1:
    Mixed economy
  • 2:
    Capitalist economy
  • 3:
    Planned economy
  • 4:
    Traditional economy
4:

Which one of the phrase or terms is not relevant in relation to a laissez-faire economic system?


Correct
  • 1:
    competition
  • 2:
    central planning authority
  • 3:
    the price mechanism
  • 4:
    Consumer sovereignty
5:

which of the following will most likely rise productivity?


Correct
  • 1:
    Raising minimum wages
  • 2:
    Raising union wages
  • 3:
    Improving the training workers
  • 4:
    Restriction trade with foreign countries
6:

A joint stock company issue half its registered capital worth 100 million FCFA and only requires worth 75 million FCFA to be paid up. How much is the authorized capital of this company?


Correct
  • 1:
    200 million FCFA
  • 2:
    75 million FCFA
  • 3:
    125 million FCFA
  • 4:
    100 million FCFA
7:

Small firms continue to exist because


Correct
  • 1:
    Firms continue to integrate
  • 2:
    Conglomerates exists
  • 3:
    They have small capital
  • 4:
    They enjoy economies of scale
8:

Which of the following is NOT a characteristic of factor of production?


Correct
  • 1:
    They can equally be substituted for one another in the productive process
  • 2:
    The same factor can often be used to produce a variety of goods
  • 3:
    They are scarce relative to their demand
  • 4:
    They are scares and relative to their demand
9:

A study of the age distribution of a country’s population is of economic importance because


Correct
  • 1:
    It determines the future size of the labour force
  • 2:
    It affects the location of industries
  • 3:
    It affects the localization of firms
  • 4:
    It determines where most people live
10:

The concept of optimum population refers to the size of population that


Correct
  • 1:
    Can maximize marginal product
  • 2:
    Can maximize total output
  • 3:
    Can maximize average product
  • 4:
    Is equal to the resources
11:

This question is based on the figure below, showing the budget of two goods, X and Y

The shift of the budget line from A0B0 to A0B1 may be due to


<p>This question is based on the figure below, showing the budget of two goods, X and Y </p><p>The shift of the budget line from A0B0 to A0B1 may be due to </p>
Correct
  • 1:
    An increase in the price of good Y
  • 2:
    A fall in the Price of good X
  • 3:
    A change in the income of consumers.
  • 4:
    Available and cheap consumer credit facility
12:

If a price reduction for a commodity leads to a fall in total revenue from its sales, the demand for such good is said to be


Correct
  • 1:
    elastic
  • 2:
    unitary
  • 3:
    perfect elastic
  • 4:
    inelastic
13:

which of the below is a normal good?


<p>which of the below is a normal good? </p>
Correct
  • 1:
    Good R
  • 2:
    Good Y
  • 3:
    Good X
  • 4:
    Good S
14:

This question is based on figure2. D1 and S1 are the initial demand and supply curves respectively

If financial aid to producers increases with a rise in price of the complements the new price and quantity would be


<p>This question is based on figure2. D1 and S1 are the initial demand and supply curves respectively </p><p> If financial aid to producers increases with a rise in price of the complements the new price and quantity would be </p>
Correct
  • 1:
    100 FCFA: 40 kg
  • 2:
    100 FCFA: 30 kg
  • 3:
    50 FCFA: 20 kg
  • 4:
    200 FCFA: 30kg
15:

A good of ostentation is one for which the quantity demanded increases as


Correct
  • 1:
    Consumer tastes change
  • 2:
    Its own price decreases
  • 3:
    Its price increases
  • 4:
    The income of consumers decreases

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A Level Economics Quiz 2017 Part 1
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