A Level Economics Quiz 2020 Part 1

15 Questions

Quiz Description

Economics as a social science subject is the scientific study of the ownership, use, and exchange of scarce resources – often shortened to the science of scarcity.

Learning economic theory is one thing but developing the tools to make decisions is another thing. Economics teaches the basics and also the concrete tools for analysis. To develop and understand these theories, you can attempt this sample of questions. This quiz comprises 15 questions, with each question based on a topic found in the Advance level Economics syllabus. Some of these topics include; opportunity cost, population density, demand. This quiz will help prepare you better for the CGCE examination.Remember the key to success is hard work and consistency. This tool will allow you to get surprisingly great results in your studies. And one of the ways is gaining more materials. You can visit our website to gain more materials

1:

Which of the following production possibilities curves indicates increasing opportunity costs?


Correct
  • 1:
    Convex
  • 2:
    Concave
  • 3:
    Linear
  • 4:
    Linear Non-linear
2:

Which of the following is the main reason for carrying out economic activity in a
subsistence economy?


Correct
  • 1:
    Peoples’ needs
  • 2:
    Peoples’ preference
  • 3:
    Peoples’ wants
  • 4:
    Peoples’ choice
3:

A necessary condition for a mixed economy is that there are:


Correct
  • 1:
    Primary, secondary and tertiary sectors
  • 2:
    Formal and informal sectors
  • 3:
    Capital and consumer goods sectors
  • 4:
    Private and public sectors co-exist
4:

This question
is based on the item below:

i) Mineral deposits

ii) Plantations

iii) Lakes

iv) Grinding mills

form the above, land consists of:


Correct
  • 1:
    i and ii
  • 2:
    ii and iii
  • 3:
    i and iii
  • 4:
    iii and iv
5:

For division of labour to be successfully implemented by a travel agency, the various related services need to be:


Correct
  • 1:
    Efficient
  • 2:
    Effective
  • 3:
    Independent
  • 4:
    Interdependent
6:

This question is based on the following items

i. Shares are quoted in the stock exchange market

ii. Has limited liabilities

iii. Publishes annual balance sheet

iv. Possesses a trading certificate.

The above characteristics apply to which of the following business units?


Correct
  • 1:
    Cooperative societies
  • 2:
    Limited partnership
  • 3:
    Private company
  • 4:
    Public company
7:

This question is based on figure 1 below.

Which of the following movement illustrates forward vertical integration?


<p> This question is based on figure 1 below. </p><p> Which of the following movement illustrates forward vertical integration? </p>
Correct
  • 1:
    From firm A to firm B
  • 2:
    From firm A to firm B
  • 3:
    From firm E to firm A
  • 4:
    From firm A to firm D
8:

Given the total number of people and total output for an area over time, which of the following can such data help you to determine?


Correct
  • 1:
    Population growth
  • 2:
    Population migration
  • 3:
    Changes in standard of living
  • 4:
    Changes in population structures
9:

Positive checks according to the Malthusian population doctrine suggest that
population can be controlled by:


Correct
  • 1:
    Family planning
  • 2:
    Famine
  • 3:
    Chastity
  • 4:
    Celibacy
10:

Which of the following explains why a fall in price form 150 FCFA to 50 FCFA raises quantity demanded from 10 units to 20 units?


Correct
  • 1:
    The substitution effect
  • 2:
    The crowding out effect
  • 3:
    Diminishing marginal rate of substitution
  • 4:
    Diminishing marginal returns
11:

The demand for a good is said to be fairly inelastic if the value of its price
elasticity is:


Correct
  • 1:
    0
  • 2:
    0.2
  • 3:
    10
  • 4:
    Infinity
12:

Why is the Sa portion of the above curve negatively-sloped?


<p> Why is the Sa portion of the above curve negatively-sloped? </p>
Correct
  • 1:
    More preference for work than leisure
  • 2:
    Price is too high to be afforded by all
  • 3:
    More preference for leisure than work
  • 4:
    High price makes supply very profitable
13:

High price makes supply very profitable

A situation in which price is reduced and total revenue instead falls, suggests that demand for the good is:


Correct
  • 1:
    Fairly elastic
  • 2:
    Fairly inelastic
  • 3:
    Unit elastic
  • 4:
    Perfectly elastic
14:

Given that at the price of 8 FCFA, quantity demanded is 50 units and price elasticity of demand is 0.8. if price increases to 12 FCFA, what will be the change in
quantity demanded?


Correct
  • 1:
    20 units
  • 2:
    25 units
  • 3:
    50 units
  • 4:
    70 units
15:

When the supply of an agricultural product is inelastic while its demand is fairly elastic, it will lead to:


Correct
  • 1:
    Converging cobweb
  • 2:
    Diverging cobweb
  • 3:
    Perfect cobweb
  • 4:
    Exploding cobweb

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A Level Economics Quiz 2020 Part 1
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