A Level Economics Quiz 2020 Part 2

15 Questions

Quiz Description

Robins, an economist, defined economics as the study of human behavior as a relationship between given ends and scarce means which have alternative uses. Economics offer an individual an insight of his own spending habits and values

Just like Shamari Benton, the concept of economics for managers helped him to understand how decisions are infused with economic calculations and principles. Students must also note that the key to having a good grade is not just studying a subject but also doing as much active work as possible. It is always vital for them to attempt past questions. With regard to this, we put together 15 questions from Advance level Economics 2020. The questions are based on the topics “demand, firms and so on……

Answer these questions frequently until you are well convinced that you are now prepared for the upcoming June session or any examination. You can also visit our website to gain more materials or try more quizzes on economics

Good luck!!!
Robins, an economist, defined economics as the study of human behavior as a relationship between given ends and scarce means which have alternative uses. Economics offer an individual an insight of his own spending habits and values

Just like Shamari Benton, the concept of economics for managers helped him to understand how decisions are infused with economic calculations and principles. Students must also note that the key to having a good grade is not just studying a subject but also doing as much active work as possible. It is always vital for them to attempt past questions. With regard to this, we put together 15 questions from Advance level Economics 2020. The questions are based on the topics “demand, firms and so on……

Answer these questions frequently until you are well convinced that you are now prepared for the upcoming June session or any examination. You can also visit our website to gain more materials or try more quizzes on economics

Good luck!!!

1:

Allocative and productive efficiency are easily achieved in the long run under a(an):


Correct
  • 1:
    Perfect market
  • 2:
    Monopoly
  • 3:
    Monopolistic competition
  • 4:
    Oligopoly
2:

This question is based on the following features of a firm:

-No advertising

-Many buyers and sellers

-No barriers to entry and exit

-profit maximization

Identify the market structure that is best described by the above features


Correct
  • 1:
    Monopolistic competition
  • 2:
    Perfect competition
  • 3:
    Perfect oligopolistic competition
  • 4:
    Imperfect oligopolistic competition
3:

This question refers to figure 3 below which shows the demand curve for a firm in Oligopoly market

Price elasticity at 0P indicates that there is:


<p>This question refers to figure 3 below which shows the demand curve for a firm in Oligopoly market </p><p> Price elasticity at 0P indicates that there is: </p>
Correct
  • 1:
    No competition
  • 2:
    Certainty
  • 3:
    Uncertainty
  • 4:
    No advertising
4:

If TC exceeds TR by the least amount, it implies that the firm is:


Correct
  • 1:
    Not maximizing profit
  • 2:
    Minimizing profit
  • 3:
    Maximizing losses
  • 4:
    Earning normal profit
5:

This question is based on the table below which shows the output, costs, and revenue of a hypothetical firm.

From the table, it can be concluded that the firm is:


<p> This question is based on the table below which shows the output, costs, and revenue of a hypothetical firm. </p><p> From the table, it can be concluded that the firm is: </p>
Correct
  • 1:
    Operating in the perfect market
  • 2:
    Operating in monopolistic competition
  • 3:
    A monopolist
  • 4:
    An oligopolist
6:

The main features for firms to operate in the monopolistic market is:


Correct
  • 1:
    Collusion
  • 2:
    Price rigidity
  • 3:
    Product differentiation
  • 4:
    Price discrimination
7:

The proportion of labour costs to total costs is a determinant of:


Correct
  • 1:
    Elasticity of supply of a good
  • 2:
    Elasticity of demand of a good
  • 3:
    Elasticity of demand for labour
  • 4:
    Elasticity of supply of labour
8:

From the above figure, total earnings minus transfer earnings result in the area
indicated by letter:


<p> From the above figure, total earnings minus transfer earnings result in the area<br/> indicated by letter: </p>
Correct
  • 1:
    X
  • 2:
    Y
  • 3:
    Z
  • 4:
    W
9:

Which of the following theories explains the current rate of savings as the main
determinant of the supply of loanable funds?


Correct
  • 1:
    The supply side theory
  • 2:
    The Monetary theory
  • 3:
    The Keynesian theory
  • 4:
    The Monetary theory The classical theory
10:

One of the roles of profit in an economy is that:


Correct
  • 1:
    It rewards for forgoing liquidity
  • 2:
    It is a reward for entrepreneurship
  • 3:
    It encourages invention and innovation
  • 4:
    It is a compensation for postponing current consumption
11:

Including only the values of final output in the calculation of national income helps to avoid:


Correct
  • 1:
    Omissions
  • 2:
    The black market
  • 3:
    Double counting
  • 4:
    The hidden economy
12:

The loss in the value of capital assets over time refers to:


Correct
  • 1:
    Capital appreciation
  • 2:
    Capital consumption
  • 3:
    Capital deepening
  • 4:
    Capital stock adjustment
13:

This question relates to the formula below.

The formula is used for calculating:


<p> This question relates to the formula below. <span><img/></span> </p><p>The formula is used for calculating: </p>
Correct
  • 1:
    Current national income
  • 2:
    Real national income
  • 3:
    Current per capita income
  • 4:
    Real per capita income
14:

The value of all goods and services produced in an economy in a given period of time is known as:


Correct
  • 1:
    Gross National Product
  • 2:
    Gross National Product
  • 3:
    National Income
  • 4:
    Net National Product
15:

Autonomous dissaving is represented by the value


<p>Autonomous dissaving is represented by the value </p>
Correct
  • 1:
    bS
  • 2:
    oa
  • 3:
    bY1
  • 4:
    oc

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A Level Economics Quiz 2020 Part 2
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