A Level Economics Quiz 2021 Part 1

15 Questions

Quiz Description

Economics can be defined as the practical science that deals with production, consumption and distribution of wealth. Economics is one of the aspects that keeps the world running today. Its knowledge is very useful for professionals in all industries and aspect of life, not only business

The questions involved in this quiz are questions from the most recent year of the CGCE Advanced level economics, the June session of 2021. The questions are based on the Advanced level syllabus. You must have an understanding of the topics ``economy, demand, supply etc.” before attempting this quiz

The key to a good grade is studying and answering past examination questions. With this, a student will be able to determine how far he or she is prepared for any economics examFor more on economics questions and quizzes you can visit our website

1:

A concave Production Possibilities Curve (PPC) denotes


Correct
  • 1:
    Decreasing opportunity cost
  • 2:
    Constant opportunity cost
  • 3:
    Increasing opportunity cost
  • 4:
    Zero opportunity cost
2:

An economic problem arises when


Correct
  • 1:
    manufactured goods are in short supply
  • 2:
    Money is in short supply
  • 3:
    Buyers are many
  • 4:
    Scarcity and choice are involved
3:

Which of the following is associated with the capitalist economy?


Correct
  • 1:
    The absence of market forces
  • 2:
    State ownership of all resources
  • 3:
    Freedom of choice and enterprise
  • 4:
    Low rate of economic growth
4:

The basic economic question for all societies arises because resources


Correct
  • 1:
    Are unlimited in supply
  • 2:
    Are limited in supply
  • 3:
    Have alternative uses
  • 4:
    Are perfectly mobile
5:

The knowledge-based part of an economy falls under the


Correct
  • 1:
    Primary sector
  • 2:
    Secondary sector
  • 3:
    Tertiary sector
  • 4:
    Quinary sector
6:

A
manufacturing firm operates a balanced system of 3 machines A, B and C with
capacities 10, 15 and 25 units of a product per hour respectively. How many
units of each machine will enable the firm to operate at full capacity per
hour?


Correct
  • 1:
    10A + 15B + 5C
  • 2:
    15A + 10B + 6C
  • 3:
    10A + 15B + 24C
  • 4:
    5A + 10B + 20C
7:

Which of the following is a benefit from the successful practice of division of labour?


Correct
  • 1:
    Worker interdependence
  • 2:
    Economies of bulk buying
  • 3:
    Efficient managerial ability
  • 4:
    Decreasing returns to scale
8:

Question 8 is based on the table below relating to four different firms.

Which of the firm is experiencing decreasing returns to scale?


<p> Question 8 is based on the table below relating to four different firms. </p><p> Which of the firm is experiencing decreasing returns to scale? </p>
Correct
  • 1:
    Firm W.
  • 2:
    Firm X.
  • 3:
    Firm Y.
  • 4:
    Firm Z
9:

The law of diminishing returns may be offset by


Correct
  • 1:
    Working extra hours
  • 2:
    Reducing the unit of fixed factor
  • 3:
    Improvements in technology
  • 4:
    Doubling units of the variable factor
10:

The optimum population point is given at


<p> The optimum population point is given at </p>
Correct
  • 1:
    Point A
  • 2:
    Point B
  • 3:
    Point C
  • 4:
    Point D
11:

When the number of people moving out of a country exceeds the number of people coming in, then there is


Correct
  • 1:
    Net migration
  • 2:
    Net immigration
  • 3:
    Net emigration
  • 4:
    Net migration rate
12:

Why are the prices of manufactured products more stable than those of agricultural products?


Correct
  • 1:
    Manufactured goods are more low demand price elastic
  • 2:
    Manufactured products are inelastic in supply
  • 3:
    Manufactured products are elastic in demand
  • 4:
    Manufactured products are low supply price elastic
13:

Which of the following describes a public good?


Correct
  • 1:
    It is a free gift of nature
  • 2:
    It displays non-rivalry in consumption
  • 3:
    It displays excludability in consumption
  • 4:
    It is always provided through the market
14:

The price of a good express in terms of another good is called


Correct
  • 1:
    Money price
  • 2:
    Relative price
  • 3:
    Nominal price
  • 4:
    Absolute price
15:

There are 100 suppliers of ’bush mangoes’ in a community with each having an identical supply function given as Qs =2P, where Qs is the quantity supplied and P is the price. Determine the market supply function.


Correct
  • 1:
    Qs = 100 + 2P
  • 2:
    Qs = 2P + 100
  • 3:
    Qs = 200P
  • 4:
    Qs = 100P

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A Level Economics Quiz 2021 Part 1
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