SS2 Economics Test for Second Term (2024/2025)

Money can be defined as _______.

• Medium of exchange

• Means on Payment

• All of the options

• Settlements of debt

The short run – cost can be defined as the period of time during which ________.

• At least two inputs are fixed

• All inputs are fixed

• At least one of the firm’s input is fixed 

• All inputs are variable

The demand for a good is price inelastic when ______.

• The price elasticity is negative

• The price elasticity is less than one

• The price elasticity is greater than one

• The price elasticity is less than one

Part – time workers who are desire full time employment are _______.

• Not part of the labour force and do not continue to the unemployment statistic 

• Underemployment  but do not contribute to the unemployment statistics

• Underemployed and contribute to the unemployment statistic

• Cyclical unemployment

The law of supply states that other things being constant , as price increases, _______.

• Quantity supplied increases

• Supply increases

• Supply decreases

• Quantity supplied decreases

Real cost is _______.

• True cost

• Alternative commodities forgone

• Amount of money spent on goods and services

• Cost of goods and services

An industry is _______.

• A group  of firms producing distinct commodities

• A group of firm’s producing differentiated products

• A group of firms producing related goods

• A group of firms producing unrelated goods

If a business ‘ total economic cost of producing 10.000 units of a product is #750,000 and this output is sold to consumers for #1,000,000 then the firm would  earn? 

• A normal profit of #1750000

• An economic profit of #750,000

• An economic profit of #250,000 

• A normal profit of #750,000

A tariff is a tax imposed on ______.

• Imported goods

• Domestic goods

• Consumer goods

• Exported goods

The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is _______.

• Structural unemployment

• Seasonal unemployment

• Frictional unemployment

• Cyclical unemployment