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Social Studies

11th -



Economics paper 1


15 questions

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  • 1. Multiple Choice
    2 minutes
    1 pt

    Which statement is the most valid reason for government intervention in a free market economy?

    Consumers are well informed, making it difficult for producers to make profits.

    Health and education are not available in sufficient quantities.

    sufficient quantities. C P

    There are many competitive firms and not enough sole suppliers.

  • 2. Multiple Choice
    2 minutes
    1 pt

    What would not be considered a barter transaction?

    a car repairer undertaking the annual service on a plumber’s van in return for the plumber fitting a new sink in the car repairer’s kitchen

    a consumer negotiating with a shopkeeper and buying a pair of trousers at US$10 rather than the asking price of US$30

    a graduate student exchanging a set of textbooks for a radio with a student about to start the course

    a train company allowing a phone company to advertise on its trains in return for the right to advertise on the phone company’s website

  • 3. Multiple Choice
    2 minutes
    1 pt

    A factory introduces an automated production line to take advantage of division of labour. What is most likely to increase?

    average cost of production

    job satisfaction of workers

    range of skills of each worker

    worker productivity

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