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Unit Test 10 Economics

This document is a unit test for Economics for Grade 10 IPS, consisting of multiple-choice questions covering topics such as demand and supply, market equilibrium, and the effects of various factors on market conditions. The test includes questions about specific scenarios, demand and supply functions, and the impact of price changes on quantity demanded and supplied. Additionally, there are open-ended questions requiring calculations and analysis related to the Honda Jazz market and non-price determinants of supply and demand.

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mahdy
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33 views

Unit Test 10 Economics

This document is a unit test for Economics for Grade 10 IPS, consisting of multiple-choice questions covering topics such as demand and supply, market equilibrium, and the effects of various factors on market conditions. The test includes questions about specific scenarios, demand and supply functions, and the impact of price changes on quantity demanded and supplied. Additionally, there are open-ended questions requiring calculations and analysis related to the Honda Jazz market and non-price determinants of supply and demand.

Uploaded by

mahdy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Unit Test 1

Date Wednesday,19th February 2025 Student’s Name

Subject Economics Marks

Grade 10 IPS

TOTAL : 70 MARKS

INSTRUCTION
For each questions below, there are four possible answers.
Choose the one you consider correct and write (A), (B), (C), (D) [20]

1. The diagram shows a change in demand for coffee.

What would cause the demand for coffee to change from D1 to D2?

A a good coffee harvest


B a rise in the price of substitute drinks
C a rise in the wages of coffee workers
D a successful advertising campaign for tea

2. The table shows the supply for a product at different prices.

If the price changes from $12 to $14, what will be the change in supply?

A Supply will contract by 40 units and there will be a movement down along the supply curve.
B Supply will contract by 200 units and there will be an inward shift of the supply curve.
C Supply will extend by 40 units and there will be a movement up along the supply curve.
D Supply will extend by 200 units and there will be an outward shift of the supply curve.

3. Which changes would move the equilibrium in the diagram from point X to point Z?
A a decrease in demand with a decrease in supply
B a decrease in demand with an increase in supply
C an increase in demand with a decrease in supply
D an increase in demand with an increase in supply

4. A period of bad weather leads to a failure of the rice crop. What is the effect on the market for
rice?
A a shortage of rice and a fall in its price
B a shortage of rice and a rise in its price
C a surplus of rice and a fall in its price
D a surplus of rice and a rise in its price

5. The demand function for shoes is represented by Qd = 890 - 2P. If the quantity demanded is
450, the price per pair of shoes is:
A Rp220
B Rp225
C Rp230
D Rp260

6. If the demand function is known as Qd = 820 - 2P and the supply function is Qs = -380 + 4P,
then the equilibrium quantity and price are...

A P = 600 and Q = 380


B P = 420 and Q = 200
C P = 340 and Q = 240
D P = 200 and Q = 420

7. In the market, the demand function is given by Qd = 40 - 2P. How much is the quantity
demanded when the price (P) is 10?

A 10
B 30
C5
D 20

8. The demand for a certain good is influenced by the factors below, except for...

A Population size
B Income
C Technological advancement
D Prices of other goods

9. The world price of cocoa has been falling while the prices of products made from cocoa have
been rising. Which combination might explain this?
10. The table shows the amounts demanded and supplied of tomatoes at different prices. The
initial equilibrium is at a price of $40.

The following year, more efficient harvesting means that the supply increases by 50% at each
price. What will happen to the suppliers’ total revenue?

A It will fall by $10.

B It will fall by $40.

C It will rise by $10.

D It will rise by $200.

11. A fall in which variable would help eliminate a market shortage?

A quantity demanded
B price
C quantity supplied
D the number of firms

12. The equilibrium price in the market for a good is:

A. The average price paid by consumers


B. The price at which maximum profit is made
C. The price at which the producer breaks even
D. The price at which the supply and demand curves intersect

13. What does equilibrium in a market mean?


A. When products offered for sale match consumer demand
B. When profit is at the expected level
C. When the quantity of inputs equals the quantity of outputs
D. When total costs equal total revenue

14. What impact does an indirect tax have on the equilibrium price and quantity in a market?

A. Price increases, quantity increases


B. Price increases, quantity decreases
C. Price decreases, quantity increases
D. Price decreases, quantity remains unchanged

15. What occurs in the market when there is excess demand?

A. Prices decrease to eliminate the excess demand


B. Prices increase to eliminate the excess demand
C. Prices remain unchanged as buyers and sellers negotiate
D. Both buyers and sellers exit the market

16. What does a surplus or excess supply indicate in the market?

A. Prices are too high


B. Prices are too low
C. Prices are at equilibrium
D. Prices are irrelevant

17. What happens to the market for umbrellas when it starts raining?

A. Demand decreases
B. Demand increases
C. Supply decreases
D. Supply increases

18. If consumer incomes increase, what effect might this have on the equilibrium price and
quantity of cinema tickets?

A. Equilibrium price increases, equilibrium quantity decreases


B. Equilibrium price decreases, equilibrium quantity decreases
C. Equilibrium price increases, equilibrium quantity increases
D. Equilibrium price remains unchanged, equilibrium quantity increases

19. The table shows the demand schedule for a good at different prices.
The current market price for the good is $10.

Following a 20% increase in price, what will be the change in the quantity demanded?

A. -60
B. -40
C. +120
D. +200

20. What can cause the supply curve for a product to shift to the right?

A. An increase in demand for the product


B. An increase in government subsidies to producers
C. An increase in indirect taxes on the product
D. An increase in the costs of production
Question 1

The following are the demand function for the Honda Jazz is represented by the equation: Q = 120-
0,5P, while the supply function is Q = 4,5P + 20

a. Calculate the quantity of the Honda jazz supply and demand [3]
b. Calculate the price of the Honda jazz supply and demand [3]
c. Determine the market situation state and analyze the market situation for Honda jazz,
please provide the graphic to answer [8]

Question 2

Although price is regarded as the key determinant of the level of supply and demand of a good or
service, it is not the only factor that affects the quantity supplied and demanded. Non-price factors
that affect the level of supply and demand of a product

a. There is 6 non-price determinants of demand, please state all of the determinant and explain
[12]
b. There is 7 non-price determinants of demand, please state all of the determinant and explain
[14]

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