| What to create | Exam |
| Which subject | Economics |
| What age group | Year or Grade 11 |
| What topic | |
| Question types | Open-ended |
| Number of questions | 5 |
| Number of answers | 4 |
| Correct answers | Exactly 1 |
| Show correct answers | |
| Use images (descriptions) | |
| Any other preferences |
Instructions: Answer the following questions to the best of your ability. Each question is designed to test your knowledge of fundamental economic concepts. Write your answers clearly.
Define opportunity cost and provide an example.
Your answer should include the definition of opportunity cost and describe a situation where opportunity cost is evident.
Explain the concept of supply and demand. How do shifts in either affect market equilibrium?
Your answer should cover the laws of supply and demand, and any factors that can cause shifts in the curves.
What are the main types of economic systems? Describe the characteristics of each type.
Your answer should include at least four different types of economic systems and explain their key features.
Discuss the role of government in a mixed economy. Provide specific examples of government intervention.
Your answer should address how the government interacts with the market and provide at least four examples of interventions.
What is inflation? Describe its causes and effects on an economy.
Your answer should define inflation, discuss at least four potential causes, and describe its impact on economic stability and purchasing power.
Note: Remember to show your understanding of the concepts, using clear and concise language in your answers.