LC Economics Practice Questions - Leaving Certificate Economics Exam - LC Economics Practice Questions

Question 1

In Leaving Certificate Economics, economics is best described as:

Only the study of how governments print money A social science studying how people, firms and governments make choices about scarce resources A branch of pure mathematics with no social applications The exclusive study of stock-market trading techniques

Correct Answer:

A social science studying how people, firms and governments make choices about scarce resources

Question 2

Opportunity cost is best defined as:

The accounting cost of raw materials only The total money spent on all alternatives chosen The value of the next-best alternative forgone when a choice is made Any cost that cannot be measured in euro

Correct Answer:

The value of the next-best alternative forgone when a choice is made

Question 3

Which statement is a positive economic statement rather than a normative one?

Ireland should cut income tax to improve fairness The government ought to prioritise green infrastructure spending If the Central Bank raises interest rates, borrowing typically becomes more expensive Unemployment benefits are too high in a just society

Correct Answer:

If the Central Bank raises interest rates, borrowing typically becomes more expensive

Question 4

Scarcity exists because:

All goods are free in a market economy Wants are limited while resources are unlimited Resources are limited relative to unlimited wants Governments ban all production of goods

Correct Answer:

Resources are limited relative to unlimited wants

Question 5

Which is the best example of an opportunity cost of a student choosing to study full-time for Leaving Certificate Economics revision this evening?

The price of the textbook already paid last year (sunk cost) The wage that could have been earned working a paid shift instead The cost of building a new school for the Department of Education The national debt of Ireland

Correct Answer:

The wage that could have been earned working a paid shift instead

Exam overview

About this Exam

Prepare with the LC Economics Practice Questions - Leaving Certificate Economics Exam practice quiz. This question bank includes 100 questions covering demand, firm, cost, because, and price. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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LC Economics Practice Questions - Leaving Certificate Economics Exam

This practice set contains 100 questions from the matching question bank and focuses on demand, firm, cost, because, and price. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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LC Economics Practice Questions - Leaving Certificate Economics Exam

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