Should You Take Economics in JC?

JavaScript isn't enabled in your browser, so this file can't be opened. Enable and reload.

This quiz was carefully designed to help students assess their intuition for economic concepts and theories. We designed the questions and answers without expecting any existing knowledge about economic theories, but students who are generally more well-read would tend to find it easier to handle the questions, as much of economics is about the study of the world around us. A low score on the test does not mean that students would necessarily struggle with economics, but would suggest that more time would be needed to grasp the logic behind these theories.

Score Analysis

>7: Economic theories are logical and intuitive for you, and you should have little difficulty understanding and memorising concepts
5-7: Economic theories are somewhat intuitive for you, but some concepts might require more effort to comprehend.
1-4: Economic theories are somewhat abstract and might not quite gel with your understanding of how the world works. You might need more exposure and effort to master economics.

Email *

Record my email address with my response

When the demand for homes increase, what happens to housing prices?

1 point

Housing prices would increase

Housing prices would decrease

Housing prices would remain unchanged

Clear selection

If fewer foreign workers are coming to Singapore to work in restaurants, what is likely to happen to the prices of food in restaurants?

1 point

Food prices would rise

Food prices would fall

Food prices would be unaffected

Clear selection

If consumers regard rice to be a staple food and a necessity, what would likely happen when the prices of rice increase?

1 point

Consumers would buy slightly fewer bags of rice

Consumers would buy significantly fewer bags of rice

Consumers would buy more bags of rice rice

Clear selection

If the government wants to encourage Singaporeans to exercise more, they should

1 point

increase taxes on the booking of sporting facilities like badminton courts

increase subsidies on the booking of sporting facilities like badminton courts

set a quota on the booking of sporting facilities like badminton courts

Clear selection

The more companies there are in the clothing industry

1 point

the greater the variety of clothes produced

the lower the prices of clothes

the greater the quantity of clothes produced

all of the above

Clear selection

When a company like Grab dominates the ride hailing market, what would likely happen to the prices of Grab rides?

1 point

Grab rides would cost more

Grab rides would cost less

Grab rides would neither cost more or less

Clear selection

Which of the following strategies can help a company to raise its profits?

1 point

Product differentiation; creating new and better products that differentiates from rival firms

Price competition; lowering prices to undercut rival firms and gain more customers

Cost-cutting through bulk buying raw materials or improving efficiency in production

All of the above

Clear selection

Governments heavily tax and regulate cigarettes because

1 point

consumers underestimate how harmful cigarettes are to themselves

smokers harm other members of society who do not smoke

all of the above

Clear selection

If governments DO NOT provide street lighting in a country

1 point

there will be NO street lights, since no one will have a reason to provide them

there will be street lights, because individuals would be happy to pay for street lights

there will be street lights, because companies would provide street lights for free

Clear selection

The free provision of healthcare in economies could be problematic because

1 point

it is a burden on government tax revenues, and forces them to give up spending on other areas

people could abuse the system and consume too much unnecessary healthcare services

the government might not be able to provide good and efficient healthcare services

all of the above

Clear selection

Submit

Clear form

This form was created inside of Ace Clinic Education Pte. Ltd.. Report Abuse

Forms