Which of the following are price mechanism functions?

Rationing, Signalling, Incentives

Which of these statements about the demand curve is false?

Qd is directly proportional to P

What happens to the equilibrium price of ham, when the price of corned beef rises?

Demand shifts right and it goes up

What is 'Market Clearing'?

A balance between quantity supplied and Quantity Demanded

What happens to the equilibrium price of ice cream, when the summer weather is disappointing?

Demand shifts left and it goes down

What happens when the cost producting gold increases?

Supply Curve shifts to the left

The equilibrium price is the market price where the quantity of goods supplied...

is equal to the quantity of goods demanded.

Which statement is correct?

Niche markets are small, Products in niche markets tend to be more expensive.

When the price of good X increases, ...

Quantity demanded (Qd)of good X decreases

When the price of good Y increases, ...

Quantity supplied (Qs)of good Y increases

What is meant by the term 'Shortage'?

there is too much demand compared to the amount supplied

Which of these statements about the supply curve is false?

Market supply curves always slope downwards

The price mechanism...

Usually allocates resources in the best possible way, Operates automatically

What 3 main factors affect the Supply Curve?

Cost of Production, Good/Bad Harvest and No. of competitors

What happens to the equilibrium price of apples, when there is a good harvest?

Supply shifts right and it goes down

As Price increases...

Qs increases (movement up the supply curve)

When does 'Excess Supply' happen?

When the price is above equilibrium price

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A-Level Theme 1 Revision: Combined Weeks 4-6

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Economics B Theme 1 Week 4 Review: Demand Supply Economics B Theme 1 Week 5 Review: #week5economics #demand #supply Economics B Theme 1 Week 6 Review: Economics

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Questions 67

Answers

1
Which of the following are price mechanism functions?
Rationing, Signalling, Incentives
Marketing, Advertising, Signalling
Signalling, Rationing, Marketing
Incentives, Rationing, Specialisation
2
Which of these statements about the demand curve is false?
Market demand curves always slope downwards
Qd is inversely proportional to P
Qd is directly proportional to P
The curve plots Price (P) against Quantity demanded (Qd)
3
What is the term used to describe when the quantity demanded is equal to the quantity supplied?
Equality
Balance
Equilibrium
Equalibrium
4
What occurs when the quantity supplied is greater than the quantity demanded?
Excess supply
Equilibrium price
Market clearing
Excess demand
5
What happens to the equilibrium price of ham, when the price of corned beef rises?
Demand shifts right and it goes up
Supply shifts right and it goes down
Demand shifts left and it goes down
Supply shifts left and it goes up
6
What goes on the x axis of a demand and supply diagram?
Price
Cost
Profit
Quantity
7
Which of these shifts the demand curve for a good
A change in income
New competition
A good harvest
Cost of production
8
What is 'Market Clearing'?
Where the customers buy everything from a shop
Its not a term used in economics
A balance between quantity supplied and Quantity Demanded
Business leaves the market and becomes clear of competitors
9
What happens to the equilibrium price of ice cream, when the summer weather is disappointing?
Demand shifts left and it goes down
Demand shifts right and it goes up
Supply shifts left and it goes up
Supply shifts right and it goes down
10
Which one is not a reliable type of sampling?
Bias samples
Quota samples
Random samples
Stratified samples
11
When incomes increase, (for a normal good) ...
The demand curve shifts right
The supply curve shifts right
The supply curve shifts left
The demand curve shifts left
12
When there is a bad harvest of apples...
The demand curve shifts right
The supply curve shifts left
The demand curve shifts left
The supply curve shifts right
13
What happens when the cost producting gold increases?
because it is price it causes an expansion on supply curve
because it is price it causes an contraction on supply curve
Supply Curve shifts to the left
Demand Curve shifts to the left
14
When the price of a substitute increases, ...
The supply curve shifts right
The demand curve shifts right
The supply curve shifts left
The demand curve shifts left
15
The equilibrium price is the market price where the quantity of goods supplied...
is less than the quantity of goods demanded.
is more than the quantity of goods demanded.
is equal to the quantity of goods demanded.
16
Which statement is correct?
Niche markets are small
Products in niche markets tend to be more expensive.
Businesses in niche markets make the most profit.
Niche markets are big
17
What shape are most supply curves?
Sloping Up
Horizontally
Straight Down
Sloping Down
18
When the price of good X increases, ...
Quantity demanded (Qd)of good X increases
The demand curve for good X shifts right
The demand curve for good X shifts left
Quantity demanded (Qd)of good X decreases
19
Which of the following is a business that operates in a mass market?
Flowers in Focus
Five Stride Skate Shop
Sony
Upcycled Bags
20
What occurs when the quantity demanded outstrips the quantity supplied?
Excess demand
Excess supply
Market clearing
Equilibrium price
21
Which is the largest company by revenue?
Apple
Samsung
Walmart
Tesco
22
When the price is below equilibrium prices, there is said to be...
Excess Demand
Excess Supply
A Surplus
Equilibrium
23
When incomes increase, (for an inferior good) ...
The supply curve shifts right
The demand curve shifts left
The demand curve shifts right
The supply curve shifts left
24
What is 15% of 3500?
525
175
425
350
25
What goes on the y axis of a demand and supply diagram?
Profit
Quantity
Cost
Price
26
When a new hairdresser starts up a business in Trowbridge...
The supply curve shifts left
The demand curve shifts left
The supply curve shifts right
The demand curve shifts right
27
Which of the following is not a fizzy drink company?
Pepsi
The Coca Cola Company
Dr Pepper
Fanta
28
When the price of good Y increases, ...
The supply curve for good Y shifts left
Quantity supplied (Qs)of good Y decreases
The supply curve for good Y shifts right
Quantity supplied (Qs)of good Y increases
29
Which item is a homogeneous product?
Car
Oil
Computer
Ruler
30
What is meant by the term 'Shortage'?
Less people want to buy the product
When there is too little supply and too little demand
When there is too much demand and also too much supplied
there is too much demand compared to the amount supplied
31
The term used to describe when potential profits attract entrepreneurs to a growing market is?
Ceteris Paribus
Price Mechanism
Profit Signalling Mechanism
Profit Maximising
32
How do you calculate the 'Sales Revenue'
You can't
Supply - Demand
Quantity + Equilibrium price
Equilibrium Price x Quantity
33
What word is used to describe research focused on numbers and percentages?
Qualitative
Quantitative
Statistics
Numerical
34
Which of these statements about the supply curve is false?
Market supply curves always slope downwards
The curve plots Price (P) against Quantity supplied (Qs)
Producers will supply more of a good when its price rises
Qs is directly proportional to P
35
When an oil trader sells oil even though s/he doesn't own any, we say they are..
Drilling
Long selling
Flat selling
Short selling
36
Which company did Coca Cola buy 18% of in 2009?
Innocent
Volvic
Dr Pepper
Pepsi
37
What is the link between paper clips and season tickets for Man Utd?
None of these
Inferior goods
Complements
Substitutes
38
The price mechanism...
Needs winding up every four years
Usually allocates resources in the best possible way
Operates automatically
Is used by businesses to exploit customers
39
What 3 main factors affect the Supply Curve?
Cost of Production, Price of the product, Quality of Product
Rise in Income, Cost of product and Cost of production
Cost of Production, Good/Bad Harvest and No. of competitors
Bad Harvest, Good Harvest and Price of product
40
Which of these is not a market segment identified by UK supermarkets?
Comfortable and contented
Habit-Bound Diehards
Roomers With a View
Mercenaries
41
What happens to the equilibrium price of apples, when there is a good harvest?
Supply shifts left and it goes up
Supply shifts right and it goes down
Demand shifts right and it goes up
Demand shifts left and it goes down
42
Which of these is a method used to segment customers based on their neighbourhood type?
WALNUT
MAPLE
CONKER
ACORN
43
What is the link between potatoes and bus tickets?
Inferior goods
None of these
Substitutes
Complements
44
When we assume that 'other things remain the same' it is called...
Controlled Practice
Chalice Omnibus
Centrallio Patrimoine
Ceteris Paribus
45
Which of these shifts the supply curve for a good
Cost of production
Price of a substitute
Price of a complement
Its own price
46
When the cost of production increases, ...
The demand curve shifts right
The supply curve shifts right
The demand curve shifts left
The supply curve shifts left
47
As Price increases...
Supply increases
Qs decreases (movement down the supply curve)
Supply decreases
Qs increases (movement up the supply curve)
48
Who started a market stall in East London and grew the business (Tesco) in 1919?
Jack Chidlow
Jack Courage
Jack Chow
Jack Cohen
49
What goes on the axes of a demand and supply diagram?
Quantity and Profit
Quality and Price
Quantity and Price
'Pleases' and 'Thank yous'
50
Looking at the image, what is the equilibrium price?
$220
$10
$15
$20
51
When does 'Excess Supply' happen?
When the price is above equilibrium price
When the profit gained is above equilibrium price
When the price is below the equilibrium price
When the profit gained is below the equilibrium price
52
Secondary research can also be known as...
duet research.
desk research.
dust research.
duo research.
53
What is the link between coffee and tea?
Substitutes
None of these
Inferior goods
Complements
54
When there is a health scare story about a product...
The supply curve shifts left
The demand curve shifts left
The demand curve shifts right
The supply curve shifts right
55
When the price of a complement increases, ...
The supply curve shifts right
The demand curve shifts left
The demand curve shifts right
The supply curve shifts left
56
What happens to the equilibrium price of cars, when the cost of steel increases?
Supply shifts right and it goes down
Demand shifts left and it goes down
Demand shifts right and it goes up
Supply shifts left and it goes up
57
As Price decreases...
Qd increases (movement down the demand curve)
Demand increases
Demand decreases
Qd decreases (movement up the demand curve)
58
Which 2 things set the market price of a product?
Supply and Demand
Demand and Secretion
Distribution and secretion
Supply and Democracy
59
When there is a successful advertising campaign for a product...
The demand curve shifts left
The demand curve shifts right
The supply curve shifts right
The supply curve shifts left
60
Which two adjectives describe the idea of niche markets?
Smart and stylish
Small and sophisticated
Sleek and spry
Small and specialist
61
Businesses compete on...
Supply
A level playing field
Demand
Price
62
When the real price of something is the same as its equilibrium price, we say the market has...
Swept
Emptied
Cleaned out
Cleared
63
What products are distinctive, with different design features or branding?
Distinctive
Differentiated
Domestic
Different
64
Primary research can also be known as...
felt research.
feld research.
fuel research.
field research.
65
How many times has Mr Ryan been married?
2
3
1
Never
66
What technique identifies different groups in society & studies their needs and wants?
Market sampling
Market segments
Market segmentation
Market specialisation
67
Which company bought the remaining Kraft operations in 2015 to create a $100 billion business?
Baked Beans
Heinz
Coca Cola
Brake Brothers

A-Level Theme 1 Revision: Combined Weeks 4-6 Flashcards | StudBud