IGCSE Economics Changes in Demand and Supply

Question 1

Which is a correct factor shifting the supply curve

Accepted Answer

Cost of production

Question 2

Which of the following is not a factor to shift the demand curve?

Accepted Answer

Global factors of production

Question 3

Goods purchased together because they are consumed together

Accepted Answer

Complementary Goods

Question 4

A good which demand will fall if income rise or rise if income falls

Accepted Answer

Inferior Goods

Question 5

Where supply is greater than demand and there are unsold goods in the market. It is called..

Accepted Answer

Excess Supply

Question 6

The amount of a good people are willing to buy at given price

Accepted Answer

Demand

Question 7

There is a hurricane in central Italy, what happens to the price of tomatoes?

Accepted Answer

Price will increase

Question 8

A good which demand will rise if income rise or fall if income falls

Accepted Answer

Normal Goods

Question 9

Which is not a factor affecting the supply of goods?

Accepted Answer

Advertising

Question 10

Goods bought as alternative to another but perform the same function are

Accepted Answer

Subsititute Goods

Question 11

Which factor does not affect a shift in the supply curve

Accepted Answer

Taste & fashion

Question 12

What word would you use to describe the supply curve when supply is fixed/inelastic?

Accepted Answer

Vertical

Question 13

A line graph which shows how much of a good sellers are willing to supply at different prices

Accepted Answer

Supply Curve

Question 14

Price x Quantity =

Accepted Answer

Revenue

Question 15

On a supply curve, if the supply of a product increases, what happens to the price?

Accepted Answer

Decreases

Questions 15