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Dynamics of Markets Flashcards | StudBud
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Dynamics of Markets
Dynamics of Markets
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Economics Grade 11
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Monopoly is a form of market where there is ?
A. large number of buyer
B. Small number of buyer
D. Any of the above
C. A single firm controlling the market
2
Which of the following is not a condition of perfect competition?
B. Perfect mobility of factors.
D. Freedom of entry and exit into and out of the market.
C. Informative advertising to ensure consumers about product
A. A large number of firms.
3
When comparing nations economic position with other one should see its ?
B. Per Capita GDP
D. None of the above
C. Currency in circulation
A. GDP
4
When we know the quantity of a product that buyers wish to purchase at each possible price, ?
D)Excess supply
A)Demand
C)Excess demand
B)Supply
5
If your income during 1 year is R1000 and the following year it is R1200, then it has grown by
A)20%
D) 12
B) 16
C)2%
6
Macroeconomics is the study of ___________________
the on relationship between different sectors of the economy
household purchase decisions in the economy as a whole
individual building blocks in the economy
7
What do you mean by Law of Demand states?
A. With the increase in price Quantity increases.
D. All of the above.
C. With the increase in price quantity.
B. Quantity does not change with any increase in price.
8
GDP is market value of all the final goods ?
D.All of the above
B. Produced by domestic factors of production.
A. Produced domestically.
C.Produced by all factors of production
9
Difference between Real and Nominal GDP is
B. That real GDP is always smaller than Nominal GDP
D. None of the above.
A. Measured by excluding some of the sectors
C. Change in price level from base year to current year
10
When savings leaks out of the circular flow model, what happens to it?
Savings does not leak out of the circular flow model.
it back into the economy.
It flows to borrowers who then inject
11
Normative economics forms ___________ based on _____________
values,opinions, facts
positive statements, facts opinions,
personal values positive statements,
12
Which of the following is not a characteristic of a price taker?
B. AR = Priceo demand curveo
C. Negatively - sloped
D. Marginal Revenue = Price
A. TR = P x Q
13
When a market is in equilibrium
Quantity demanded equals quantity supplied
Excess demand and excess supply are zero
14
A resource is scarce if supply exceeds demand at zero price?
FALSE
TRUE
15
Which of the following is an injection into the circular flow model?
Government taxes
Exports
Imports
Savings
