Economics

Question 1

What is the implication of a shift of a Supply curve to the right?

Accepted Answer

All of these

Question 2

Equilibrium price before subsidy

Accepted Answer

B

Question 3

Which of these is a supply term?

Accepted Answer

Related Goods

Question 4

What is the currency in Japan?

Accepted Answer

Yen

Question 5

Market supply-horizontal summation of all producers' supply G/S in given period and range price

Accepted Answer

True

Question 6

What budgetary item makes up for the biggest slice of the NZ budget?

Accepted Answer

Social Welfare

Question 7

Most favoured option - Clubbing; option 2 - Movies; option 3- restaurant - Opportunity cost?

Accepted Answer

Movies

Question 8

True or False - An increase in demand will increase the equilibrium price

Accepted Answer

True

Question 9

A Tractor is a what type of good?

Accepted Answer

Capital

Question 10

Law of Demand True or False - Price of g/s increases then QD increases, ceteris paribus

Accepted Answer

False

Question 11

What is the main concept of Economics?

Accepted Answer

Scarcity

Question 12

In which country is Wall Street?

Accepted Answer

USA

Question 13

What is the situation here?

Accepted Answer

Increase demand

Question 14

New Zealand's exports are 70% primary resources. Which item makes up the biggest %?

Accepted Answer

Milk solids

Question 15

Which is the odd one out?

Accepted Answer

Technology

Question 16

T/F: Ind demand is the quantity of g/s a consumer is willing to purchase in given time+price

Accepted Answer

False

Question 17

This is the logo of which motorcycle manufaturer?

Accepted Answer

Yamaha

Question 18

What is NZ's Official Cash Rate (OCR) at which the government lends money to banks?

Accepted Answer

3.5%

Question 19

Which of these demand factors are not correct ?

Accepted Answer

Sales Tax

Question 20

Mechanisation will shift which curve and which way?

Accepted Answer

Supply Right

Question 21

What is another name for a Maximum price?

Accepted Answer

Ceiling price

Question 22

Who is on New Zealand's $100 bill?

Accepted Answer

Ernest Rutherford

Question 23

Price earnt by producers after subsidy

Accepted Answer

A

Question 24

Who is New Zealand's Finance Minister?

Accepted Answer

Bill English

Question 25

What is Telecom's new name?

Accepted Answer

Spark

Question 26

What is a Merit Good?

Accepted Answer

Goods that are deemed beneficial for society

Question 27

Revenue minus costs =?

Accepted Answer

Profit

Question 28

Ceteris Paribus

Accepted Answer

Everything stays constant, apart from the price

Question 29

How many million in a billion?

Accepted Answer

1000

Question 30

Spot the error

Accepted Answer

Price increments

Question 31

What is 'Productivity'

Accepted Answer

Rate of output per person in a given time

Question 32

True or False - Kiwisaver is a compliance cost for producers

Accepted Answer

True

Question 33

In which city will one find New Zealand's Stock Exchange?

Accepted Answer

Wellington

Question 34

Movement along the curve

Accepted Answer

Price change

Question 35

What label goes on the vertical axis of a demand curve?

Accepted Answer

Price

Question 36

Where will a shortage be drawn on a graph?

Accepted Answer

Below equilibrium

Question 37

Which country is New Zealand's main export destination?

Accepted Answer

China

Question 38

What situation wil arise with a Minumum Price?

Accepted Answer

Surplus

Question 39

Which country's currency is this?

Accepted Answer

South Africa

Question 40

Law of Supply -As the price of a G/S increases so does the supply, ceteris paribus. T/F?

Accepted Answer

False

Question 41

What is the current approximate price per litre for 91 octane fuel in Wellington?

Accepted Answer

$2.14

Question 42

True or False: A decrease in income tax rates will lead to an increase in inferior goods

Accepted Answer

False

Question 43

What does this situation represent?

Accepted Answer

Cyclone wipes out bananas

Question 44

In which country will one find the headquarters of the European Union?

Accepted Answer

Belgium

Question 45

Wants are...

Accepted Answer

Unlimited

Question 46

Revenue earnt by producers after Sales Tax has been paid to Govt

Accepted Answer

C

Question 47

What does a demand schedule need?

Accepted Answer

Title, time period, good, price and quantities

Economics

Questions 47

Economics

Questions 47