What is the opportunity cost of a good?

The amount of a good sacrificed to get another good

A higher price for batteries would tend to..

decrease the demand for batteries

The quantity demanded is

a good that consumers plan to purchase at a particular price

The price elasticity of demand is

The responsiveness of the demand to a change in price

Which of the following would NOT be a determinant of demand?

the prices of the inputs used to produce the good

The Basic Economic problem is all about

Both Infinite wants and limited resources

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IGCSE Economics Market System basic economic problem

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Questions 15

Answers

1
Which is the factor affecting demand
Subsidies
Fashion
Change in technologyAnswer 3
Cost of production
2
Macroeconomics is about...
Usage of water
The relationship between different sectors of the economy
Individual parts of the economy
The economy as a whole
3
Which of the following pairs of goods are most likely substitutes?
peanut butter and gasoline
lettuce and salad dressing
cola and lemon lime soda
compact discs and compact disc players
4
The term used to describe CD Albums and digital albums
Subsidies
Substitutes
Supplements
necessities
5
What is the opportunity cost of a good?
The time lost on finding it
The amount of a good sacrificed to get another good
The price of a good
The money spent for producing a unit of a good
6
A higher price for batteries would tend to..
decrease the demand for batteries
c. increase the demand for electricity
increase the demand for flashlights
decrease the demand for electricity
7
Which one is the factor affecting supply
indirect taxes
price of compliments
income
population
8
The quantity demanded is
independent of the price of the good.
independent of consumers' buying plans.
a good that consumers plan to purchase at a particular price
always equal to the equilibrium quantity
9
What number is price elastic for income
0
-2
-1
-1
10
The price elasticity of demand is
The shift of the demand curve
The quantity that people are going to buy at a certain price
The extent to which the price can dominate over demand
The responsiveness of the demand to a change in price
11
Which one of these questions belongs to the basic economic problem?
What quantities to produce?
Where to produce?
When to produce?
How to produce?
12
Aggregate demand is
The average
The total
The minimum
The maximum
13
Which of the following would NOT be a determinant of demand?
tastes
income
the prices of the inputs used to produce the good
the price of related goods
14
CELL stands for:
Capita Economy Labour Land
Capital Enterprise Labour Land
Capita Economy Latitude Loaf
Capita Enterprise Labour Land
15
The Basic Economic problem is all about
Infinite wants
Both Infinite wants and limited resources
None of the above
Limited resources

IGCSE Economics Market System basic economic problem Flashcards | StudBud