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IGCSE Economics: Topics 1.1.1 - 1.1.14 Flashcards | StudBud

Explore/IGCSE Economics: Topics 1.1.1 - 1.1.14

IGCSE Economics: Topics 1.1.1 - 1.1.14

10 terms·StudBud Administration·131 plays

A quiz covering content from the first four topics of the Pearson EdExcel IGCSE Economics syllabus. Topic 1.1.1 The economic problem Topic 1.1.2 Economic assumptions Topic 1.1.3 Demand, supply and market equilibrium Topic 1.1.4 Elasticities

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Questions 10

Answers

1
Of three prices annotated with a dotted red line, at which would excess demand occur?
£80
£60
£100
£40
2
Which of the following would NOT cause the PPC to shift outwards?
Access to new resources
Improved technology
Changes in the level of unemployment
Improved efficiency
3
Which description best fits the image?
Decrease in supply
Decrease in quantity supplied
Increase in supply
Change in supply
4
Which description best explains the diagram below?
Reduction in subsidies
Increase in the number of consumers
Increase in production costs
Decrease in the price of a substitute
5
A good with an PES value of 0.2 is said to be...
Price Inelastic
Price Elastic
Perfectly inelastic
Perfectly inelastic
6
Opportunity cost is...
The value forgone of alternatives
The cost of making a decision
The value forgone of the next best alternative
The price of the choice forgone
7
A good with a YED value of less and 1 but more than 0 would be considered...
Inferior good (luxury)
Normal good (luxury)
Normal good (necessity)
Inferior good (necessity)
8
Equilibrium price is also known as...
Microeconomic equilibrium
Market equilibrium
Equilibrium quantity
Market clearing price
9
How is total revenue calculated?
Total costs multiplied by output.
Price multiplied by quantity.
Total costs divided by output.
Profits divided by output.
10
What is another economic term for benefit, which consumers aim to maximise?
Advantage
Econo-points
Profit
Utility