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Supply, Demand & Equilibrium Flashcards | StudBud

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Supply, Demand & Equilibrium

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Resource for reviewing chapters 1-6 of the iGCSE Economics Syllabus

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Questions 10

Answers

1
The diagram below shows the house rental market in Abu Dhabi. What is happening?
Demand ↑ Supply ↑ = Price ↓
Demand ↑ Supply ↓ = Price ↑
Population ↓ Supply ↓ = Price ↑
Price ↑ Supply ↑ = Equilibrium
2
Which of the following is not a function of a market
Allocating resources
A place where sellers meet to discuss products.
A place where buyers and sellers meet to exchange.
Setting the price
3
Supermarket "Own Brands" are examples of....
Compliments
Normal Goods
Inferior Goods
Substitutes
4
No matter how much money Tom offered, the cinema was fully booked. Why?
Nobody would sell their ticket
There are no substitutes
It is an inferior good
Supply is FIxed
5
90% of students want an iPhone 6. Only 10% have the cash to purchase the phone. This is...
Inferior Good
Effective Demand
Effective Supply
Cash Demand
6
What would cause the shift in this demand curve from D → D1?
Huge advertising campaign
Population Increase
Fall in income
Increase in the price of substitutes.
7
What can you see in this advert that could affect the demand for Kellogs Coco Pops?
Price of Compliments
Fashion
Price of Substitutes
Population Size
8
The Japanese govt have granted Toyota a $1Bn subsidy for electric car research & development
People will demand electric cars
The price of electric cars will decrease
Supply Curve will shift to the right
Supply curve will shift to the left
9
All of these are examples of an invisible market except...
iTunes
Dalma Mall
Ebay
Mail Order
10
Price ⇑ and Demand ⇓ - This can be described as...
Inverse Relationship
Converse Relationship
Positive Correlation
Reverse Correlation