WJEC AS Economics

The most accurate definition of opportunity cost is:

Which is not directly linked to price discrimination?

When a good has alternative uses, it is in:

Which of the following is not a reason for the downward sloping demand curve?

Which of the following cannot be a method to increase productivity?

When a good is only a small proportion of total income, it is likely that it has ( ) demand.

When labour/capital is occupationally mobile, it is likely that supply is relatively ( ).

When there is ( ), a downward pressure on price is required to reach ( )

Which of the following is not a reason for an outward shift of the PPF?

Which goods are more supply inelastic?

When price falls and demand expands due to the Income Effect, it is because:

Necessities are relatively ( )

Bread and butter are examples of goods in ( ) and are ( )

What is an example of derived demand?

Normal goods have a ( ) YED; inferior goods have a ( ) YED.

A fall in price of a good will lead to (most accurate answer):

What measures the responsiveness of demand following a change in price of another good?

What is effective demand?

Consumers, firms, workers and the government collectively are all:

When it comes to taxes, a diverging shift in the supply curve shows:

What is the production of a good broken up into separate tasks called?

Exceptions to the Law of Demand are:

Where firms want to maximise profits and workers their welfare/income, consumers want to:

A concave PPF implies the following, except:

Knowing the Law of Diminishing Marginal Utility, what do shops have to do to encourage sales?

The Law of Demand states that:

Which of the following is not a reason for the upward sloping supply curve?

Which of the following are not determinants of demand?

Which of the following is not a benefit of increased productivity?

Owners of the factors of production want to maximise:

Which of these states that any change that benefits one will disadvantage the other?

Substitutes have ( ) XED; complements have ( ) XED.

Which are the benefits of specialisation?

Signalling, Rationing and Incentive are all:

With elastic demand, more of the tax is paid by the ( ).

The 4 factors of production are: land, labour, ( ) and ( ).

Which of these is not relevant to the PPF curve?

Which elasticity is most relevant for pricing strategies for substitutes?

Limited resources but unlimited wants and needs is the Basic Economic Problem - also known as?

What producers are willing to supply a good for and what they receive is:

The following are determinants of supply except:

Consumer surplus + producer surplus =

The difference between what consumers are willing to pay and market price is known as:

An ideal free market situation would include the following except:

Which is not a determinant of PED?