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ECONS iGCSE
ECONS iGCSE
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Demand, Supply & Price Determination
Flashcards
15 cards
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Questions
15
Answers
1
Definition of market demand
total supply for a particular product in the market
total price for a particular product in the market
total quantity for a particular product in the market
total demand for a particular product in the market
2
Which of the following is a shifter of demand and supply?
price of related goods
technology
expectation
number of consumers
3
Which of the following is not a reason for a downward sloping demand curve?
income effect
substitution effect
law of increasing marginal utility
law of diminishing marginal utility
4
What causes a movement in a supply curve?
change in price
change in quantity supplied
change in demand
change in sunlight
5
Which of the following are inversely proportional?
Law of Price
Law of Supply and Demand
Law of Supply
Law Of Demand
6
What is a substitute?
same same but different
a replacement
a change in product
goods and services that satisfy a similar want or need
7
What does the demand curve represent?
the relation between the supply of a product and price demanded
the relationship between the price demanded and quantity of a product
the relation between price and quantity
the relationship between the quantity demanded and the price of a product
8
Due to rising global demand, it is expected that the future price of palm oil is likely to rise
supply shift inwards
supply shift outwards
contraction in supply curve
extension in supply curve
9
which of the following is not a cause in shifts of supply?
changes in oppurtunity cost
number of consumers
productivity
weather
10
Which of the following is not an important supply shifter
technological innovations
trends in the market
subsidies
expectations
11
What is a demand schedule?
the data from which a demand curve is drawn
the data from which a supply curve is drawn
the data from which a quantity curve is drawn
the data from which a price curve is drawn
12
What kind of a relationship does a supply curve have?
mutual
inderect
direct
"its complicated"
13
An increases in minimum wage,
increases cost for firms
decreases cost for firms
cost stay the same
change in costs
14
An extension of supply is caused by,
market price changing
market price stays the same
market price rising
market price falling
15
When there is a contraction in demand,
demand increases, quantity demanded extends
demand extends, quantity demanded increases
quantity demanded decreases because prices fell
quantity demanded decreases because prices rose
