CETA Commerce Shield (Economics)

Question 1

An increase in consumer income leads to a decrease in ...

Accepted Answer

Inferior goods

Question 2

What determines ability to supply?

Accepted Answer

Resources available

Question 3

What is missing on the demand curve pictured

Accepted Answer

Arrows

Question 4

A tariff is a ...

Accepted Answer

Tax on imports, A cost of production

Question 5

Why would consumers increase Quantity demanded?

Accepted Answer

A decrease in price

Question 6

Why does the demand curve slop downwards?

Accepted Answer

Law of Demand

Question 7

Which is an example of a trade restriction?

Accepted Answer

Quota, Tariff

Question 8

If market price is above equilibrium there will be a.....?

Accepted Answer

Surplus

Question 9

Why would a firm increase QS if the price increases?

Accepted Answer

More profitable

Question 10

How can the government influence demand?

Accepted Answer

Increase transfer payments, Decrease direct taxes

Question 11

Demand requires a consumer to be....

Accepted Answer

Willing and Able

Question 12

Who is this person?

Accepted Answer

Grant Robertson

Question 13

Market equilibrium occurs when:

Accepted Answer

quantity demanded equals quantity supplied

Question 14

The picture best describes

Accepted Answer

Complementary Goods

Question 15

The graph below could demonstrate...

Accepted Answer

a decrease in quota

Question 16

What is indicated by the yellow box?

Accepted Answer

Government revenue

Question 17

What tax rate do NZ companies pay?

Accepted Answer

28%

Question 18

Which of the following would not break ceteris paribus?

Accepted Answer

Price decreases

Question 19

What is a price ceiling?

Accepted Answer

The Max price set by the govt

Question 20

What type of Government intervention is indicated?

Accepted Answer

Minimum Price Control

Question 21

Output divided by input is called

Accepted Answer

Productivity

Question 22

What word best describes the market at equilibrium?

Accepted Answer

Stable

Question 23

Sharing half your cake to get half someone else's drink is called a

Accepted Answer

Compromise

Question 24

Who is this lady on the NZ $10 note?

Accepted Answer

Kate Sheppard

Question 25

Supply is about which sector of the economy?

Accepted Answer

Producer

Question 26

The graph below shows...

Accepted Answer

An increase in Quantity Supplied

Question 27

Decrease in average price as output increases is called

Accepted Answer

Economies of scale

Question 28

Price being the only factor that changes refers to...

Accepted Answer

Ceteris Paribus, A change in Qd

Question 29

What determines willingness to supply?

Accepted Answer

Profitability

Question 30

How many credits is the Market external exam?

Accepted Answer

5

Question 31

The graph below shows...

Accepted Answer

A decrease in supply

Question 32

What impact does a subsidy have?

Accepted Answer

Prices decreases

Question 33

A hotwater bottle and wheatbag are...

Accepted Answer

substitutes

Question 34

Law of supply:"As price increases, quantity supplied..."

Accepted Answer

increases, ceteris paribus

Question 35

the line below represents

Accepted Answer

necessities

Question 36

What is the basic economic problem?

Accepted Answer

Scarcity

CETA Commerce Shield (Economics)

Questions 36

CETA Commerce Shield (Economics)

Questions 36