Which equation do you use to calculate XED?

% change in QD (A) / % change in P (B)

shifting from B to A on the PPF diagram will result in.......

+1 capital good, -10 consumer goods

What does the regulation limit imposed by the government get rid of?

Negative externalities, NET welfare loss

What public goods do the government provide?

Healthcare, Welfare, defence, education

studbud

UNIT 1- Micro economics

20 termsStudBud Administration1,637 plays

#A- level #AQA #economics revision on unit one #(Micro economics)

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
Who came up with the division of labour?
Karl Marx
Alan Sugar
Adam Smith
Friedrich Hayeck
2
Which equation do you use to calculate XED?
% change in QD / % change in Y
% change in QD (A) / % change in P (B)
% change in QD / % change in P
% change in P (A) / % change in QD ( B)
3
shifting from B to A on the PPF diagram will result in.......
+10 capital goods, -1 consumer goods
+1 consumer good, -10 capital gods
+1 capital good, -10 consumer goods
-1 capital good, +10 consumer goods
4
What does the regulation limit imposed by the government get rid of?
Negative externalities
NET welfare loss
under-consumption
underproduction
5
What change will an increase in education cause to the PPF curve?
Upwards shift
Outwards shift
Growth
Inwards shift
6
At which point on the Graph is maximum productivity being shown?
C
D
B
E
7
scarcity is......
An economic decline
Non- renewable
A free good
The basic economic problem
8
The government, individuals and firms are all......
Types of markets
Types of economies
Economic agents
Factors of production
9
Private costs and external costs combined make up....
....social costs
....a net welfare loss
....market failure
....negative externalities
10
Where is the consumer surplus?
C
D
B
A
11
Which factor of production will manufactured resources come under?
Entrepeneurship
Labour
Land
Capital
12
What public goods do the government provide?
Healthcare, Welfare, defence, education
Health care, welfare, taxes, subsidies
Welfare, charities, education, health care
Health care, education, money, welfare
13
A disadvantage of specialisation for workers is.....
Structural unemploymemnt
Overconsumption
Decreased costs
Increased wages
14
The price of substitutes and compliments are.....
Determinants of PED
Determinants of PES
Non- price determinants of PED
Non- price determinants of PES
15
What type of goods are positive on the XED number line?
Substitute goods
Complimentary goods
luxury goods
unrelated goods
16
The theory of demand states that there is a __________ relationship between P and QD of g/s.
inverse
Positive
correlational
Negative
17
Which type of market has the most underprovision of public goods?
Collectivist economy
Free market
Command economy
Mixed economy
18
Rationing, signalling and incentives are all.....
......types of costs
......non-price determinants
......functions of price
.....functions of money
19
Storability, flexibility and availability are....
Types of incentives
Determinants of PES
Determinants of PED
Factors of production
20
An inelastic graph has a....
kinked curve
steep curve
Shallow curve
straight curve

UNIT 1- Micro economics Flashcards | StudBud