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Economics Flashcards | StudBud

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Economics

10 terms·StudBud Administration·402 plays

A level Economics A- Theme 1 (microeconomics)

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Questions 10

Answers

1
What is ceteris paribus mean?
all things being equal
ignoring everything else
best-case scenario ignored
no external factors
2
Which of the following doesn't increase housing ddemand?
culture of saving not spending
increase in economic growth
increased life expectancy
increased number of 1-person households
3
Which one of the following would not make the PPF curve shift outwards?
increase in labour quality
advances in technology
higher demand
discovery of natural resources
4
What is the relationship between price and demand?
if price decreases demand goes down
if price increases demand goes down
if price increases demand goes up
there is no relation
5
What is not a cause of government failure?
political self interest
policy myopia
regulatory capture
democracy
6
Which one of the following isn't an inelastic good?
cigarettes
petrol
electricity
chocolate
7
Which one the following isn't a condition of supply?
subsidies
indirect tax
weather
direct tax
8
What is a negative externality of a new factory being built?
increased regional output
pollution
positive multiplier effect
more job opportunites
9
What is an equailibirum price?
when quantity demanded equals quantity supplied
when everything is sold
when there is no excess demand
the price goods are sold at
10
Which is an example of rational behaviour (consumers)?
buying a product because its popular currently
staying with O2 even though EE is offering better deals
buying 2l bottle instead of 1l without checking price/unit
buying clothes during sales