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Grade 10 Econ exam review Flashcards | StudBud
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Grade 10 Econ exam review
Grade 10 Econ exam review
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1
factors of production: Labour
estimate future demand and ensure the production is correctly meeting that
as wealth which is employed in the creation of further wealth.
which to place the business premises, houses, roads and farms.
the human resource in the business
2
Macroeconomics involves....
Policies of the Federal Reserve Bank.
Businesses and households.
Individual units that comprise the economy.
The broader economy - growth, inflation, unemployment, etc.
3
Which of the following is NOT likely to make price elasticity of supply elastic?
difficult to enter the market
high levels of stocks
lots of spare capacity
short production time
4
Market Disequilibrium
The loss of money that results from surpluses and shortages of goods
When demand for a good/service is equal to its supply
When demand for a good/service is NOT equal to supply
The state of being equal within a marketplace
5
The price mechanism refers to:
The point at which a price reaches maximum
The interaction of supply and demand to set a price
The price a supplier sets for their product
The barcode scanner at the checkout
6
Price elasticity of demand measures...
buyers knowledge of the product
availability of substitutes
buyers ability to switch
how sensitive consumers are to a change in price
7
When the supply curve shifts right, what happens to market price and quantity?
Price rises, quantity falls
They both fall
Price falls, quantity rises
They both rise
8
What two factors cause the PPC to shift right?
Improved technology and government involvement
New resources and improved technology.
Government involvement and producing more efficiently
Efficient production and eliminating trade-offs
9
Microeconomics involves...
Individuals, households, and businesses.
Inflation, growth, employment, interest rates.
Only households selling resources.
The broader economy.
10
What is a mixed economy?
Economy where the government has complete control
Economy where trade is the only form of currency
There is no mixed economy
Combines planned (command) and market economies
11
In price elasticity of demand, elastic is...
Exactly 1
Greater than 1
Less than 2
Less than .99
12
When supply decreases the supply curve shifts
Right
Left
13
Price elasticity of demand = ?
% change in Price/ % change in demand
% change in demand/ % change in quantity
% change in demand/ % change in price
Demand/Price
14
What causes this movement on the Demand Curve?
Price Change for the Product
Number of Consumers
Tastes and Preferences of Consumers
Price of Related Goods
15
Privately owned factors of production
Market
Traditional
Command
Mixed
16
All choices entail an opportunity cost
True
False
17
Which of these factors may cause a shift in the demand curve?
Good or bad publicity
A change in the size of the population
All of the above
A change in trends and fashions
18
If the demand curve shifts left, what will happen to the market price and quantity?
Price rises, quantity falls
Price falls, quantity rises
They both go up
They both go down
19
Factors of Production (land)
diminished marginal utility
people who risk capital to bring a product to market-to get profit
credit report availability
all the natural resource used in the production of goods and services
20
Price Elasticity of Supply:
False
True
21
In a free market economy, people can
buy food.
do the job the government tells you to do.
only buy and sell what they are told.
make money however they like.
22
A shift in the supply curve to the rights means:
the amount producers wish to sell at every price is the same
the amount producers wish to sell at every price increases
the amount producers wish to sell at every price decreases
All of the above
23
On the Production Possibilities Curve, points INSIDE the curve represent...
production impossibility
law of increasing opportunity costs
underutilization
efficiency
24
Free goods are...
Resources that aren't scarce
Infinite resources
Goods that aren't owned in the public nor private sector
Scarce resources
25
Define
factors of production
.
an alternative we sacrifice when we make a decision
the goods and services produced from resources
the most desirable alternative sacrificed
the resources used to produce all goods and services
26
Price changes shift the demand curve
False
True
27
Supply definition:
the amount of a product people will be willing and able to buy at a price
quantity bought at specific price
are values not usually included in the price of goods
the amount of a product suppliers are willing and able to supply at a price
28
On the Production Possibilities Curve, Points A, B, and C represent -
Improbability
Impossibility
Inefficiency
Efficiency
29
___ is the basic economic problem?
Scarcity
Production
Labor
Capital
30
Production possibility curves....
indicate minimum possible outputs
indicate past outputs
indicate current outputs
indicate maximum possible outputs
31
Who dictates demand in a free market economy?
Producer
All answers are correct
Seller
Consumer
32
Is a change in supply a movement or shift along the supply curve?
Movement
Shift
33
The following are all "free goods", except...
Oxygen
The sunset
Sand
A sample of a new brand of cereal
34
Opportunity cost is...
The first option chosen when we make a decision
The second best option not chosen when we make a decision
The decision making process
The last option when we make a decision
35
When demand increases, the demand curve shifts
Left
Right
36
Factors of production:
Capital
Goods used to make products
the human input in the production process
natural resources available for production
People that organize factors and take risks
37
Price elasticity of demand is inelastic when?
PED=0
PED>1
PED=1
PED<1
38
On a production possibilityfrontier curve, points ON the curve such as point B,
Are obtainedwhen society’s resources are used inefficiently
Are obtainedonly if society’s resources are used efficiently
Are impossibleto obtain given society’s current resources
Are impossibleto ever obtain
39
A market economy
offers a high degree of certainty for its worker
limits the choices of goods and services available
permits extensive government intervention
does not provide for everyone's basic needs
40
Demand definition
Buying a gucci purse
The willingness to buy things and the ability to pay for them
A want
People who are pushy
41
If price elasticity of demand is INELASTIC...
An increase in price will INCREASE total revenue
An increase in price will DECREASE total revenue
42
What are the factors of production?
There are no factors of production
Employment, ethics, age and gender
Land, labour, capital and enterprise
Land, labour and enterprise
43
A specific good tends to have a low price elasticity of demand (inelastic demand) if
there are many close substitutes.
the good is a necessity
the market is narrowly defined
the long-run response is being measured.
44
An example of a pure market economy is
Does not exist
United States
Saudi Arabia
Mexico
45
Match the factors of production: Enterprise
People (entrepreneurs) willing to take risks with investments
natural resources
enough laborers to fill necessary jobs
goods used in the supply of other products
46
Market Equilibrium is when the demand curve?
Is at its highest value
Is at its lowest value
Meets the Supply Curve
When there is a steady supply
47
On a Production Possibility Curve, points ABOVE the curve are
Unattainable or Impossible
Efficient
Inefficient
Moderately efficient
48
A Movement along a demand curve is caused by?
Unexpected or Unplanned Factors
Changes in Consumer Tastes
A change in the price of the Good itself
A change in Government Regulations
49
What is the basic economic problem?
Resources are available in infinite supply
Unlimited wants and limited resources create scarcity
There aren’t enough needs and wants
Unlimited needs and limited resources creates scarcity
50
A movement along the supply curve might be caused by a change in
Labor productivity
Cost of production
Price of the good or service
Technology
51
The potential output of a country can be increased (causing the PPC to shift outwards) by：
An increase in the quality of factors of production
An increase in workers wages
An increase in consumers demand
A decrease in cost of production
52
Which of the following scenarios would result in a lower price elasticity of supply/ inelastic supply?
Ability to store for a period of time
The product has many substitutes available.
It is an agricultural product
Factor mobility is high
