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Bumper Economics Revision for Cambridge Flashcards | StudBud
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Bumper Economics Revision for Cambridge
Bumper Economics Revision for Cambridge
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AS Level Questions
Flashcards
42 cards
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Practice quiz
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Questions
42
Answers
1
Which is NOT a feature of a Public Good?
Non Rival
Non Collective
Non Depletable
Non Excludable by Price
2
Adam Smith's 4 Canon's of Taxation are:
Equity, Equality, Efficiency, Convenience
Equity, Economy, Efficiency, Ecological
Equity, Economy, Efficiency, Convenience
Equity, Economy, Certainty, Convenience
3
If PED = 1 then demand is said to be
Unitary Elastic
Inelastic
Perfectly Inelastic
Elastic
4
Which value would indicate a close
relationship and strong cross elasticity?
0.5
-2
1
2
5
An increase in Direct Taxes have the following impact:
Decrease in Demand Curve
Increase in Demand Curve
Increase in Supply Curve
Decrease in Supply Curve
6
Which of the following is Subsided in NZ?
Early Childhood Education
School Uniforms
Cycle Helmets
Dairy Farming
7
Which of the following is a Regressive Tax?
Income Tax
Sales Tax
VAT
Corporate Tax
8
When Price Elasticity of Supply is more than one then it is:
Perfectly Inelastic
Price Inelastic
Price Elastic
Unit Elastic
9
The equilibrium is where...
DWL occurs
Demand doesn't equal supply
There is no tendency for change
A surplus or shortage will occur
10
If PED = 0 then demand is said to be
Inelastic
Perfectly Inelastic
Elastic
Unitary Elastic
11
When Price Elasticity of Supply is zero, then it is:
Price Elastic
Perfectly Inelastic
Price Inelastic
Unit Elastic
12
...causes an increase in Supply.
Decrease in Indirect Tax
Increase in productivity
Decrease in Costs of Production
All of the Above
13
Which of the Following is NOT a Transfer Payment?
Food Coupons
Child Benefit
Housing Allowance
Health Care
14
What does the purple horizontal line on this model illustrate?
Quota
Maximum Price
Minimum Price
Tariff
15
What percentage of tax do individuals in NZ pay if their income is $0 to $14,000
10.5%
33%
17.5%
30%
16
The percentage at which the last dollar of income is taxed, is...
Average Tax Rate
Regressive Tax Rate
Marginal Tax Rate
Progressive Tax Rate
17
How should you describe a movement up the demand curve?
A change in Quantity Demanded
A decrease in Quantity Demanded
A decrease in Demand
A shift in Quantity Demanded
18
A reduction in the exchange rate is an example of which policy?
Contractionary Monetary Policy
Supply-Side Policy
Expansionary Fiscal Policy
Expansionary Monetary Policy
19
An
economy
which is changing from a centrally planned
economy
to a market
economy is known as
A Transition Economy
A Liberalised Economy
A Free Market
A Command Economy
20
Which of the following would NOT cause a shift inwards of the PPC?
Economic Recession
Increase in productivity
Over-exploitation of scarce resources
An external shock destroying natural resources
21
Which is an example of Privitisation?
Govt Selling Air NZ Shares
Kiwi Bank
Shell Re-branding to Z in NZ
Hells Pizza
22
What is the basic economic problem?
Wants
Opportunity Costs
Scarcity
Needs
23
Do you know when and where your Economics exam is?
I should know this...
No
Yes
It's in the first week
24
Lowering the unemployment benefit to encourage more people into the workforce, is an example of
Fiscal Policy
Monetary Policy
Expenditure Switching Policy
Supply-Side Policy
25
The willingness to have a good/service, backed by the ability to pay for it, is known as...
Effective Demand
Individual Demand
Derived Demand
Market Demand
26
Function of the Price Mechanism is:
Rationing
Incentive
Signalling
All of the above
27
Which of the following tools are not an example of Supply-Side Policy?
Interest Rates
Indirect Tax
Deregulation
Subsidies
28
Land, Labour, Capital and ________ are known as the Factors of Production
Services
Enterprise
Equipment
Entrepreneurship
29
A Normal Necessity could have a possible YED Coefficient of:
-2
0.5
2
1.5
30
Identify the Negative Externality of Production
Passive Smoking
Abusive Behaviour
Pollution
Staff Training
31
When measuring Cross Elasticity of Demand, Substitutes have what type of relationship?
Negative
Positive
32
Which is NOT an assumption of a PPC?
Technology is fixed
Resources are fixed
Resources are perfectly mobile
Only two goods are produced
33
'all other things remain equal' can refer to what, staying the same?
Price of Substitute Goods
Technology
Advertising
Price
34
Which is a characteristic of money?
Means of Deferred Payment
Medium of Exchange
Store of Value
It is Portable
35
Which of the following is an impact of a Minimum price on Consumers?
QS increases, as it is relatively more profitable
Fall in sales revenue and profits
Pay a higher price for good/service
Unsold stock to be disposed of
36
Aggregate Demand increases when...
Interest rates rise
Income taxes rise
Government cut spending on education
Consumer confidence increases
37
Which of the following is NOT a determinant of Demand?
Price of Complementary Goods
Price of Supplementary Goods
Income
Tastes/Preferences
38
Miss Easton thinks everyone in her class has the potential to get an 'A' in Economics.
The above statement is 'Normative'
The above statement is 'Negative'
The above statement is 'Formative'
The above statement is 'Positive'
39
What does the blue triangular shaded area illustrate?
Total Utility
Producer Surplus
Total Revenue
Consumer Surplus
40
How can a public bus company maximise its revenue:
Reducing peak-time travel & Increasing leisure travel price
Increasing both peak-time travel and leisure travel prices
Decreasing both peak-time travel and leisure travel prices
Increasing peak-time travel & reducing leisure travel price
41
An Inferior Good will have a YED Coefficient of:
-2
0.5
1.5
2
42
A good that is price inelastic would...
Have lots of Substitutes
Not be addictive
Be a Necessity
Have a Large Proportion of Income spent on it
