Home Library Explore SAT

Home Library Explore SAT

Supply, Demand & Equilibrium Flashcards | StudBud

Explore/Supply, Demand & Equilibrium

Supply, Demand & Equilibrium

10 terms·StudBud Administration·29 plays

Resource for reviewing chapters 1-6 of the iGCSE Economics Syllabus

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
Supermarket "Own Brands" are examples of....
Substitutes
Normal Goods
Inferior Goods
Compliments
2
What can you see in this advert that could affect the demand for Kellogs Coco Pops?
Population Size
Price of Compliments
Price of Substitutes
Fashion
3
The Japanese govt have granted Toyota a $1Bn subsidy for electric car research & development
Supply curve will shift to the left
People will demand electric cars
Supply Curve will shift to the right
The price of electric cars will decrease
4
Which of the following is not a function of a market
Setting the price
A place where sellers meet to discuss products.
Allocating resources
A place where buyers and sellers meet to exchange.
5
All of these are examples of an invisible market except...
iTunes
Mail Order
Dalma Mall
Ebay
6
90% of students want an iPhone 6. Only 10% have the cash to purchase the phone. This is...
Effective Demand
Inferior Good
Effective Supply
Cash Demand
7
What would cause the shift in this demand curve from D → D1?
Fall in income
Increase in the price of substitutes.
Huge advertising campaign
Population Increase
8
Price ⇑ and Demand ⇓ - This can be described as...
Positive Correlation
Reverse Correlation
Inverse Relationship
Converse Relationship
9
No matter how much money Tom offered, the cinema was fully booked. Why?
It is an inferior good
There are no substitutes
Nobody would sell their ticket
Supply is FIxed
10
The diagram below shows the house rental market in Abu Dhabi. What is happening?
Demand ↑ Supply ↓ = Price ↑
Demand ↑ Supply ↑ = Price ↓
Price ↑ Supply ↑ = Equilibrium
Population ↓ Supply ↓ = Price ↑