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Economics Grade 11 Flashcards | StudBud
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Economics Grade 11
Economics Grade 11
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Quiz II prep for Paper 1 upcoming quiy 23, March 2023.
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
An increase in price of a substitute product will lead to a fall in the quanitity demanded and increase in demand.
True
False
2
The cost to a firm of producing one additional good or service.
Fixed cost
Variable cost
Marginal cost
Average cost
3
Ceteris paribus
will allow economists to use their models, and...
Means that all other variables remain the same.
Variables can be changed with opportunity cost
market failure
Negative externalities
4
A good or service with an inverse relationship between income and demand, i.e a good where demand falls as income rises.
Veblen good
Inferior good
Community good
Normal good
5
'Market' has many different forms which include...
Stock markets, monopolistic market, agriculture market
Stock markets, factor market, and product market
Stock markets, primary markets, and secondary markets
Stock markets and bonds
6
% change in quantity demanded / % change in selling price.
PED
Not Appliable
PES
YED
7
If products are compliments to each other, the change in price for one product will lead to a change in price.
True
False
8
Economist Adam Smith is the author of Wealth of Nations.
False
True
9
In a free market economy, sometimes called public enterprises.
True
False
10
% change in demand for a good or service / % change in consumer income.
PES
YED
HDI
PED
11
Demand non-price determinants are income, price of related goods and...
Subsidies issued to Monopolies
Not applicable
Tastes and preferences and future price predictions
Price level of suppliers
12
When the supply curve shifts (either to the left or right) caused by a change in the costs of production.
A movement in supply.
A movement in the long run.
A change in supply.
A shift in marginal cost.
13
Range of PES values
- 0 to infinity
True
False
14
Basic economic question for all schools of thought to consider, would be...
Not applicable
Defined as limited resources and unlimited wants
Opportunity costs that consider the demand
Scarcity of resrouces and unlimited needs
15
Equal to consumer plus producer surplus.
Government expenditure
Not Applicable
Community surplus
Producer surplus
