Ceteris Paribus can be described as?

All other conditions remain equal

An increase in Supply, resulting in a shift of supply to the right is a result of?

Decreasing costs of production per unit

Assuming ceteris paribus for supply, a decrease______?

in price will cause a decrease in quantity supplied

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Economics Revision

15 termsStudBud Administration189 plays

Year 11 economics revision

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
Ceteris Paribus can be described as?
Vice versa
No other factors exist
A spell used by Harry Potter against dementors
All other conditions remain equal
2
____________ goods are a where demand decreases as income rises
Normal
Inferior
Substitute
Complimentary
3
An increase in Supply, resulting in a shift of supply to the right is a result of?
Decreasing price of a substitute
All of the above
Increasing price
Decreasing costs of production per unit
4
Assuming ceteris paribus for supply, a decrease______?
in costs will cause a decrease in quantity supplied
in price will cause a decrease in quantity supplied
in price will cause a decrease in quantity
in price will cause a decrease in supply
5
Capital, Land, Labour and ________________ are the factors of production?
External Factors
Enterprise
Entity
Environmental Factors
6
An increase in productivity will NOT...
Increase cost
Increase Output per Unit of Input
Increase Profitability
Increase Margin between Revenue and profit
7
Which of the following will increase market demand for Golf Clubs?
Society as whole decides Golf is a cool sport to play
Tennis Club Membership fees increase
Golf Course membership fees decrease
All of the above
8
Which one of these is NOT a determining factor in causing the demand curve to shift?
Price
Substitute Goods
Complimentary Goods
Disposable Income
9
The Money flow from government to the producer's sector is called?
Indirect tax
Direct tax
Income support
Subsidy
10
The law of demand states that an increase in price will...
Increase Demand
Shift the demand curve to the right
Shift the supply curve left
Increase the quantity demanded
11
Which of the following is NOT a segment in the circular flow model?
The Legal Sector
Government Sector
Financial Sector
Producers/Firms
12
What is the name of the REAL flow that households provide firms? (Circular flow model)
Labour
Consumption
Time
Wages
13
A change in the quantity supplied could be caused by?
A change in the number of suppliers in the market
Technological advancement
The price of a good or service
A chance in costs of inputs used
14
Goods produced locally but then sold overseas are called?
Revenue
Trade
Imports
Exports
15
A Dairy producer would consider Chocolate Milk & Chocolate Yogurt to be _____?
Complimentary Goods
Inferior Goods
Luxury Goods
Related Goods

Economics Revision Flashcards | StudBud

Economics Revision

15 termsStudBud Administration189 plays

Year 11 economics revision

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
Ceteris Paribus can be described as?
Vice versa
No other factors exist
A spell used by Harry Potter against dementors
All other conditions remain equal
2
____________ goods are a where demand decreases as income rises
Normal
Inferior
Substitute
Complimentary
3
An increase in Supply, resulting in a shift of supply to the right is a result of?
Decreasing price of a substitute
All of the above
Increasing price
Decreasing costs of production per unit
4
Assuming ceteris paribus for supply, a decrease______?
in costs will cause a decrease in quantity supplied
in price will cause a decrease in quantity supplied
in price will cause a decrease in quantity
in price will cause a decrease in supply
5
Capital, Land, Labour and ________________ are the factors of production?
External Factors
Enterprise
Entity
Environmental Factors
6
An increase in productivity will NOT...
Increase cost
Increase Output per Unit of Input
Increase Profitability
Increase Margin between Revenue and profit
7
Which of the following will increase market demand for Golf Clubs?
Society as whole decides Golf is a cool sport to play
Tennis Club Membership fees increase
Golf Course membership fees decrease
All of the above
8
Which one of these is NOT a determining factor in causing the demand curve to shift?
Price
Substitute Goods
Complimentary Goods
Disposable Income
9
The Money flow from government to the producer's sector is called?
Indirect tax
Direct tax
Income support
Subsidy
10
The law of demand states that an increase in price will...
Increase Demand
Shift the demand curve to the right
Shift the supply curve left
Increase the quantity demanded
11
Which of the following is NOT a segment in the circular flow model?
The Legal Sector
Government Sector
Financial Sector
Producers/Firms
12
What is the name of the REAL flow that households provide firms? (Circular flow model)
Labour
Consumption
Time
Wages
13
A change in the quantity supplied could be caused by?
A change in the number of suppliers in the market
Technological advancement
The price of a good or service
A chance in costs of inputs used
14
Goods produced locally but then sold overseas are called?
Revenue
Trade
Imports
Exports
15
A Dairy producer would consider Chocolate Milk & Chocolate Yogurt to be _____?
Complimentary Goods
Inferior Goods
Luxury Goods
Related Goods