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Economics Revision So Far Flashcards | StudBud

Explore/Economics Revision So Far

Economics Revision So Far

6 terms·StudBud Administration·95 plays

A basic micro economics quiz on the subjects so far - Foundation Economics

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Questions 6

Answers

1
This demand curve is...
Relatively Ineslastic
Perfectly Elastic
Relatively elastic
Perfectly Inelastic
2
Price Elasticity of Demand is calculated as...
% Change Price / % Change Quantity
Change Qty / Change in Price
% Change Qty / % Change Price
% Change Demand / Change Price
3
Which of these is Opportunity Cost?
The value of the next best alternative forgone
A famous game show
The monetary cost of taking an opportunity
If you don't take the opportunity there is a price to pay
4
If the Cross Price Elasticity of Demand is +1.5, then the goods are sad to be...
Weak Compliments
Strong Compliments
Weak Substitues
Strong Substitutes
5
The term PPF stands for
Prize Performance Frontier
Production Possibility Frontier
Performance Profit Fund
Production People Frontier
6
Which of these is an example of an inferior good?
Milk
Take away food
Sports Cars
iPhones