VCE Economics Unit 3 AOS 1

The price elasticity of demand for a product will be greater

Which one of the following best describes the characteristics of a public good?

The govt recently increased excise on tobacco by 12.5%pa for 4 years. This is likely to lead to

Which one of the following products would have a vertical supply curve?

A maximum price set below the equilibrium price will cause greater shortages if

A fall in equilibrium price but no change in equilibrium quantity could only occur from which combination?

The type of efficiency where resources are reallocated due to changing tastes of consumers

A successful advertising campaign to inform the public of the dangers of excessive alcohol consumption would result in

A drought affected the wheat harvest, what would be the effect on equilibrium price and equilibrium quantity of wheat

An unregulated market will tend to over-allocate resources towards the production of

The opportunity cost of building a new road network could be...

Which one of the following is not likely to contribute to a rise in house prices?

A movement along the supply curve for broccoli is most likely to have been caused by...

Which one of the following terms describes the ‘potential output of an economy’?

When resources are used to produce the G&S that best satisfy society’s needs and wants, this is

The effect on the market for product A of a rise in price of substitute product B will be to

An expansion in the quantity supplied would be shown graphically as a

Which one of the following is not a feature of a perfectly competitive market?

Which one of the following goods & services is likely to have the highest PED?

A sugar tax combined with an education program would be designed to overcome

Intertemporal efficiency refers to allocating resources to produce

The removal of a 5% tariff on imported cars would result in a shift of...

If bee keepers received subsidies and the govt removed these subsidies, the likely effect on the price of honey would be

The effect of a fall in the price of a complementary Product Y on the market for Product X will be to

An increase in the demand for aged-care facilities is most likely to occur when there is an

The construction of a tall building blocking out light to a nearby park is what market failure?

The degree of price elasticity of demand is important to producers because it reveals how

Daphne can make either 3 dresses or 9 shirts per hour. For Daphne, the opportunity cost of making an extra dress is

If a large % ↓ in a product’s price causes a small % ↑ in the quantity demanded, then

Relative scarcity can best be defined as

Which one of the following is a supply-side solution to electricity shortages?

Common access resources tend to be over-consumed in an unregulated market because they are

A health warning that wearing a hat reduces skin cancer would change the equilibrium in the hat market from point A to

In terms of an efficient allocation of resources, the need for balancing current and future consumption relates to

The quantity demanded for a product ↑s by a higher % than the ↓ in the price. This is known as

Which of the following would be most likely be the effect on the fruit market with a shortage of fruit pickers?

What would be the effect on Good X if there were a rise in the price of a substitute good?

Which of the following goods is not likely to be considered a public good?