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IGCSE Edexcel Economics Section A Flashcards | StudBud

Explore/IGCSE Edexcel Economics Section A

IGCSE Edexcel Economics Section A

10 terms·StudBud Administration·692 plays

#economics #marketsystems #Elasticity #PED #PES #Edexcel #SectionA

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Questions 10

Answers

1
What is the definition of income elasticity of demand?
The responsiveness of demand to a change in income
The responsiveness of demand to a change in price
The responsiveness of income to a change in demand
The responsiveness of supply to a change in price
2
Which of these is the opportunity cost of revising?
Sleep
failing your test
Getting good grades
the price of the CGP revision guide
3
The two products in the image are?
normal goods
complements
substitutes
inferior goods
4
What is this?
Perfectly inelastic demand curve
Perfectly inelastic supply curve
Perfectly elastic demand curve
Perfectly elastic supply curve
5
Which of these would increase demand for french braids?
Miss Moss (a celebrity) wearing them
ponytails going out of fashion
increase in the price
the price of hair ties increasing
6
What does this diagram show?
The Labour Market diagram
An increase in the equilibrium wage
Imposition of Minimum Wage
Trade Union Diagram
7
What would cause this supply change?
increase in wages
Poor weather conditions
Decrease in spare capacity
decrease in the cost of technology
8
Which point shows inefficiency?
A
C
B
D
9
Which of these shows inelastic supply?
0.2
-0.2
1.2
-1.2
10
What is this?
a positive externality
a negative externality
a social benefit
a social cost