Revision - MCQ Unit 2

At which price will there be the greatest excess demand?

Other things unchanged,an increase in demand for a product will cause:

A mixed economy is one that has:

Which of the below best describes a sitution where crop disease leads to a poor harvest of corn?

Which of the following may have caused the shift in demand curved D₁ to D₂?

Which of the following pairs of commodities is an example of goods in complementary demand?

A particular use of resources is said to be economic if:

Which of the following is likely to be an external cost of building a new airport?

Which of the below best describes a situation where an increase in air fares reduce the number of passenger?

A large supermarket applied to build on protected woodland.Despite the loss of woodland and its recreational value,local

Why is knowledge of price elasticity of demand useful?

what is found in a mixed economy but not in a free market economy

The best explanation of the shift in the supply curve from SS to S₁S₁ would be:

The basic economic problem faced by all economies is

An external cost is:

Demand for a product is likely to be price inelastic:

if the production of a good or service results in high external benefits, but low private benefits,then

At which price will there be a market equilibrium?

Which of the following is an advantage claimed for market economic system?

If a rise in price from $1 to $1.10 caused supply to extend by 27%,PES would equal

A government decides that an economy should make more use of the market. Which policy might help to achieve this?

At which price will there be the greatest excess supply?

In a free market economy the price machanism