S2-Econ-Final-Review(G12)

Which of the following is not one of the the three questions of economics?

What is demand?

All of the following are determinants of demand EXCEPT

Looking at the Production Possibilities Curve, which point would be unattainable?

Which country will specializing in producing Cars?

In a market, there is a surplus of a good. What change would cause the market to come to an equilibrium?

All of the following are determinants of supply EXCEPT

what is economics about

Which of the following are fixed costs?

What is the price elasticity of demand for rice : Change of price: +8% ; Change in quantity demand: -2%

When the government taxes the production of cars. What is likely to decrease

These types of business have greater access to start-up funds but there is also a greater chance of conflict.

This market structure has the strongest price controls.

Which country has a comparative advantage in bikes?

A recession lasts 6 months to 2 years!

Which country has an absolute advantage in bikes?

If the price of a good, ceteris paribus, falls in its substitute goods:

"Shortage' means supply is more than demand

What is price elasticity of demand?

Land refers to all the natural resource

Which of the following would be counted in GDP

Define Opportunity Cost

What happens to a supply curve when the price of the goods increase

What happens to a supply curve when the number of sellers increase

Determinants of supply do not include:

New Zealand only allowed a limited number of rice to be imported each year. What type of barrier is it?

Factors Of Production ?

Human capital is

Are fixed costs affected by output changes ?

Enterprise is more often found in private sector rather than public sector