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VCE Economics 3 AOS1 Flashcards | StudBud
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VCE Economics 3 AOS1
VCE Economics 3 AOS1
15 terms
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Economics VCE
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Which of these is best described as a determinant of elasticity of supply?
Storability
Complementary products
Substitutable products
<p>Whether it is a luxury item</p>
2
The law of supply states that price has what relationship with supply
Inverse
Direct
3
Which of these is NOT a market failure?
<p>Asymmetric information</p>
Weak competition
Income inequality
Oversupply of desirable goods
4
Relative scarcity can be best descibed as:
Unlimited needs and wants but scarce resources
None of these
Unlimited resources but scarce needs and wants
<p>Fixed needs infinite resources</p>
5
What does PPC stand for?
Production Possibility Curve
Pickled Pepperoni Pizza
Production Pipeline Curve
Pay Per Click
6
The benefit forgone of the next best alternative, best describes:
Opportunity Cost
The Economic Conundrum
Relative Scarcity
Sunk Cost
7
When all students are here, how many are in this class?
27
26
25
24
8
Which of these is a labour resource?
Plant
Teacher
Equipment
<p>Water</p>
9
Which is the correct spelling?
Substertutability
Substatutability
<p>Substitutability</p>
Substutability
10
Which market structure would have the weakest competition?
Perfect Competition
Monopolisitc Competition
Oligopoly
Monopoly
11
Which of these is NOT a precondition of a perfect market?
Easy entry
Many sellers
Strong competition
Different products
12
Which of these can cause a shift in demand?
<p>Decrease in the price of a complementary product</p>
<p>Storability</p>
Decrease in price of a substitutable product
<p>A positive growing season</p>
13
What is Australia's market best defined as?
Communist
<p>Market Socialism</p>
Market Capitalist
None of these
14
The law of demand states that price has what relationship with demand
Direct
Inverse
15
A poor growing season would likely effect:
Supply
Demand
