Intro to Economics by Mrs S's Dulwich Dream Team

Question 1

When the price of goods increase, which tax does NOT increase?

Accepted Answer

Specific tax

Question 2

Which of the following is the best example of complementary goods?

Accepted Answer

Bread and butter

Question 3

The Law of Demand: as price rises, quantity demand falls and vice versa, ceteris parabis

Accepted Answer

True

Question 4

What do we call goods that we normally purchase together?

Accepted Answer

Complementary goods

Question 5

Which goods do people by more of as their income increases?

Accepted Answer

Luxury goods

Question 6

The price of houses has increased. What is the effect on demand for furniture?

Accepted Answer

Decrease

Question 7

Which of the following will see demand fall if income rises, and demand rise if income falls?

Accepted Answer

Inferior Goods

Question 8

Which of these is a factor of Demand?

Accepted Answer

Fashion

Question 9

Which factors will not affect Supply?

Accepted Answer

Price of complementary goods

Question 10

Which one is NOT a factor of supply?

Accepted Answer

Fashion

Question 11

Samsung S7 batteries always explode. What is the effect on demand?

Accepted Answer

Decrease

Question 12

What is the type of tax is imposed by the government on spending?

Accepted Answer

Indirect Tax

Question 13

Which of these is NOT a factor of Supply?

Accepted Answer

Population

Question 14

What encourages firms to produce what consumers demand?

Accepted Answer

The chance to earn a profit

Question 15

What does VAT stand for?

Accepted Answer

Value Added Tax

Question 16

What is the relationship between quilts and pillows?

Accepted Answer

Complements

Question 17

Which of the following is NOT a factor of supply?

Accepted Answer

Population

Question 18

A line drawn on a graph which shows how much of good will be bought at a range of prices is...?

Accepted Answer

Demand Curve

Question 19

Which of the following is NOT a factor of demand?

Accepted Answer

Costs of Production

Question 20

Which of these is an inferior good?

Accepted Answer

margarine

Question 21

There is an inverse relationship between quantity supply and price

Accepted Answer

False

Question 22

If the price of bananas increases, the supply of apples will ....?

Accepted Answer

Decrease

Question 23

How do we show a decrease in demand on a graph?

Accepted Answer

shift left

Question 24

The Casio E-Dictionary is advertised by Mrs Gilpin, what is the effect on the market for them?

Accepted Answer

Demand will increase

Question 25

What does a vertical Supply Curve show?

Accepted Answer

Supply is fixed

Question 26

Which of the following is NOT a factor of demand?

Accepted Answer

Subsidies

Question 27

Which of the following best describes a function of the market system?

Accepted Answer

To allocate resources

Question 28

Which factor affects quantity demand

Accepted Answer

Price

Question 29

Which is NOT a factor of supply?

Accepted Answer

Price of substitutes

Question 30

Which one of these is a function of the market system?

Accepted Answer

Price determination

Question 31

Which of the following is a tax levied as a percentage?

Accepted Answer

Advalorem tax

Intro to Economics by Mrs S's Dulwich Dream Team

Questions 31

Intro to Economics by Mrs S's Dulwich Dream Team

Questions 31