The equilibrium point (equilibrium price and quantity) in a free market is the :

at the point where demand = supply

Which of the following will lead to higher prices and more resources allocated to carrots

a good harvest of carrots for 2019

Which of the following best describes the price mechanism?

how forces of dd and ss influnce price and resource allocatn

The legalising of marijuana consumption followed by a tax on legal marijuana sellers will:

Shift the demand curve right and the supply curve left

China's population develops a liking for Vegemite. What happens in the market for Vegemite?

Demand curve shifts right, more is produced, price increased

A rightward movement along a demand curve is:

the result of a shift of the supply curve

Technology causes flying cars tobe produced cheaply. Whathappens in the market for normal cars?

Demand curve shifts left, less resources allocated

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VCE Economics Unit 1 AOS 2 - Demand and Supply curves

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AOS2 UNIT 1 quiz #VCE #economics #AOS2 #unit 1

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Questions 10

Answers

1
Which of the following WILL shift the demand curve
more income
all of the above
a fall in the price of substiotutes
fall in the price of complements
2
The equilibrium point (equilibrium price and quantity) in a free market is the :
result of artificial controls of the market e.g fixed prices
the point where all consumers are satisfied
result of only producer decisions
at the point where demand = supply
3
Which of the following will lead to higher prices and more resources allocated to carrots
a health campaign encouraging consumption of carrots
cheaper cauliflower
a drastic fall in the number of pet bunnies
a good harvest of carrots for 2019
4
a rise in interest rates along with negative consumer sentiment about the future:
wont affect the economy as they cancel each other out
is likely a great idea
will increase demand
is likely a stupid idea
5
Which of the following best describes the price mechanism?
how forces of dd and ss influence prices
how dd and ss curves move in a competitive economy
how forces of dd and ss move in a competitive economy
how forces of dd and ss influnce price and resource allocatn
6
The legalising of marijuana consumption followed by a tax on legal marijuana sellers will:
Shift the demand curve right and the supply curve left
Cause price to fall & resources allocated to its production
Result in more consumption and lower price
all of the above
7
China's population develops a liking for Vegemite. What happens in the market for Vegemite?
Supply curve shifts left, less is produced, price decreased
Demand curve shifts left, more is produced, price decreased
Demand curve shifts right, more is produced, price increased
Supply curve shifts right, more is produced, price increased
8
Which of the following will NOT shift the supply curve
change in technology
change if costs of production
change in price
change in productivity
9
A rightward movement along a demand curve is:
the result of an expansion of supply
due to a change in factors other than price
the result of a shift of the supply curve
a contraction in demand
10
Technology causes flying cars tobe produced cheaply. Whathappens in the market for normal cars?
Demand curve shifts left, less resources allocated
Demand curve shifts right, more resources allocated
Supply curve shifts left, less resources allocated
Supply curve shifts right, more resources allocated

VCE Economics Unit 1 AOS 2 - Demand and Supply curves Flashcards | StudBud