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AS economics basics assessment Flashcards | StudBud

Explore/AS economics basics assessment

AS economics basics assessment

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Questions 10

Answers

1
A poor crop of wheat will cause
price will increase and quantity increase
price will decrease and quantity decrease
price will increase and quantity decrease
price will decrease and quantity increase
2
Economics is the study of
Consumption decisions
the best way to run society
Government decisions of how to allocate resources
How society decides what, how, and for whom to produce
3
If demand increases....
price will decrease and quantity decrease
price will decrease and quantity increase
price will increase and quantity decrease
price will increase and quantity increase
4
Whats an example of Capital?
Machines and technology
Mine worker
Richard Branson
Lake
5
A resource is scarce if supply exceeds demand at zero price
True
False
6
Which of the following WOULDN'T cause demand to shift right?
Increase in income
Increase in the price of complementary good
Increase in the price of substitute good
Change in fashion
7
What would a shift outwards show?
Increase in an economy's productive potential
Better opportunity cost
More workers
More free good
8
What does PPF stand for?
Production possibility frontier
Production possibility
Production possibility frontor
Production possibility fiscal
9
Which of the following would cause a movement along the supply curve?
Market price decreases
Government relaxes trading laws
Wages increase
Cost of raw materials decrease
10
Whats a normative statement?
Bank of England is the Central bank
The government should raise the minimum wage
Government-provided healthcare increases public expenditures
Inflation has increased over the past 5 years