What is the definition of subsidy?

A grant given to producers to encourage production of a good

LUCKY GUESS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Over here, Pick ME, Don't listen to them, It's not me

Which of the following combinations of 3 affect demand?

Income, price of substitutes, population

Which of the following is the definition of price elasticity of supply?

The responsiveness of supply to a change in price

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Edexcel IGCSE Economics - Section A

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Econ

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Questions 11

Answers

1
What is the definition of subsidy?
Process by green plants in order to produce food
Taxes imposed by the government of spending
Commercial exploitation of a new invention
A grant given to producers to encourage production of a good
2
LUCKY GUESS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Over here
Pick ME
Don't listen to them
It's not me
3
Which of the following is NOT a factor that affects the DEMAND for labour?
Productivity of labour
Retirement age
Costs and availability of substitutes
Derived demand from goods and services
4
What is the equilibrium price?
500
400
700
600
5
Which of the following combinations of 3 affect demand?
Price of complements, advertising, subsidies
Costs of production, interest rates, tastes and fashions
Advertising, tastes and fashion
Income, price of substitutes, population
6
What does PPC stand for?
Production Possibility Curve
Possibility Production Curve
Performance Possibility Curve
Playstation 4
7
Which of the following is the definition of price elasticity of supply?
The responsiveness of supply to a change in interest rates
The responsiveness of price to a change in supply
The responsiveness of supply to a change in demand
The responsiveness of supply to a change in price
8
Which of the following is most affected by minimum wage?
Trade blocs
Costs of resources
Unemployment
Globalisation
9
Calculate the difference in revenue after the shift in supply
30000
2000
32000
20000
10
Which of the following components is NOT part of the economic problem?
Finite resources
What to produce
Infinite wants
Opportunity cost
11
Which of the following is NOT a factor affecting the SUPPLY of labour?
Retirement age
Access to education
Population of a country
Subsidies

Edexcel IGCSE Economics - Section A Flashcards | StudBud