Define Opportunity Cost

The cost of foregoing the next best alternative

What is the equation for Price Elasticity of Supply?

% Change in Quantity Supplied over % Change in Price

Which of these would cause a good to become more Inelastic?

Increase in advertising of the product

What is the equation for Price Elasticity of Demand?

% Change in Quantity over % Change in Price

Which of these would cause a shift in the Supply Curve to the right?

Increased technology in the industry

What does a PPF diagram show?

The limit of production from the countries resources

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Economics Revision Quiz Part 1

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An IGCSE Economics Revision Quiz

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Questions 10

Answers

1
Define Opportunity Cost
The cost of production
The cost of not buying something
The cost of foregoing the next best alternative
The cost of buying a product
2
What is the equation for Price Elasticity of Supply?
Change in Price over Change in Supply
% Change in Price over % Change in Quantity Supplied
Change in Income over Change in Demand
% Change in Quantity Supplied over % Change in Price
3
Which of these would cause a shift in the Demand Curve to the left?
Fall in the price of the good
Fall in consumer incomes
Fall in the price of a complementary product
Fall in production of the good
4
Which of these is not a feature of a Demand Curve?
upward sloping
downward sloping
shows the relationship between price and quantity
shows what consumers are willing and able to buy
5
Which of these is not a factor of production?
Opportunity Cost
Land
Labour
Capital
6
Which of these are not in the Public Sector?
True Visions
BTS
Ramkhamhaeng University
Royal Thai Police
7
Which of these would cause a good to become more Inelastic?
Increase in advertising of the product
Decrease in advertising of the product
Increase in number of substitute products
Increase in time since a price change on the product
8
What is the equation for Price Elasticity of Demand?
Change in Price over Change in Quantity
Change in Quantity over change in Price
% Change in Price over % Change in Quantity
% Change in Quantity over % Change in Price
9
Which of these would cause a shift in the Supply Curve to the right?
Increase in tax on producers
Increase in Demand for the product
Increased technology in the industry
Increase in raw material costs
10
What does a PPF diagram show?
How much income a country has
The limit of production from the countries resources
How much is needed by the population
How much consumer goods can be sold

Economics Revision Quiz Part 1 Flashcards | StudBud