Year 1 A level Economics 2

A supply curve slopes....?

If income elasticity of demand is negative the product is...?

Which of the following will NOT normally cause an increase in demand?

In a command economy, resources are allocated...

Which one of the following is NOT a reason for the shape of a normal demand curve?

A product with a cross elasticity of demand of -1.6 is likely to be a.....?

Which is the biggest influence on price elasticity of demand?

An economy is productively efficient when...?

A product that rises in demand when price rises because of its exclusivity is sometimes called?

When someone pays less for a good than they are prepared to pay they have enjoyed....?

The biggest problem with Price Elasticity of Demand is that......?

An allocatively efficient economy takes into account...?

Traditional economic theory assumes that consumers act...?

If demand is price elastic then....?

A product with an income elasticity of 0.2 is likely to be a...?

When price falls and demand is price inelastic revenue will...?

Which of the following shows inelastic price elasticity of demand?

If a fully employed economy produces more capital goods its standard of living will...

A rise in price will cause..........?

Price rises from £200 to £210. Demand falls from 200 units to 150 units. Calculate PED.