N5 Economics of the Market

Front

Which one of these is a good? dentist, supermarket, trainers, teacher

Back

trainers

Front

Which one of these is a need? water, milk, irn bru, coffee

Back

water

Front

Which of these is the return to the factor enterprise? rent, wages, profit, interest

Back

profit

Front

Which of the following is an example of an organisation in the secondary sector of industry? farm, supermarket, bakery, bank

Back

bakery

Front

The movement from Point A to Point B on the graph shows

Back

an increase in quantity demanded

Front

What would most likely cause the movement from S to S1? Options: An increase in input prices, An improvement in technology, A decrease in the price of a good, An increase in income

Back

An improvement in technology

Front

According to the graph what occurs at a price of £7?

Back

There would be a surplus of 40 units

Front

What will happen in the rice market if buyers are expecting higher prices in the near future?

Back

The demand for rice will increase

Front

What best refers to the situation when the price of a good or service changes?

Back

There is an extension/contraction along the demand curve

Front

According to the graph, what are the equilibrium price and quantity? Options: £7, 20; £5, 40; £7, 60; £3, 60

Back

£5, 40