Economics-REVISION FOR FIRST TERM

1.Which of the following might be considered a need rather than a want

• Shelter

• Holiday

• Smart phone

• Pet dog

Line that shows the different combinations of two goods an economy can produce if all resources all used up

• Demand curve

• Supply curve

• Production possibility curve

• Production curve

Money that a business receives over a period of time,especially from selling goods or services

• Profit

• Revenue

• Expense

• None of the above

which of the following would help consumers and producers to maximize their benefits and profits respectively

• Lower prices

• Access to more information

• Improved transport networks

• Better quality products

Which of following will cause a demand curve shift to the left

• A fall in price of a product

• A rise in income

• A rise in price of a product

• A fall in income

Bread and butter are

• Inferior goods

• Complementary goods

• Substitute goods

• Capital goods

If supply is fixed which of the following is true

• Demand will also be fixed

• The supply curve will be vertical

• Suppliers will not offer any quantity for sale

• Supply will fall when price rises

........................is the main factor which affects supply

• Market

• Price

• Profit

• Direct taxes

If PED= infinity,demand is said to be ..................

• Perfectly inelastic

• Perfectly elastic

• Unitary elastic

• Elastic

If the value of PED for a product is -0.65,an increase in price will result in which of the following

• An increase in demand for that product

• A decrease in demand for that substitute product

• A rise in total revenue

• A fall in total revenue