In class Quiz for20211019

What is classified as one of the four economic resources?

• consumption

• enterprise

• production

• trade

Tags

Factors of production

What was the opportunity cost of going to the cinema?

• going to a cricket match

• watching the annual town parade

• visiting relatives

• losing his Saturday free time

Tags

Opportunity costs

In a mixed economy, output is produced by

• private enterprise and individuals.

• the market alone.

• the state alone.

• the state and private enterprise

Tags

Market system

What would happen to the equilibrium price if the quantity supplied increased by 200 units at each price?

• It would decrease by $1

• It would decrease by $2

• It would increase by $1.

• It would increase by $2

Tags

Market Equilibrium

If the price increases from $120 to $180, what would be the price elasticity of supply?

• 0.16

• 4

• 6

• 60

Tags

Price elasticity of Supply

What can cause the supply curve for a product to shift to the right?

• an increase in demand for the product

• an increase in government subsidies to producers

• an increase in indirect taxes on the product

• an increase in the costs of production

Tags

Factors affect Supply

What would be the most likely effect on the market for rail transport?

• a decrease in demand for rail transport

• an increase in the price of rail tickets

• an increase in supply of rail transport

• an increase in the total income of rail companies

Tags

Factors affect Demand & Supply