Economics Quizizz 29/11/22

What will cause an immediate rise in the size of a country’s labour force?

• an increase in the birth rate
• an increase in the age of retirement
• an increase in the school-leaving age
• an increase in the number of redundancies

What is not held constant when aggregating individual firms’ supply curves to give the market supply curve?

• the number of firms in the industry
• the price of the product
• the prices of factors of production
• the state of technology

The table shows the demand for tickets for a concert. The capacity of the concert hall is 6000. What price should be charged to maximise total revenue?

• $20

• $30

• $40

• $50

The table shows the demand and supply schedules for a good before and after the imposition of a tax. What was the amount of the tax?

• $1

• $2

• $3

• $4

The price elasticity of demand for a product is constant and equal to unity. Which curve in the diagram shows the relationship between total expenditure on the product and its price?

• A

• B

• C

• D

In the UK, attempts to encourage people to change from road to rail travel by the introduction of a system of road pricing were forecast to fail because ‘people like using their cars too much’. How would this forecast be explained?

• The price elasticity of demand for cars is high.
• The price elasticity of demand for petrol is high
• The price elasticity of demand for rail travel is low.
• The price elasticity of demand for car travel is low.

The table shows changes in a consumer’s expenditure on various goods when his income increases from $20 000 to $24 000. Assuming all else remains unchanged, for which goods is the consumer’s income elasticity of demand greater than 1.0?

• W only

• Z only

• W and Z only

• W, Y and Z

Between 2006 and 2007, the price of skimmed milk powder on the world market rose from $1000 per tonne to $2400 per tonne. Assuming that the market is a free market, what will result from the price change?

• Consumers will buy more complements to skimmed milk powder.
• Farmers will increase the size of their dairy herds to supply more milk.
• Firms processing milk into skimmed milk will switch to producing substitutes.
• Governments will introduce a system of rationing.

The market price of an agricultural commodity was so low that the government fixed a minimum price for it above the market equilibrium price. However, the government did not buy any of the commodity itself. What would happen as a result?

• There would be an equilibrium in the market but the change in farmers’ incomes would be uncertain.
• There would be a shortage on the market and farmers’ incomes would rise.
• There would be a surplus on the market and farmers’ incomes would fall.
• There would be a surplus on the market but the change in farmers’ incomes would be uncertain.

What may cause cost-push inflation?

• an appreciation of the exchange rate
• a higher level of consumption
• an increase in labour productivity
• an increase in trade union power