WorksheetsEconomics-REVISION FOR FIRST TERM
Total questions: 10
Worksheet time: 10mins
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
