WorksheetsQWJSUnG0zuwKPbiHnDhaK
Total questions: 25
Worksheet time: 20mins
Privatization refers to ....
Transfer of assets from people to government
Transfer of assets from public to private organizations
Transfer of assets from corporate to public
Transfer of assets from corporate to government
What is a consumer?
a person who takes things
a person who purchases goods and services for personal use
a person who takes good away
the economic factors affecting the price, demand, and availability of a commodity
What is a free market economy?
An economy based on supply and demand with little or no government control
The international exchange of goods
An economy in which decisions are made by the government
An economy that is communist
If the supply of a good is higher than the demand, what happens to the price?
stays the same
price increases
price decreases
Banknotes and coins are collectively called (a) .
List the four key functions of money.
What is an advantage of Market Economic System in the following list? (there could be one or more answers)
Wealth inequalities
Incentives
Factor mobility
Efficiency
What is right list of Economic Freedom, from free to repressed?
Singapore, New Zealand, Australia, Chile
Chile, Ireland, Hong Kong, New Zealand
Hong Kong, Singapore, Switzerland, Ireland
What is Pester Power?
If the firm have more spare capacity, then it will be possible for the firm to increase supply. This means supply is
Elastic
Inelastic
Unitary elasticity
When the price is more and the firms are able to produce more to take the benefit of this increase in price, then supply is said to be....
Elastic
Inelastic
Unitary elasticity
None of the above
Supply is more price elastic if more time is available as the firms can adjust the supply and increase the supply when price are increasing.
True
False
What does it mean?
Ed = 0
Perfectly inelastic demand
Inelastic demand
Unitarily elastic demand
Elastic demand
Perfectly elastic demand
