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WorksheetsVCE Economics U3_Unit3_Quiz1
Total questions: 16
Worksheet time: 8mins
When resources are limited but society's need and wants are unlimited this is referred to as:
Increasing opportunity cost
Diminishing marginal utility
Relative scarcity
Opportunity cost
Which of the following is NOT an indication of the PPF shifting outward at all combinations of production levels for agricultural products and service industries
Farmers become more productive
All workers become more productive
The cost of transportation has decreased
The government reduces all business taxes
If a country is producing a combination of goods and services outside the PPF in the short-run, in the long-run this will likely create:
Higher unemployment and economic growth
Higher unemployment and lower economic growth
Higher inflation and higher unemployment
Higher inflation and very low unemployment
Lower inflation and higher unemployment
Which of the following is NOT an essential requirement of a perfectly competitive market?
Homogeneous products
Many buyers and sellers
Firms are price-makers
Free or minimal barriers to entry and exit from the market
If the price of food has increased, which of the following comments is true?
Consumers have had a favourable income effect
Consumers have had a favourable substitution effect
Consumers have had an unfavourable income effect
Consumers have had an unfavourable substitution effect
it is not possible to comment on either the income or substitution effects of the change
The price of bananas has decreased. In the banana market this will cause:
An expansion in demand
A contraction in demand
A favourable shift in demand
An unfavourable shift in demand
The price of green beans increases. For the product for broccoli this will cause:
An expansion in demand
A contraction in demand
A favourable shift in demand
An unfavourable shift in demand
Which of the following has no effect on the demand for Toyotas, ceteris paribus?
Decreases in the personal income tax rates
An increase in the price of steel
A new study showing that Toyotas are cost efficient for a longer period of time
An increase in interest rates
Which of the following is the correct task word meaning "Give a detailed account of why and/or how with reference to causes, effects, continuity, change, reasons or mechanisms; make the relationships between things evident."?
Discuss
Account for
Outline
Explain
Which task word means "Consider an argument, concept, debate, data point, trend or artefact in a way that identifies assumptions, possibilities and interrelationships."?
Examine
Explain
Evaluate
Outline
Which task word means "Present a clear, considered and balanced argument or prose that identifies issues and shows the strengths and weaknesses of, or points for and against, one or more arguments, concepts, factors, hypotheses, narratives and/or opinions"?
Outline
Evaluate
Discuss
Contrast
Which task word means "Ascertain the value or amount of; make a judgment using the information supplied, criteria and/or own knowledge and understanding to consider a logical argument and/or supporting evidence for and against different points, arguments, concepts, processes, opinions or other information"?
Expose
Evaluate
Justify
Analyse
Which task word means "Identify components/elements and the significance of the relationship between them; draw out and relate implications; determine logic and reasonableness of information"?
Interpret
Discuss
Contrast
Analyse
Which of the following would cause a favourable shift in supply for shoes?
An increase in the price of thongs
A decrease in the price of leather
An increase in the price of leather
A decrease in the price of thongs
Which is NOT a factor affecting PED?
Time
Necessity
Number of substitutes
Number of complements
If the relative price of Samsung tablets to iPads drops then the FOP will:
Divert towards iPad production
Divert towards Samsung production
Remain the same
Could go either way
