Cambridge IGCSE Economics Quiz

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Mid-level economics practice

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Nooria

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Froggy Jumps Cambridge IGCSE Economics QuizVersión en línea Mid-level economics practice por Nooria 1 What does demand show in economics? a The total spending of buyers in a market b The quantity suppliers offer at each price c The quantity buyers are willing to purchase at each price 2 Which factor typically shifts the demand curve to the right? a Income rises for normal goods b Costs of production fall c Prices of substitutes rise 3 What causes the supply curve to shift left? a A technological improvement b A decrease in taxes c An increase in production costs 4 Equilibrium price is found where: a Total revenue equals cost of production b Total market expenditure is maximized c Quantity supplied equals quantity demanded 5 What is price elasticity of demand (PED)? a The speed of price changes b The responsiveness of quantity demanded to price changes c The law of supply in a market 6 If PED > 1, demand is: a Inelastic b Elastic c Unitary 7 If a product has high PED, a price increase will: a Increase total revenue b Reduce total revenue c Not affect revenue 8 Price elasticity of supply (PES) measures: a Demand changes due to price b Responsiveness of quantity supplied to price changes c Government intervention effects 9 Which factor affects PES? a Number of competitors in the market b Consumer income levels c Availability of spare production capacity 10 A unit elastic demand has PED equal to: a -1 b 1 c 0

Froggy Jumps

Cambridge IGCSE Economics QuizVersión en línea

Mid-level economics practice

por Nooria

What does demand show in economics?

The total spending of buyers in a market

The quantity suppliers offer at each price

The quantity buyers are willing to purchase at each price

Which factor typically shifts the demand curve to the right?

Income rises for normal goods

Costs of production fall

Prices of substitutes rise

What causes the supply curve to shift left?

A technological improvement

A decrease in taxes

An increase in production costs

Equilibrium price is found where:

Total revenue equals cost of production

Total market expenditure is maximized

Quantity supplied equals quantity demanded

What is price elasticity of demand (PED)?

The speed of price changes

The responsiveness of quantity demanded to price changes

The law of supply in a market

If PED > 1, demand is:

Inelastic

Elastic

Unitary

If a product has high PED, a price increase will:

Increase total revenue

Reduce total revenue

Not affect revenue

Price elasticity of supply (PES) measures:

Demand changes due to price

Responsiveness of quantity supplied to price changes

Government intervention effects

Which factor affects PES?

Number of competitors in the market

Consumer income levels

Availability of spare production capacity

A unit elastic demand has PED equal to:

-1

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Cambridge IGCSE Economics Quiz

Froggy Jumps

Sobre esta actividad

Creada por

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Froggy Jumps

Cambridge IGCSE Economics QuizVersión en línea

por Nooria

What does demand show in economics?

Which factor typically shifts the demand curve to the right?

What causes the supply curve to shift left?

Equilibrium price is found where:

What is price elasticity of demand (PED)?

If PED > 1, demand is:

If a product has high PED, a price increase will:

Price elasticity of supply (PES) measures:

Which factor affects PES?

A unit elastic demand has PED equal to:

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