Labor is the factor that takes risks and can become unemployed. Land is the natural factor that can be improved by human action. A student leaves school and decides to spend the next two years at a college to Economics Paper By scads decision? A B C D the cost of the course fees at the college the increase in Job opportunities she will have as a result of her extra qualifications the lost production due to her not being in work the money she would have earned if she had been in work for the two years 4 What is true of a mixed economy but is not true of a free market economy? A B C D There is a mixture of agricultural, manufacturing and service industries.
There is a mixture of central authorities, firms and consumers.
There is a mixture of external benefits and private costs. There is a mixture of large and small companies. 5 Journeys in city centre may be made by bus or by car.
What is an external cost of this? A B C D bus fares car fumes and noise license fees for cars purchase of buses What is not held constant in constructing a demand schedule? A B C D 7 the incomes of consumers the prices of complementary goods the price of the good itself the tastes of consumers The diagram shows the demand and supply curves for digital cameras.
The original equilibrium point is X. What will be the new equilibrium point if these cameras become more fashionable and the rate of sales tax rises? Supply B price A X D demand O quantity C 8 The table shows the demand for chocolates at two different prices.
Price $ 0. 50 0. 5 quantity demanded 400 480 What is the price elasticity of demand when the price falls from $0. 50 to $0. 45? A B C D 9 less than 0. 5 between 0. 5 and 1 between 1 and 1. 5 greater than 1. 5 What is an example of market failure?
A B C D a monopoly making abnormal profit prices charged to cover social cost the closure of small, independent shops in a rural area the inability of a car producer to achieve economies of scale 4 10 What changes would move the equilibrium in the diagram from point X too new point within area Z? SO price x DO quantity A BCC a decrease in demand with a decrease in supply a decrease in demand with an increase in supply an increase in demand with a decrease in supply an increase in demand with an increase in supply 11 Cleaning the streets can be an unpleasant Job and yet in many countries it is badly paid.
What is likely to be the reason for this? A B C D There is a high degree of trade union membership among these workers. There is a high supply of labor because the work is unskilled. There is a high demand for staff in busy urban areas. There is a long working year because there are few holidays. 12 What might be an advantage to a trade union when arguing for an increase in its members’ pay?
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