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QR Challenge: Year 11 Economics

QuestionAnswer
Is the PES of vegetables generally below or above 1?Below 1
Which type of good will people buy more of when incomes are falling, normal or inferior? Normal
Is Starbucks a Monopolist or an Oligopolist?An oligopolist
What is the equation for Average RevenueTotal revenue divided by output
An airport gets built in a small city. Give one positive and one negative externality of the airport?Jobs, noise pollution or similar examples
What is the difference between a merger and a takeover?Two firms become one/two firms join to make a bigger firm
If a firm has high stock levels for a product, will the supply of that product be elastic or inelastic?Inelastic
Give one example of market failuree.g. underprovision of merit goods
Will an depreciation in the exchange rate definitely cause an improvement in the balance of payments? Why/why not?No, because it depends upon the elasticity of imports and exports.
Why are tariffs a form of protectionism?They increase the price of imports compared to the price of exports.
What is the term used to describe long term aid?Development aid
Give one danger of a merger?Too much power
Give one way that the government can promote competitione.g. encourage small firms
Why might contractionary fiscal policy reduce a balance of payments deficit?It would reduce demand for imports (which is a component of AD)
What is one disadvantage of a trading bloc?E.g. will become too dependent on trading partners
What sort of policy is it called when you increase interest rates?Tight monetary policy
What type of unemployment will probably be quite high in a recession?Cyclical unemployment
What is one advantage of FDI to a developing country?E.g. more jobs
What is the definition of a Multinational Company?A company that operates in a number of different countries
Give one reason for the increase in international trade over the last 40 years?e.g. increase in air travel
Name one real life trading bloce.g. the EU
Give one disadvantage to an economy of relying on exporting commoditiese.g. wild price fluctuations

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