PREMIUM LOGIN

ClassTools Premium membership gives access to all templates, no advertisements, personal branding and other benefits!

Username:    
Password:    
Submit Cancel

 

Not a member? JOIN NOW!  

QR Challenge: Grade 9 Economics QR Quiz!

QuestionAnswer
Define opportunity costThe benefit from the next best alternative sacrificed.
What is an inferior good?a good where demand falls as consumer income increases
What is the correlation between price and quantity demanded?Negative
Give an example of a pair of substitute goodse.g. Starbucks and Pacific coffee
Give an example of a pair of complementary goodse.g. Tennis racquets and tennis balls
Draw a demand and supply diagram, and label the equilibrium point.accurately drawn diagram
Consumer income increases. Which way will the demand curve shift?Right
Wages go up. How will employers likely react?Replace labour with capital.
Define “merit good”A good that is underprovided by the free market.
Give one government policy that would reduce the consumption or production of demerit goodse.g. advertising.
Give two examples of public goodse.g. the police, streetlights
Give one example of a service that government might provide in a mixed economye.g. education
Which economy is considered to be the ‘freest’ in the world by the Heritage foundation?Hong Kong
Use a PPC to show an economy which is using its resources inefficiently.Accurately drawn diagram
Give one advantage of a command economye.g. can react quickly to natural disasters
Give one disadvantage of a market economye.g. inequality of income
Draw a diagram showing a shortage of a given goodCorrectly drawn diagram
Use a PPC to show an economy that has experienced long run economic growth e.g. because of technologyaccurately drawn diagram
What is the rate of inflation in Hong Kong?3.6% approx
What is rate of unemployment in the UK6% approx

Back