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QR Challenge: Y10 Economics

QuestionAnswer
What numerical value does a perfectly inelastic supply curve have?0
What type of organization uses strikes as a tactic?Trade Unions
Is the PES of vegetables generally below or above 1?Below 1
If a product has a lot of substitutes is its PED likely to be elastic or inelastic?Elastic
If a product becomes fashionable, what will happen to its demand curve?shift to the right
Is a hammer an example of fixed capital or working capital?Fixed capital
If workers get more educated, will this shift the supply or the demand for labour curve?Demand for labour
The Economic problem is often said to be that there are ‘limited wants and unlimited resources.’ What is the term used to describe this situation?Scarcity
Smoking causes costs to third parties. What are these costs to third parties called?Negative externalities
Why might a government want to subsidize vaccinations?Because they have positive externalities (of consumption)
Why would a government tend not to subsidize necessities even though it could make them lots of money?Because people need necessities
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 definition of price elasticity of supply?change in quantity demanded divided by change in price
What is the difference between a merger and a takeover?Two firms become one/two firms join to make a bigger firm
Why is the LRAC curve U shaped?Because a firm will first get economies of scale, then diseconomies of scale
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

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