Welcome to your Economics grade 10 unit 2
Economics grade 10 unit 2
1.
What is the law of demand?
2.
The demand curve is generally:
3.
If the demand for a good is inelastic, it means that:
4.
The concept of the income effect is most closely associated with which determinant of demand?
5.
Cross elasticity of demand measures the responsiveness of quantity demanded to changes in:
6.
What is the law of supply?
7.
The supply curve is generally:
8.
If a good has many substitutes in production, its supply is likely to be:
9.
The concept of opportunity cost is important in understanding:
10.
If the government imposes a tax on a good, how does it affect the supply curve?
11.
In a competitive market, equilibrium occurs when:
12.
A surplus in the market occurs when:
13.
If the price elasticity of demand is greater than 1, the demand is:
14.
If the price elasticity of supply is less than 1, the supply is considered:
15.
The midpoint formula is used to calculate:
16.
A technological advancement that reduces the cost of production is likely to:
17.
If the price of a complementary good increases, what happens to the demand for the original good?
18.
An increase in consumer income is likely to:
19.
If there is an improvement in technology, how does it affect the supply curve?
20.
If both the demand and supply curves shift to the right, what is the impact on equilibrium price and quantity?
