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Economics paper 1(with Errorless answers) $11.39   Add to cart

Exam (elaborations)

Economics paper 1(with Errorless answers)

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  • Course
  • Econ
  • Institution
  • Econ

Scarcity correct answers Inefficiency or shortness of the supply Opportunity cost correct answers Cost of the next best alternative Factors of production correct answers Factors of Production •Capital (physical & human) •Entrepreneurship •Land •Labor. Marginal utility correct a...

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  • September 19, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ
  • Econ
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sh3rrymagdah
Economics paper 1(with Errorless answers)
Scarcity correct answers Inefficiency or shortness of the supply


Opportunity cost correct answers Cost of the next best alternative


Factors of production correct answers Factors of Production
•Capital (physical & human)
•Entrepreneurship
•Land
•Labor.


Marginal utility correct answers the additional benefit/satisfaction resulting from the consumption of one
more unit of a good


Demand correct answers How much of a product or service is desired by a consumer


Unemployment rate correct answers % of those in the labor force who are unemployed


Labor force correct answers those who are willing and able to be employed


Underemployment correct answers - Workers who accept jobs for which they are over-qualified, or work
fewer hours than they would prefer (they are not counted as unemployed)


The law of demand correct answers •A decrease in the price of good X will result in an increase in the
quantity demanded for good X, ceteris paribus.



•An increase in the price of good X will result in a decrease the quantity demanded for good X, ceteris
paribus.


Supply correct answers Represents how much the market can offer

, The law of supply correct answers •An increase in the price of good X will result in an increase in the
quantity supplied of good X, ceteris paribus



•A decrease in the price of good X will result in a decrease in the quantity supplied of good X, ceteris
paribus


Equilibrium correct answers Intersection of supply and demand


Allocative efficiency correct answers Output level with the price equals The marginal cost of production


Price ceiling correct answers Maximum price that can be charged


Price floor correct answers Minimum price that can be charged


Shortage correct answers The demand for a product or service exceeds the supply


Price elasticity of demand correct answers •The responsiveness of the quantity demanded of a good to a
change in the price of the good


Cross price elasticity of demand correct answers •The responsiveness of the quantity demanded of a good
to a change in the price of a different good


Income elasticity of demand correct answers •Responsiveness of quantity demanded, at a constant price,
to changes in income


Price elasticity of supply correct answers •The responsiveness of the quantity supplied of a good to a
change in the price of that good


Specific tax correct answers Per-unit tax


Ad valorem tax correct answers Tax on percentage of the purchase price

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