Podcast
Questions and Answers
What is the most likely cause of the shift in the supply curve for strawberries from S1 to S2?
What is the most likely cause of the shift in the supply curve for strawberries from S1 to S2?
A drought in strawberry-growing regions
Which of the following is most likely to result in a boom?
Which of the following is most likely to result in a boom?
Lower tax rates increase disposable income
When leakages are greater than injections, the economy is more likely to
When leakages are greater than injections, the economy is more likely to
Have an economic downturn
What does ASIC stand for?
What does ASIC stand for?
If oil and coal are substitutes, then an increase in the price of oil will:
If oil and coal are substitutes, then an increase in the price of oil will:
The law of supply states that when
The law of supply states that when
Define the term describing a general rise in prices across all sectors of the economy.
Define the term describing a general rise in prices across all sectors of the economy.
What is the term that describes the interaction of the forces of demand and supply that determines the price of a good or service?
What is the term that describes the interaction of the forces of demand and supply that determines the price of a good or service?
What is the market that connects savers and borrowers in an economy called?
What is the market that connects savers and borrowers in an economy called?
Explain the difference between an expansion in demand and an increase in demand.
Explain the difference between an expansion in demand and an increase in demand.
Identify one factor that may have caused the decrease in demand for beef.
Identify one factor that may have caused the decrease in demand for beef.
Using the diagram provided, show the effect of a decrease in demand for beef.
Using the diagram provided, show the effect of a decrease in demand for beef.
What is the best definition of the price mechanism?
What is the best definition of the price mechanism?
Describe the characteristics of an economy at point A on a diagram.
Describe the characteristics of an economy at point A on a diagram.
Which of the following is not an injection from the circular flow model?
Which of the following is not an injection from the circular flow model?
Provide an example of an investment flow in the five-sector circular flow model.
Provide an example of an investment flow in the five-sector circular flow model.
What is the measure of the general movement of prices in the economy?
What is the measure of the general movement of prices in the economy?
What happens to market price when there is excess demand?
What happens to market price when there is excess demand?
