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Gillespie: Foundations of Economics

Unit 6

Instructions

Choose your answers from a-d by clicking the radio button next to each choice and then press 'Submit' to get your score.

Question 1

If demand increases in a market this will usually lead to:

Question 2

An increase in income will:

Question 3

A reduction in the costs of production will:

Question 4

A shift in supply will have a bigger effect on price than output if demand is:

Question 5

Assuming a downward sloping demand curve and upward sloping supply curve, a higher equilibrium price may be caused by:

Question 6

If the price was fixed below the equilibrium price there would be:

Question 7

A movement along the demand curve may be caused by:

Question 8

A subsidy paid to producers:

Question 9

A movement along the supply curve may be caused by:

Question 10

The price mechanism cannot: