
AS Final Exam, Fall 2018
Authored by Joshua Horton
Social Studies
11th - 12th Grade
Used 5+ times

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33 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The diagram shows the demand for air travel in Asia. If air travel is a normal good, what could have caused the shift in the demand curve from D1 to D2 ?
a fall in employment in Asia
a fall in the price of aviation fuel
an increase in road congestion
an increase in the price of train travel
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What will not cause a shift in the market supply curve of a commodity?
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A government imposes a tax on a good. The equilibrium price rises by the same amount as the tax. What can be concluded about the price elasticity of demand for the good?
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What can be concluded about a product which has an income elasticity of demand (YED) of –1.5 and a cross-elasticity of demand (XED) of +1.2 with another product?
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A product has a low price elasticity of supply. What might explain this?
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A firm is producing 100 units at price $10. The price elasticity of supply is 0.5, and price is raised to $12. What is the new level of output?
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
When demand for a good falls, its price falls. What is the function of the price fall?
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