Unit 1 AOS 2 Pre-Test
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15 questions
Note from the author:
Economics Unit 1 AOS 2 Pre-Test
1
What type of Economic System does Australia operate under?
What type of Economic System does Australia operate under?
1
In the Australian economy, which of the following is most correct?
In the Australian economy, which of the following is most correct?
1
A market is best defined as
A market is best defined as
1
Which of the following is not a condition of a perfectly competitive market?
Which of the following is not a condition of a perfectly competitive market?
1
Which statement is false about different types of market structures?
Which statement is false about different types of market structures?
1
Which of the following is not an effect of market power and structure?
Which of the following is not an effect of market power and structure?
1
Markets make key economic decisions based on which combination of questions?
Markets make key economic decisions based on which combination of questions?
1
The law of demand states that as price INCREASES, quantity ALSO INCREASES
The law of demand states that as price INCREASES, quantity ALSO INCREASES
1
Which of the following causes a movement ALONG the demand curve/ line?
Which of the following causes a movement ALONG the demand curve/ line?
1
Which of the following causes a movement of the ENTIRE demand curve/ line to the left or right?
Which of the following causes a movement of the ENTIRE demand curve/ line to the left or right?
1
The law of supply states that as price INCREASES, quantity ALSO INCREASES
The law of supply states that as price INCREASES, quantity ALSO INCREASES
1
Which of the following causes a movement ALONG the supply curve/ line?
Which of the following causes a movement ALONG the supply curve/ line?
1
Which of the following causes a movement of the ENTIRE supply curve/ line to the left or right?
Which of the following causes a movement of the ENTIRE supply curve/ line to the left or right?
1
At equilibrium, the quantity demanded exactly equals the quantity supplied and there is no force for further change
At equilibrium, the quantity demanded exactly equals the quantity supplied and there is no force for further change
1
In a perfectly or purely competitive market for sunglasses, equilbrium exists when:
In a perfectly or purely competitive market for sunglasses, equilbrium exists when: