Consumers in the Market Economy (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does consumer sovereignty describe?
What does consumer sovereignty describe?
How consumers determine what gets produced
When demand is high relative to supply, what happens according to consumer sovereignty?
When demand is high relative to supply, what happens according to consumer sovereignty?
Prices rise, signalling profit opportunities
What is planned obsolescence?
What is planned obsolescence?
Designing goods to wear out quickly
What is the fundamental relationship between income, consumption and savings?
What is the fundamental relationship between income, consumption and savings?
What is the relationship between APC and APS?
What is the relationship between APC and APS?
If consumption is 150 and income is 200, what is the APS?
If consumption is 150 and income is 200, what is the APS?
0.25
What is true about MPC and MPS?
What is true about MPC and MPS?
What are the two most significant influences on spending and saving decisions?
What are the two most significant influences on spending and saving decisions?
Income and age
What happens to APS as income rises?
What happens to APS as income rises?
APS rises
According to life-cycle theory, who saves the most?
According to life-cycle theory, who saves the most?
Working-age people in middle age