The Price Mechanism in Action (Edexcel A-Level Economics A): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the main cause of supply volatility in agricultural markets?
What is the main cause of supply volatility in agricultural markets?
Unpredictable weather and climate
How does demand for commodities typically vary over time?
How does demand for commodities typically vary over time?
With business cycles
In the bauxite market, what is the main adjustment to changing economic conditions?
In the bauxite market, what is the main adjustment to changing economic conditions?
Price movements
What is OPEC's role in the oil market?
What is OPEC's role in the oil market?
Cartel coordinating production
How do low interest rates affect demand in the housing market?
How do low interest rates affect demand in the housing market?
Encourage buying, shifting demand right
Why is demand in the foreign exchange market considered 'derived demand'?
Why is demand in the foreign exchange market considered 'derived demand'?
People want currency for what they buy
What happens to the supply curve when an indirect tax is imposed?
What happens to the supply curve when an indirect tax is imposed?
Shifts left/upward
What determines who bears the burden of an indirect tax?
What determines who bears the burden of an indirect tax?
Elasticity of demand
Which behaviour involves buying what others buy rather than rational evaluation?
Which behaviour involves buying what others buy rather than rational evaluation?
Herding
What does auto-enrolment in pension schemes demonstrate about nudge theory?
What does auto-enrolment in pension schemes demonstrate about nudge theory?
Default options influence behaviour