Subsection 2.6. Price changes for Economics, O Level - revisedeck

2.6. Price changes

A subsection of Economics, 2281, through 2. The allocation of resources

Listing 10 of 146 questions

It was reported that the supply of oil would be affected by the discovery of new oil fields and demand would be affected by rapid global economic growth. If point X is the initial equilibrium point, which point could represent the new equilibrium?

2281_w17_qp_12

MCQ

2017

Paper 1, Variant 2

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The diagram shows the market for a firm making clothing with an initial equilibrium of X. What will be the new equilibrium if there is a successful advertising campaign by a rival firm and an increase in workers’ wages?

2281_w18_qp_12

MCQ

2018

Paper 1, Variant 2

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A government aims to boost production and increase sales of steel by subsidising private producers. A subsidy equal to W – Z per tonne is paid. According to the diagram, what would be the value of sales of steel after the subsidy?

2281_w18_qp_13

MCQ

2018

Paper 1, Variant 3

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The diagram shows the global market for copper with an equilibrium point of X. Which point represents the new equilibrium after the copper producers’ costs increase and there is rapid global economic growth?

2281_w20_qp_12

MCQ

2020

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In an African country with large areas of tropical desert the price elasticity of demand for salt is highly inelastic. This will result in greater consumer expenditure on salt when price changes from P1 to P2. Which diagram illustrates this situation?

2281_w20_qp_13

MCQ

2020

Paper 1, Variant 3

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The table shows the amounts demanded and supplied of tomatoes at different prices. The initial equilibrium is at a price of $40. supply demand price ($) The following year, more efficient harvesting means that the supply increases by 50% at each price. What will happen to the suppliers’ total revenue?

2281_w24_qp_13

MCQ

2024

Paper 1, Variant 3

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Questions Discovered

146