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PRICE ELASTICITY OF SUPPLY[IGCSE ECONOMICS]
Assessment
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asifa fakhar
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Other
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9th - 11th Grade
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26 plays
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Hard
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10 questions
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1.
Multiple Choice
In response to an increase in price from $5 per kilo to $6 per kilo a chicken farmer increased supply from 400 kilos to 500 kilos per week.
What is the price elasticity of supply?
0.8
0.9
1.25
1.2
2.
Multiple Choice
The market for a good was in equilibrium. A change occurred which resulted in a new equilibrium with a higher price for the good and a lower quantity traded.
What change would have caused this?
the demand curve moved to the left
the demand curve moved to the right
the supply curve moved to the left
the supply curve moved to the right
3.
Multiple Choice
A government subsidies the production of pineapples. This is likely to
cause the supply of pineapples to increase at every price
raise the costs of supplying pineapples
raise revenue for the government
increase the price of pineapples
4.
Multiple Choice
A product has a price elasticity of supply of +2. A change in price causes the quantity supplied to change from 100 units to 120 units. What is the price change?
a rise of 40%
a rise of 10%
a fall of 40%
a fall of 10%
5.
Multiple Choice
A supply curve shows the link between the quantity supplied and
the price of the product.
equilibrium output.
demand.
the scale of production.
6.
Multiple Choice
In 2011 the US Government declared that the country must increase the manufacture of fuel from crops such as corn that have previously only been used for food. What is likely to happen in the market for corn?
a shift to the left in the supply curve for corn
a movement along the supply curve for corn
a shift to the left in the demand curve for corn
a movement along the demand curve for corn
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