Economics Unit 1 Quiz
10 quick questions to help aid revision for the unit 1 exam.
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?- Created by: Luke Topps
- Created on: 17-12-11 15:00
Other questions in this quiz
2. What is income elasticity of demand?
- A measure of the responsiveness of demand to a change in income.
- A measure of the responsiveness of demand for one good to a change in the price of another good.
- How much a person earns in a year.
3. An example of a merit good is:
- Health care
- Supermarkets
- Christmas trees
4. Public goods are:
- Rival and excludable
- Non-rival and non-excludable
- Non-rival but excludable
5. The demand curve shows:
- How much people are willing and able to buy at each price
- How much suppliers are willing to supply at each price
- Whether a firm is making a profit
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