Ryan King 0.0 / 5 ? AllExamAll LevelsAll boards Created by: rebeccalittleCreated on: 10-05-18 14:16 Price elastic price rise causes a contraction in demand, then demand is said to be price elastic 1 of 21 Economic equilibrium may also be defined as the point at which supply equals demand for a product, 2 of 21 Demand for a product will decrease if there is a surplus of a product 3 of 21 The price for a product will go up if it is in demand 4 of 21 if demand outweighs a charge the price is inelastic 5 of 21 an industry supply curve is more likely to be elastic if firms are operating below full capacity 6 of 21 As prices fall we see an expansion of demand 7 of 21 If price rises there will be a contraction of demand 8 of 21 a consequence of inflation is profit margins decreasing 9 of 21 raisng interest rates reduce inflation 10 of 21 a depreciation of sterling would increase the holiday demand 11 of 21 if the pound rose in value the number of tourists to the UK would decrease 12 of 21 what are economic consequences of unemployment a decline in real national output and income 13 of 21 supply side measures to reduce unemployment increasing government borrowing 14 of 21 students who leave school i the spring and look for work are a source of frictional unemployment 15 of 21 cyclical unemployment is a fact of overall unemployment which relates to the cyclical trends in growth and production 16 of 21 structural unemployment is a result of technological change 17 of 21 hidden unemployment are not reflected in statistics, as these people may not be looking for work. They are unemployed by choice. 18 of 21 short term interest rates in the eurozone are set by the European central bank 19 of 21 an appreciation of a countries exchange rate will result in an increase in the price of its exports to other countries 20 of 21 household spending is not a component of aggregate demand 21 of 21
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