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  • Economics Revision 14-01-23

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    Dianne Lagan
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    This document contains 18 economics revision questions for a Form 5 class on the CXC Economics subject. The questions cover topics such as scarcity, the three fundamental questions of economics, price elasticity of demand, income elasticity of demand, the distinction between the long run and short run, components of costs in the short run, economies and diseconomies of scale, how market supply is derived from individual firm supply, factors that lead to variations in supply, the difference between a movement along and shift of the supply curve, factors influencing price elasticity of supply, market equilibrium, market disequilibrium, consumer surplus, objectives of government intervention in prices, negative effects of price controls, and the difference between normal and abnormal profits.

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    This document contains 18 economics revision questions for a Form 5 class on the CXC Economics subject. The questions cover topics such as scarcity, the three fundamental questions of economics, price elasticity of demand, income elasticity of demand, the distinction between the long run and short run, components of costs in the short run, economies and diseconomies of scale, how market supply is derived from individual firm supply, factors that lead to variations in supply, the difference between a movement along and shift of the supply curve, factors influencing price elasticity of supply, market equilibrium, market disequilibrium, consumer surplus, objectives of government intervention in prices, negative effects of price controls, and the difference between normal and abnormal profits.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    2 views2 pages

    Economics Revision 14-01-23

    Uploaded by

    Dianne Lagan
    This document contains 18 economics revision questions for a Form 5 class on the CXC Economics subject. The questions cover topics such as scarcity, the three fundamental questions of economics, price elasticity of demand, income elasticity of demand, the distinction between the long run and short run, components of costs in the short run, economies and diseconomies of scale, how market supply is derived from individual firm supply, factors that lead to variations in supply, the difference between a movement along and shift of the supply curve, factors influencing price elasticity of supply, market equilibrium, market disequilibrium, consumer surplus, objectives of government intervention in prices, negative effects of price controls, and the difference between normal and abnormal profits.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Date: 14th January, 2023.

    Class: Form 5
    Subject: Economics (CXC)
    Teacher: Miss Dianne Lagan

    Economics Revision Questions

    Please answer all questions to the best of your ability:


    1. Explain the term scarcity.

    2. What are the three fundamental questions of economics?

    3. Explain 2 factors that affect Price Elasticity of Demand.

    4. What does Price Elasticity of demand measure?

    5. What does income elasticity of demand measure?

    6. What is the distinction between the long run and the short run?

    7. What are the components of costs in the short run?

    8. What are economies of scale and diseconomies of scale?

    9. How is the market supply curve derived from the individual firms’ supply

    curve?

    10.What are the factors which lead to variations in the supply of a good or

    service?

    11.How is a movement along the supply curve different from a shift of the

    supply curve?

    12.What are 2 factors influencing price elasticity of supply.


    13.What is market equilibrium?

    14.What is market disequilibrium?

    15.What is consumer’s surplus?

    16.What are the objectives of government intervention with market prices?

    17.What are the negative side effects of government price controls?

    18.What is the difference between Normal and Abnormal Profits?

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