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ECONOMICS

9708/01

Paper 1 Multiple Choice (Core) Name: Grade: Time:

Core 2

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Individual and market demand curves
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2. The price system and the theory of the firm

Price, income and cross elasticities of demand Firms' supply curves Price elasticity of supply Interaction of demand and supply Consumer and producer surplus Prices as rationing and allocative mechanisms

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S02

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(1) 6 In principle, which of the following is an advantage of a planned economy?

P1 price P2

M1 M2 D

O Q Q 1 2

quantity

What is the value of the price elasticity of demand if the price is halved from P1 to P2? A B C D zero 0.5 1 infinity

(2) 7 It was estimated in 1998 that milk has an income elasticity of demand of –0.6. What can be concluded about milk from this information? A B C D It accounts for only a small proportion of household expenditure. It has very few substitutes. Household expenditure on milk will increase if the price of milk increases. It is an inferior good.

(3) 8 The demand curve in the diagram shows the relationship between the number of car journeys and the cost of a car journey. cost of a car journey D number of car journeys Which of the following would cause the demand curve to shift to the left? O A a reduction in car tax B a reduction in petrol prices

C a reduction in public transport prices D the introduction of tolls on motorways

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(4) 9 A fall in the price of cameras causes the demand for film to rise by 20%. The cross-elasticity of demand between cameras and films is –2. Which change in camera prices has brought this about? from A B C D $60 $55 $50 $50 to $50 $45 $45 $40

(5) 10 An eighteenth century Swiss clockmaker made a total of 12 identical carriage clocks. There are currently just three collectors of these clocks, X, Y and Z. The diagram shows their respective demand schedules. 4

3 Dz price ($000) Dy 2 Dx 1

0

2

4

6 8 quantity

10

12

X, Y and Z initially possess 4 clocks each. They come together to trade between themselves. At the market clearing price (or equilibrium price), which of the following is correct?

buyer(s) A B C D X Y and Z X Z

seller(s) Y and Z X Z X

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(6) 12 In the diagram OS1 and OS2 are two straight-line supply curves.

S1 S2

price

O

quantity

As price increases, the elasticity of supply A B C D decreases along both OS1 and OS2. increases less rapidly along OS1 than along OS2. increases more rapidly along OS1 than along OS2. is constant along both OS1 and OS2.

(7)14 The diagram shows the effect of the imposition of a tax equal to FG on a commodity.

S2 S1

price v

u w F G

x y

D quantity Which area represents the reduction in consumer surplus? A B C u+v u+x u+x+y

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(8) 15 In which circumstance will the incidence of an indirect tax fall entirely upon the producers of a

A B C D W02

when the demand curve is perfectly inelastic when the elasticity of demand is unity at all points on the demand curve when the elasticity of supply is unity at all points on the supply curve

(9) 5 In the diagram, S1 and D1 are the initial supply and demand curves for tea.

Which point could represent the equilibrium position in the tea market following a failure in the coffee harvest of a major coffee producer? D2 D1 B C price A D D2 S3 O S1 S2 D1 quantity S3

S1

S2

(10) 6 A manufacturer progressively reduces the price of his product in an attempt to increase total revenue. The table shows the outcome of this policy. price ($) 10 9 8 total revenue 000’s ($) 750 750 750

What is the price elasticity of demand for the product? A B C D perfectly inelastic relatively inelastic perfectly elastic unitary

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(11) 7 A product is an inferior good with no close substitutes. It is also a complement to product X. Which product matches the description of this product? product price elasticity of demand –2 –2 –0.5 –0.5 income elasticity of demand +2 +2 –2 –2 cross elasticity of demand with respect to the price of X +1 –1 +1 –1

A B C D

(12) 8 Which of the following combinations is most likely to result in the demand for a product being highly price elastic? number of close substitutes A B C D large large small small % of income spent on product large small large small

(13) 9 Goods X and Y are complements. What will be the effect on the equilibrium price and quantity of good X of an increase in the supply of good Y? equilibrium price of X A B C D decrease decrease increase increase equilibrium quantity of X decrease increase decrease increase

(14) 10 What would cause a movement along an industry’s supply curve? A B C D a change in the price of raw materials a change in the price of a substitute good an improvement in technology the imposition of a sales tax on the industry’s product

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Rema Education (瑞玛教育) www.remaalevel.com 6 (15) 11 In the diagram D is the demand curve for a commodity.

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u price v w x D O The quantity initially supplied is OQ1. Q1 Q2 quantity

Which area measures the total additional amount consumers would be willing to pay for an increase equal to Q1Q2 in the quantity supplied? A B C D u +v + w w w+x x

(16) 12 The diagram shows the demand and supply curves of a commodity before and after a specific tax is removed. S S 12 10 8 price 6 4 2 0 quantity What was the tax per unit of output and what is the price after the removal of the tax? tax per unit ($) A B C D 6 6 4 4 price after the removal of the tax ($) 6 8 6 8 D

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(17) 13 A manufacturer’s ability to increase his output in the short run will be greater A B C D S03 (18) 5
The diagram shows a consumer's short-run and long-run demand curves for coconuts. Initially, the consumer purchases quantity Q0 at price P0.

if labour is immobile. if the product is perishable. if there is spare capacity. if unemployment is low.

V X

price P0

Y

Z O W Q0 quantity

If the price of coconuts increases from P0, the consumer's short-run response is greater than his long-run response. If the price decreases from P0 his short-run response is smaller than his longrun response. What is the consumer's short-run demand curve? A VYW B VYZ C XYZ D XYW

(19) 6

How would an economist establish the market demand curve for a private good? A B C D by adding consumer surplus to total expenditure by combining the price elasticity of individual demands by horizontally combining individual demand curves by multiplying price by quantity demanded

(20) 7

Other things being equal, which of the following would result in an increased demand by private motorists for petrol (gasoline)? A B C D an increase in the price of second-hand cars an increase in road toll charges a reduction in the price of steel a reduction in bus fares

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(21) 8 The table gives an individual’s demand for four goods at two income levels.
Over this range of income, for which good does the individual have an income elasticity of demand = 1? units of goods demanded A $1000 $1100 50 50 B 50 55 C 50 60 D 50 100

income level

(22) 9 The diagram shows the demand curve for commodity X.

price

D O quantity

Which of the following statements is correct? A B C D Demand is less elastic at higher prices than at lower prices. Consumer expenditure on the commodity always rises whenever price falls. Price elasticity of demand is different at every price. Price elasticity of demand equals one at every price.

(23) 10 Product R is an inferior good with no close substitutes. It is also a complement to product S.
Which describes product R? income elasticity of demand A B C D negative positive negative positive cross elasticity of demand with product S positive negative negative positive

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(24) 11 The table gives the short-run supply schedules of three firms X, Y and Z, which comprise an industry.
price ($) 1 2 3 4 quantity supplied (units) firm X 100 150 200 250 firm Y 50 80 150 firm Z 70 100

Which is a point on the short-run supply schedule of the industry? price ($) A B C D 2 3 3 4 units 300 350 450 1150

(25)12 A specific tax is placed on the sale of bottles of lemonade. In the diagram, SS is the supply curve before imposition of the tax and S tS t is the supply curve after tax.
St D W price St T S O quantity U X D S

Which distance represents the specific tax on each bottle? A UT B WT C WU D WX

(26) 13 For price to act as a rationing mechanism, the effect of a rising price must be to
A B C D attract new firms into the market. generate additional profits for producers. reduce the quantity demanded by some individuals. signal the need for a reallocation of resources.

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W03 (27) 5

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The diagram shows the demand for and supply of a product.
D

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price

S

O
quantity

What can be deduced about the product? A B C D It has infinite price elasticity of demand. It has no substitutes. It is an inferior good. It takes a large proportion of consumer income.

(28) 6

The table shows the price elasticity of demand for four goods and services. price elasticity motor cycles telephone calls football tickets light bulbs 1.6 1.0 0.3 0.0

If the price of each item increased by 1 %, for which of these items would the total expenditure increase? A B C D football tickets only motor cycles only football tickets and light bulbs motor cycles and telephone calls

(29) 7

The table gives estimates of own-price and cross-price elasticities of demand for tea and instant coffee. elasticity with respect to the price of commodity tea instant coffee tea –0.48 +0.13 instant coffee +0.11 –0.67

Other things being equal, what will be the change in the quantity of instant coffee demanded as a result of a 1 % increase in the price of tea? A +0.11 % B +0.13 % C -0.11 % D -0.13 %

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In calculating the short-run supply schedule for a firm, what is assumed to remain unchanged? A B C D the number of consumers the price of the good the quantities of all factors the state of technology

(31) 9 The table shows the demand and supply schedules for a good before and after the imposition of a tax. price quantity quantity supplied quantity supplied ($) demanded before tax after tax
20 19 18 17 16 15 14 340 340 340 340 340 340 340 440 430 410 380 340 290 230 380 340 290 230 160 80 0

What was the amount of the tax? A $1 B $2 C $3 D $4

(32) 10 The diagram represents the market for diamonds.
D P2 price P1 S2 D Q1 Q2 quantity S2

S1

S1 O

Which of the following could have caused an increase in price from P1 to P2? A B C D a fall in the price of substitute gems a fall in the tax on diamonds a rise in the productivity of diamond miners a rise in the wages of diamond miners

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(33) 11 The diagrams show a change in demand from D1 to D2 and a change in supply from S1 to S for
Which diagram illustrates the good for which new uses have been found and which receives an increase in government subsidy?
A S2 S1 price D2 D1 O quantity O D2 D 1 quantity O quantity B S2 S1 price D2 D1 O C S1 S2 price D2 D1 quantity D S1 S2

price

S04 (34) 5 In the last ten years e-mail has increasingly been used in preference to postal services.
Which graph shows the changes in the market for postal services?
A S P1 P2 D2 O Q2 Q1 quantity C D1 O Q1 Q2 quantity D S2 price D O Q1 Q2 quantity O Q2 Q1 quantity P2 P1 D price P2 P1 D2 D1 B S

price

S1

S2

S1

price

P1 P2

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Rema Education (瑞玛教育) www.remaalevel.com 13 (35) 6 The diagram shows the demand curve for a product.
M

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N

price R O L S Q D quantity P

If the rectangle OLMN is equal in area to the rectangle OPQR, which statement is correct? A B C D Total revenue falls by MSQ if the price rises from OR to ON. Consumer surplus falls by RSMN if the price rises from OR to ON. The price elasticity of demand is unitary for all changes in price. A rise in price from OR to ON results in the same proportionate fall in quantity demanded.

(36) 7

During a certain period, 10 000 units of a normal good are sold at a price of 20 c. During a later period, 12 000 units are sold at a price of 22 c. What could explain this change? A B C D a reduction in consumers' incomes an increase in the cost of raw materials an increase in the price of a substitute commodity an increase in the productivity of factors of production

(37) 8 In the diagram below D1 and S1 represent the demand and supply curves of a Malaysian industry in its home market. Equilibrium is at X.
The industry has to pay a large wage increase and at the same time faces increased competition from imported substitutes. Which point, A, B, C, or D, on the diagram could represent the new equilibrium?
S3 A D C S3 X B D2 S1 S2 D1 D3 S1

D2 D1 D3

S2

price

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(38) 9 In 2002 it was proposed that car owners should pay a charge to travel into the centre of London. Fares on public transport would also be reduced. It was hoped that more use would be made of public transport and that congestion would decrease.
What price elasticities of demand would be necessary for this policy to succeed? price elasticity of demand for travel by car A B C D elastic elastic inelastic inelastic price elasticity of demand for travel by public transport elastic inelastic elastic inelastic

(39) 10 The table gives estimates of the price elasticities and cross-elasticities of demand for bus and rail travel.
elasticity with respect to the price of: service bus travel rail travel bus travel –0.37 +0.16 rail travel +0.13 –0.43

What would be the change in the volume of rail travel resulting from a 1% increase in bus fares? A B C D an increase of 0.16 % an increase of 0.43 % a reduction of 0.13 % a reduction of 0.37 %

(40) 11 The table shows a consumer's expenditure on a range of goods at different levels of income.
For which good does the consumer have an income elasticity of demand greater than zero, but less than one? consumer’s income ($) 40 good A B C D 10 10 10 10 50 100

consumer’s expenditure ($) 18 11 10 8 40 20 10 6

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(41) 12 Which of the supply curves shown in the diagram has unitary price elasticity?
A B C price

D O

quantity

(42) 13 The diagram shows the demand and supply curves for a product.

X
S price

W V
O

Y

D

Z
quantity

Which area measures the total amount consumers would be willing to pay for the equilibrium level of output? A OWYZ B OXYZ C OVYZ D XYV

W04 (43) 5 What ensures that demand for a product is effective?
A B C D The consumer must be in the private sector of the economy. The consumer must have sufficient income to buy the product. The consumer must receive consumer surplus. The consumer must want to buy the product.

(44) 6 What would cause the demand for holiday accommodation in Mauritius to shift to the left?
A B C a fall in the exchange value of the Mauritian rupee poor holiday weather in Mauritius relaxation in planning controls on hotel construction in Mauritius

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Rema Education (瑞玛教育) www.remaalevel.com 16 (45) 7 The demand for a commodity has unitary price elasticity.

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Which diagram shows the relationship between total expenditure on the commodity and its price?
A B

total expenditure

total expenditure

O

price C

O

price D

total expenditure

total expenditure

O

price

O

price

(46) 8 The cross-elasticity of demand between two goods will be higher
A B C D the greater the difference in price between the two goods. the greater the income elasticities of demand for the two goods. the greater the price elasticities of demand for the two goods. the more they are regarded as similar by consumers.

(47) 9 The diagram shows four different straight line supply curves.
S1 S2 S3 S4 price

O

quantity

What can be concluded from the diagram? A B C S1 has unitary elasticity. S2 has zero elasticity. S3 has a constant elasticity.

D S4 has infinite elasticity. 浦东八佰伴校区:浦东南路1088号中融大厦9006室(九号线商城路站3号口) 电话: 021-5012-8828 徐汇宜山路校区:中山西路1800号兆丰环球大厦13楼G座(九号线宜山路站3号口) 瑞玛教育考试研究院 第 17/59页

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(48) 10 The table refers to exports of sugar from Jamaica in 1999 and 2000.
exports of sugar (tonnes) 1999 2000 177 522 180 481 export earnings from sugar (US$ millions) 95.79 83.8

What can be deduced from the data? A B C D The demand for sugar is price-elastic. The income elasticity of demand for sugar is negative. The price of sugar in US$ fell between 1999 and 2000. The supply of sugar is price-elastic.

(49) 11 Assume that rice is a substitute for potatoes.
If there is a decrease in the supply of potatoes, what is likely to happen to the market for rice in the short run? A B C D Demand will decrease and the price will decrease. Demand will increase and the price will increase. Supply will decrease and the price will increase. Supply will increase and the price will decrease.

(50) 12 In the diagram, point X shows the equilibrium price and quantity for a fruit drink.
The government announces that the ingredients used in the drink can be harmful. Which point, A, B, C or D, is most likely to represent the new equilibrium after consumers hear this announcement?
D1 D0 C price per litre S2 D2 X D B D1 D0 S1 O D2 quantity (litres per period) A S2 S0 S1

S0

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(51) 13 The table shows observations of a competitive market in equilibrium in two periods.
period 1 2 market price 50 cents 60 cents quantity traded 10 000 units 12 000 units

What could explain the change from period 1 to period 2? A B C D an increase in the price of a complement an increase in the price of a substitute the imposition of an indirect tax on suppliers the imposition of a minimum price of 60 cents by a government

S05 (52) 5 What could not cause a shift in an individual’s demand curve for Good Z?
A B C D a change in the price of Z a change in the individual's income a change in the individual's tastes a change in advertising expenditure on Z

(53) 6

What is most likely to make the demand for Good X inelastic? A B C D Good X is a luxury good. Good X is habit-forming. The proportion of income spent on Good X is very high. There are a large number of substitutes for Good X.

(54) 7 The market for tractors is supplied by two firms, X and Y, each initially having 50 % of the market.
A 10 % increase in the price of tractors leads to an increase in output from firm X of 10 % and from firm Y of 20 %. What is the price elasticity of supply of tractors in this market? A 1 B 1.5 C 2 D 3

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(55) 8 The diagram shows how the quantity demanded of four goods changes as income changes.
Which good has an income elasticity of demand which is always +1? A B C

income

D

O quantity of good
(56) 9
Good X is a substitute for Good Y and a complement to Good Z. What would be the effect of a fall in the price of Good X? A B C D Only the demand for X will rise. Demand for X, Y and Z will rise. Demand for Y will fall and for Z will rise. Demand for Y will rise and for Z will fall.

(57) 10 The diagram shows the supply and demand curves for a product.
The government imposes an indirect tax on the product.

S

price

D

O

quantity

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What will be the outcome of this for the producers’ revenue and the incidence of the tax burden? effect on revenue A B C D fall fall rise rise main incidence of the tax consumer producer consumer producer

(58) 11 The diagram shows the market for new houses.
S2 S1

Y price X

D1 O quantity

D2

What would cause the change in the market equilibrium position from X to Y? A B C D a fall in income tax and a rise in building costs a fall in interest rates and an increased efficiency in house-building a fall in population and a rise in taxes on building materials a rise in building subsidies and a fall in incomes

(59) 12

The market demand equation for a good is given by Qd = 310 - 20 p and the supply equation by Qs = 10 + 10 p, where p denotes the price of the good. What is the equilibrium price? A 5 B 10 C 15 D 20

(60) 13

What is necessary for consumer surplus to be zero? A B C D Demand is perfectly inelastic. Demand is perfectly elastic. Supply is perfectly inelastic. Supply is perfectly elastic.

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(61) 5 The table shows the levels of demand for silver in millions of ounces for different uses between 1999 and 2001.
1999 Industrial use Photography Jewellery and silverware Coins and medals 340.6 225.9 273.3 27.6 2000 377.1 219.5 281.4 29.8 2001 338.5 210.2 287.6 27.2

What can be concluded about the different demands for silver between 1999 and 2001? A B C D All types of demand followed the same trend. Industrial use had the greatest fall in demand. Jewellery and silverware had a continuous increase in demand. Total demand increased.

(62) 6

The diagram shows the demand curve for commodity X.

price

D O quantity

Which of the following statements is correct? A B C D Demand is less elastic at higher prices than at lower prices. Consumer expenditure on the commodity always rises when price falls. Price elasticity of demand is different at every price. Price elasticity of demand equals one at every price.

(63) 7

Over the last ten years the price elasticity of demand for tea in many countries has risen. What is the most likely cause of this change in price elasticity? A B C a decrease in the incomes of consumers a decrease in the number of complements to tea an increase in the number of substitutes for tea

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(64) 8 The price of Good X rises by 20 %. As a result, the demand for a substitute Good Y rises by 10 %.
What is the cross-elasticity of demand for Good Y with respect to Good X? A +2 B + 0.5 C - 0.5 D -2

(65) 9 Which of the following will not cause a shift in the market supply curve of a commodity?
A B C D a rise in the price of the commodity a rise in the price of a factor input a change in technology the introduction of a specific tax on the commodity

(66) 10 In 2003 the outbreak in Asia of the SARS virus had a significant effect on the demand for travel to holiday destinations in the region. The response of airlines was to reduce the number of flights to Asian destinations.
The original market equilibrium was at point X. Which point represents the new equilibrium in the market for travel to Asia?
supply

B price A X D demand O quantity C

(67) 11 The diagram shows the demand curve, DD1, and the supply curve, SS1, for eye operations.

S D

price P

O
The operations are provided free.

S1 number of operations

D1

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Which statement is true? A B C D The equilibrium price is zero. The equilibrium price is P.

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The equilibrium price is indeterminate, because the supply curve is vertical. Consumer surplus from the operations is ODD1.

(68) 12

The diagram shows a demand curve for journeys on a toll road.

toll per journey ($) 5

3

0 1000 2000

number of journeys per day

If there is a reduction in the toll from $5 to $3, what is the resulting increase in the daily consumer surplus? A $1000 B $2000 C $3000 D $4000

(69) 13

The diagram shows the demand and supply curves of a commodity before and after a specific tax is removed. S

S 12 10 8 price 6 4 2 0 quantity D

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What is the tax per unit of output and what is the price after the removal of the tax? tax per unit A B C D 6 6 4 4 price after the removal of the tax 6 8 6 8

S06

(70) 5

Which piece of information would enable you to construct the market demand curve for a product? A B C D the equilibrium price of the product the number of consumers who would purchase the product at each price the number of firms in the industry the quantity that each consumer would be willing and able to buy at each price

(71) 6 What is most likely to increase the demand for compact disc players?
A B C D a fall in disposable incomes a fall in the price of cinema tickets a fall in the price of compact discs a fall in the price of video recorders

(72) 7 The price elasticity of demand for good X is 1. At a price of $12, quantity demanded is 4000 units.
What will be the price when the quantity demanded is 20 000 units? A $2.00 B $2.40 C $2.66 D $20.00

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The diagrams show possible relationships between income and the quantity of a good purchased. Which diagram shows an inferior good?
A 45o income income B

O

quantity purchased

O

quantity purchased

C

D

income

income

O

quantity purchased

O

quantity purchased

(74) 9

When demand for a good increases, equilibrium price stays the same. What is its elasticity of supply? A B C D –1 zero +1 infinite

(75) 10 The diagram shows the market for computer games. The market starts in equilibrium at X.
What will be the new equilibrium if the tax on computer games is increased and incomes fall?
S2 S1

S3

price of computer games

B

A C

X D

D2 O

D1

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Assume the price elasticity of demand for best-quality French wine is zero. What would be the effect in New Zealand if the New Zealand government imposed a tariff on such wine? A B C D The price of the wine would rise by an amount less than the tariff. Demand for the wine would fall. Expenditure on the wine would rise. Sales of the wine would cease.

(77) 12

In the diagram, S1 is the original supply curve and D is the original demand curve. W S2 S1 T P V R Q

price

D O M N quantity

If supply shifts to S2, which area represents the change in consumer surplus? A PQVT B PQW C PRVT D TVW

(78) 13

The diagram shows the demand and supply curves for parking spaces in a hospital car park.

S

price P

D O number of spaces

The managers decide to rely on the price mechanism to allocate parking spaces at the hospital most effectively. What is required in order for this to work? A B C Alternative means of transport must be provided for those unable to afford price OP. A survey will be needed to find out the amount users are willing to pay. The capacity of the car park will need to be expanded.

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(79) 5 The market demand for a product is made up of the demand from three firms, X, Y and Z.
The table shows the demand from each firm and the market supply. price $ 7 8 9 10 demand from X 3300 3100 2800 2500 demand from Y 3300 2900 2500 2100 demand from Z 3300 3100 2900 2700 market supply 3300 6200 8200 10 000

What is the equilibrium price in the market? A $7 B $8 C $9 D $10

(80) 6 The diagram shows the demand curve for good X.

M N price D O quantity

What could cause a movement along the curve from M to N? A B C D a change in consumer tastes in favour of X a decrease in labour costs of producing X a decrease in the demand for X an increase in the price of a substitute good

(81) 7 From the table below, in which price range is demand for product X inelastic?
product X price $ 12 11 10 9 8 A $12-11 B $11-10 C $10-9 quantity demanded 250 450 500 600 650 D $9-8

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(82) 8 Product R is an inferior good with no close substitutes. It is also a complement to product S.
Which describes product R? income elasticity of demand A B C D negative positive negative positive cross elasticity of demand with respect to product S positive negative negative positive

(83) 9 A firm publishes and sells books. The diagram shows a shift in the firm’s supply curve from S1 to S2.

S1 price of books

S2

O

quantity of books

What would have caused this shift in the firm’s supply curve? A B C D a fall in the subsidies paid to book publishers a fall in the price of paper a rise in the real income of customers a rise in the wages of the firm’s workers

(84) 10 A product has a low price elasticity of supply.
What might explain this? A B C D The product has a low opportunity cost. The product has a perishable nature. The product is classed as an inferior good. The product is considered to be a necessity.

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(85) 11 In the diagram, S1 and D1 are the initial supply and demand curves for tea and X is the original equilibrium. There is then a failure in the coffee harvest of a major coffee producer.
Which point would represent the equilibrium position in the tea market as a result of this failure?

D2 D1 B price A

S3

S1

S2

C X D D2

S3 O

S1

S2

D1

quantity

S07 (86) 5
What ensures that demand for a product is effective? A B C D The consumer must be in the private sector of the economy. The consumer must have sufficient income to buy the product. The consumer must receive consumer surplus. The consumer must want to buy the product.

(87) 6

The diagram shows the supply curve of coffee in an economy.
supply

Y price X

O

quantity

The market equilibrium is initially at point X, but a change moves it to point Y. What might explain this? A B C D an increase in wages paid by producers of coffee a switch in consumer tastes from coffee to tea an increase in the price of tea a tax imposed on coffee producers

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A businessman had intended to borrow $5000 at 8 % per year for house purchase. When the interest rate rose to 10 % he decided to borrow only $4000. Within what range is his interest elasticity of demand for loans? A B C D 0.0 to –0.3 –0.4 to –0.7 –0.8 to –1.2 –1.3 to –1.7

(89) 8

A manufacturer’s ability to increase supply in the short run will be greater A B C D if labour is immobile. if the product is perishable. if there is spare capacity. if unemployment is low.

(90) 9

The table gives information about the market for two models of car. model 1200 cc 2000 cc number of cars sold per week 10 000 5 000 cross elasticity of demand with respect to the price of petrol –0.25 –0.50

If the prices of the cars remain unchanged, but the price of petrol increases by 100 %, what will be the effect on the number of cars sold per week? A B C D increase by 5000 no change decrease by 5000 decrease by 15 000

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The diagram illustrates the effects of placing a specific tax equal to JM on a good.

S2 S1 price X Y Z J L M D O
Which area represents total tax receipts? A JKM B XJKY C XJLY D XJMZ

K

quantity

(92) 11

Goods X and Y are complements. What will be the effect on the equilibrium price and quantity of good X of an increase in the supply of good Y? equilibrium price of X A B C D decrease decrease increase increase equilibrium quantity of X decrease increase decrease increase

(93) 13

In 2003, some tobacco companies in the US wanted to raise prices but a spokesman said the tobacco industry was no longer in a position where it could increase revenue by raising prices. What might be concluded from this statement? A B C D The price elasticity of demand for tobacco is lower than it used to be. The price elasticity of demand for tobacco is likely to be greater than unity. The price of tobacco is too low. The profit of tobacco growers does not depend on the price system.

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The following might influence the demand for a good.

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Which would not cause a shift in the demand curve for the good? A B C D a change in the price of a complement a change in the price of a substitute a change in the price of the good itself a change in consumers’ incomes

(95) 6

A fall in the price of cars causes the demand for petrol to rise by 20 %. The cross-elasticity of demand between cars and petrol is –2. Which change in car prices has brought this about? from A B C D $6000 $5500 $5000 $5000 to $5000 $4500 $4500 $4000

(96) 7

What is correct about market supply? A B C D Market supply can increase only when all individual firms increase their output. Market supply is effective when consumers have sufficient income to buy the good. Market supply is the result of aggregating the supply of all individual firms. Market supply of an inferior good falls as price increases.

(97) 8

The price of a firm’s product rises by 12 %. After one week the firm is only able to produce the same quantity but after one month it can increase the quantity by 6 %. How would price elasticity of supply be described after one week and after one month? after one week A B C D infinite infinite zero zero after one month elastic inelastic elastic inelastic

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The government imposes a sales tax to reduce consumption of good X. With which combination of price elasticity of demand and price elasticity of supply will this have the greatest effect? A B C D elastic demand and elastic supply elastic demand and inelastic supply inelastic demand and elastic supply inelastic demand and inelastic supply

(99) 10 Jam and honey are substitutes and honey and beeswax are in joint supply.
Other things being equal, what will be the result of an increase in the price of jam? price of honey A B C D fall fall rise rise price of beeswax fall rise fall rise

(100) 11

The number of passenger journeys per week by train on a certain route is shown by the demand curve in the diagram.

P fare W

V T U demand

O

R S number of journeys / week

Initially the fare is OP, but it is then reduced by PW. Which area measures the amount spent on the extra journeys resulting from the lower fare? A VUT B PWTV C VRST D URST

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In a free market in disequilibrium, which combination of price and quantity will lead to a fall in price and a contraction in output to reach equilibrium?

S P1

P2 price P3 D

O

Q1

Q2 quantity

Q3

A

P1Q1

B

P1Q3

C

P3Q1

D

P3Q3

S08

(102) 5

The demand for a product is affected by a number of influences. What will cause a movement along its demand curve? A B C D a rise in consumers’ income a rise in the popularity of the product a rise in the population a rise in the price of the product

(103) 6

Good X is a substitute for good Y and a complement to good Z. What would happen after a fall in the price of good X? A B C D Only the demand for X will rise. Demand for X, Y and Z will rise. Demand for Y will fall and for Z will rise. Demand for Y will rise and for Z will fall.

(104) 7

A good has unitary price elasticity of demand and at a price of $25 it sells 100 000 units. Which price must the firm charge if it wants to sell 125 000 units of the good? A $22 B $20 C $18 D $15

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The table shows how an individual’s consumption of cola and nuts varies with income. income ($) 50 100 cola (cans) 2 4 nuts (packets) 0 1

Which statement about income elasticity of demand over the range of income shown is true? A B C D For cola it is less than 1. For cola it is greater than 1. For nuts it is greater than 1. For nuts it is zero.

(106) 9

What would increase the price elasticity of supply of a firm’s products? A B C D a decrease in the period of time that stocks can be kept a decrease in the time that it takes to produce the products an increase in the cost of capital goods employed by the firm an increase in the level of employment in the area

(107) 10

In the diagram, the supply curve shows the number of spaces in a car park and the demand curve shows the demand for spaces on four different days.

S P4 price P3 P2 P1 D1 O quantity D4 D3 D2

The owner wishes to charge a parking fee on each of these days to allocate the spaces according to the market mechanism. Which pricing policy should the owner use? A B C D set a fixed price at P1 set a fixed price at P4 vary prices between P2 and P3 vary prices between P1 and P4

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(108) 11 In the diagram below, D1 and S1 represent the demand and supply curves of a Malaysian industry in its home market. Equilibrium is at X.
The industry has to pay a large wage increase and at the same time faces increased competition from imported substitutes. Which point on the diagram could represent the new equilibrium?

D2 D1 D3 D C S3 O A X

S3

S1

S2

price

B D2

S1

S2 quantity

D1 D3

(109) 12

The diagram shows the demand curve and supply curve for a good on which the government imposes a specific tax.
S

D price D

S O quantity

What will be the result of this tax? A B C D Most of the incidence of the tax will fall on the producer. The new demand curve will be parallel to DD. The price will rise by the full amount of the tax. The quantity bought will fall proportionately to the tax rate.

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A change in the price of a good causes an increase in the quantity of the good demanded. What would be the nature of the good and the direction of price change for this to be certain to happen? nature of good A B C D inferior inferior normal normal price change fall rise fall rise

(111) 6

The diagram shows how the quantity demanded of four goods changes as income changes. Which good has an income elasticity of demand which is always +1?
A B

C

quantity of good demanded

D

O income

(112) 7

The diagram shows the demand curve for a product.

N

M

price R O L quantity S Q D P

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If the rectangle OLMN is equal in area to the rectangle OPQR, which statement is correct? A B C D A rise in price from OR to ON results in the same proportionate fall in quantity demanded. Consumer surplus falls by RSMN if the price rises from OR to ON. The price elasticity of demand is unitary for all changes in price. Total revenue falls by MSQ if the price rises from OR to ON.

(113) 8

The price of good X rises by 10 %. As a result, the demand for a substitute good Y rises by 20 %. What is the cross-elasticity of demand for good Y with respect to good X? A +2 B +0.5 C –0.5 D –2

(114) 9

There are three firms (X, Y and Z) supplying a market. The table shows their supply at four different prices. price ($) 10 20 30 40 firm X’s supply 50 60 85 120 firm Y’s supply 40 60 80 100 firm Z’s supply 10 20 35 55

Which price change is required for market supply to double? A $10 to $20 B $10 to $30 C $20 to $30 D $20 to $40

(115) 11

The diagram shows demand and supply curves for petrol. The present equilibrium is at X. What could be the new equilibrium if there were a large fall in the price of cars?

D1 D D2 price S2 S S1 O D2 quantity D B X C D A

S2 S S1

D1

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The diagram shows the demand and supply curves for a product.

X S price W Y

V O Z quantity

D

Which area measures the total amount consumers would be willing to pay for the equilibrium level of output? A OWYZ B OXYZ C OVYZ D XYV

(117) 13

The diagram shows the average world price of coffee in US cents per pound weight (lb) between 1997 and 2005.
The price of coffee, 1997 to 2005 150 125 100 US cents / lb 75 50 25 0 1997

2001 year

2005

Which event is consistent with the price behaviour shown in the specified time period? A B C D a continuous rise in the price of tea between 1997 and 2001 the entry to the market of new producers of coffee between 1997 and 2001 a series of good coffee harvests between 2001 and 2005 increasing health worries about drinking coffee between 2001 and 2005

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What is not held constant when aggregating individual firms’ supply curves to give the market supply curve? A B C D the number of firms in the industry the price of the product the prices of factors of production the state of technology

(119) 6 The table shows the demand for tickets for a concert.
price of tickets $ 20 30 40 50 The capacity of the concert hall is 6000. What price should be charged to maximise total revenue? A $20 B $30 C $40 D $50 quantity demanded 6000 5000 4000 3000

(120) 7 The table shows the demand and supply schedules for a good before and after the imposition of a tax.
price ($) 20 19 18 17 16 15 14 quantity demanded 340 340 340 340 340 340 340 quantity supplied before tax 440 430 410 380 340 290 230 quantity supplied after tax 380 340 290 230 160 80 0

What was the amount of the tax? A $1 B $2 C $3 D $4

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The price elasticity of demand for a product is constant and equal to unity. Which curve in the diagram shows the relationship between total expenditure on the product and its price?
A

B

total expenditure

C

D O price

(122) 9

In the UK, attempts to encourage people to change from road to rail travel by the introduction of a system of road pricing were forecast to fail because ‘people like using their cars too much’. How would this forecast be explained? A B C D The price elasticity of demand for cars is high. The price elasticity of demand for petrol is high. The price elasticity of demand for rail travel is low. The price elasticity of demand for car travel is low.

(123) 10 The table shows changes in a consumer’s expenditure on various goods when his income increases from $20 000 to $24 000.
income $20 000: good amount spent on good ($) 100 100 200 200 income $24 000: amount spent on good ($) 96 100 224 248

W X Y Z

Assuming all else remains unchanged, for which goods is the consumer’s income elasticity of demand greater than 1.0? A W only B Z only C W and Z only D W, Y and Z

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(124) 11 The diagram shows a country’s domestic supply of, and demand for, a commodity that it both consumes and exports.

S WP2 WP1 price

D O W Y quantity X Z

The world price changes from WP1 to WP2. What are the resulting changes in domestic consumption and exports? domestic consumption A B C D OX to OZ OX to OZ OY to OW OY to OW quantity of exports OY to OX OY to OZ YX to WZ YX to OZ

(125) 12 Between 2006 and 2007, the price of skimmed milk powder on the world market rose from $1000 per tonne to $2400 per tonne.
Assuming that the market is a free market, what will result from the price change? A B C D Consumers will buy more complements to skimmed milk powder. Farmers will increase the size of their dairy herds to supply more milk. Firms processing milk into skimmed milk will switch to producing substitutes. Governments will introduce a system of rationing.

(126) 13

Which statement indicates that the price mechanism is allocating resources successfully? A B C D Belgian chocolate companies increase supplies to China because of higher than expected sales. Train operators in India lower fares because of overcrowding on trains. US supermarkets throw away large amounts of food because of misjudging demand. World fish stocks decline because of over-fishing.

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A change in market conditions causes a reduction in supply. This results in a higher price for the product, which has a downward-sloping demand curve. What must be the outcome of this higher price? A B C D an increase in the factors employed in the industry an increase in producer’s revenue a reduction in the quantity demanded a reduction in the demand for substitutes

(128) 6

A government wishes to impose a tax on a good so that the consumer and not the producer pays most of the tax increase. Which type of elasticity would best achieve this aim? A B C D high price elasticity of supply low price elasticity of supply unitary price elasticity of supply perfectly inelastic price elasticity of supply

(129) 7

The table shows the price elasticity of demand for four goods and services. price elasticity motor cycles telephone calls football tickets light bulbs 1.6 1.0 0.3 0.0

If the price of each item increased by 1 %, for which items would the total expenditure increase? A B C D football tickets only football tickets and light bulbs motor cycles and telephone calls motor cycles only

(130) 8 Two goods, X and Y, are complementary goods. Column 1 of the table below shows the original market situation at time period 1 and column 2 shows the situation following an increase in the price of good Y.
1 price of good X quantity demanded price of good Y 10 50 20 2 10 40 30

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The value of cross elasticity of demand for good X with respect to the price of good Y lies between A B C D –1.7 and –2.6. –0.8 and –1.3. –0.3 and –0.8. +0.3 and +0.6.

(131) 10

The table shows the maximum price a consumer would be willing to pay for successive cans of fruit juice. cans price ($) first 14 second 10 third 6 fourth 4 fifth 3

The price of a can of fruit juice is $4 and, having bought three cans, the consumer decides to buy a fourth. How does buying the fourth can affect his consumer surplus? A B C D It leaves it unchanged. It lowers it by $2. It raises it by $4. It raises it by $34.

(132) 11

What is generally considered to be one of the advantages of using the price mechanism as a rationing device? A B C D It ensures that goods are allocated in accordance with the needs of consumers. It ensures that suppliers cannot make excessive profits. No one can be prevented from consuming a good if they are willing and able to pay the market price. The allocation of goods is determined by consumers’ wealth.

(133) 12

The demand curve in the diagram shows the relationship between the number of car journeys and the cost of a car journey.

cost of a car journey D O number of car journeys

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What would cause the demand curve to shift to the left? A B C D a reduction in car tax a reduction in petrol prices a reduction in public transport prices the introduction of tolls on motorways

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S10 (134) 5
The table shows the market supply for a raw material and the individual demand of the three firms, X, Y and Z, which are its only buyers. price $ (per kilo) 7 8 9 10 market supply (000s) 30 40 50 60 demand by X (000s) 13 12 11 10 demand by Y (000s) 27 25 23 20 demand by Z (000s) 20 18 16 15

What is the equilibrium market price of the raw material? A $7 B $8 C $9 D $10

(135) 6 In 2008 the demand curve for new cars in the European Union shifted to the left.
Which change could have caused such a shift? A B C D an increase in real disposable income an increase in the cost of borrowing an increase in the price of new cars an increase in the price of train travel

(136) 7

Worldwide, the film industry has increased its expenditure to over $1 billion each year on successful anti-piracy measures which it finances by charges on DVD products. How would this be shown in a demand and supply diagram of the market for legally produced DVDs? demand curve A B C D shifts left shifts left shifts right shifts right supply curve shifts left shifts right shifts left shifts right

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Rema Education (瑞玛教育) www.remaalevel.com 46 (137) 8 The demand for a commodity has unitary price elasticity.

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Which diagram shows the relationship between total expenditure on the commodity and its price?
A B

total expenditure O

total expenditure O

price

price

C

D

total expenditure O

total expenditure O

price

price

(138) 9 The table gives information about the market for two models of car.
model 1200 cc 2000 cc number of cars sold per week 10 000 5 000 cross elasticity of demand with respect to the price of petrol –0.25 –0.50

If the prices of the cars remain unchanged, but the price of petrol increases by 100 %, what will be the effect on the number of cars sold per week? A B C D increase by 5000 no change decrease by 5000 decrease by 15 000

(139) 10 In 2008 a disease killed a significant number of sheep used to produce wool.
How would the short-run effect be shown on a demand and supply diagram for wool? A B C D a movement down the existing supply curve a movement up the existing supply curve a shift to the left of the supply curve a shift to the right of the supply curve

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The diagram shows a demand curve for journeys on a toll road.

toll per journey ($) 5

3

demand
0 2000 number of journeys per day

1000

If there is a reduction in the toll from $5 to $3, what is the resulting increase in the daily consumer surplus? A $1000 B $2000 C $3000 D $4000

(141) 13

What does not happen when price acts as a means to allocate resources? A B C D Price determines the supply of public goods. Price operates in the markets for both goods and factors of production. Price recognises consumers’ ability to pay rather than consumers’ needs. Price signals to producers which goods are most profitable.

W10 (142) 5 What might shift an individual’s demand curve for petrol to the left?
A B C D a fall in the price of parking a fall in the price of petrol a rise in the price of cars a rise in the price of public transport

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(143) 6 The diagram shows a consumer’s short-run and long-run demand curves for coconuts. Initially, the consumer purchases quantity Q0 at price P0.
V X

price P0

Y

Z O W Q0 quantity

If the price of coconuts increases from P0, the consumer’s short-run response is greater than his long-run response. If the price decreases from P0 his short-run response is smaller than his longrun response. What is the consumer’s short-run demand curve? A VYW B VYZ C XYZ D XYW

(144) 7 The table shows a consumer’s expenditure on a range of goods at different levels of income.
For which good does the consumer have an income elasticity of demand greater than zero, but less than one? consumer’s income ($) 40 good A B C D 10 10 10 10 50 100

consumer’s expenditure ($) 18 11 10 8 40 20 10 6

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The diagram shows the demand curve for a product.

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price

D O quantity

Which statement is correct? A B C D Demand is less elastic at higher prices than at lower prices. Consumer expenditure on the product always rises when price falls. Price elasticity of demand is different at every price. Price elasticity of demand equals one at every price.

(146) 9

The table shows the market demand for a product and the individual supply of the three firms X, Y and Z in the industry. price $ 40 30 20 10 market demand (000) 60 70 80 90 supply by X (000) 50 41 34 30 supply by Y (000) 10 11 10 9 supply by Z (000) 20 18 16 11

What is the equilibrium market price? A $40 B $30 C $20 D $10

(147) 10 Domino Pizza, the largest US pizza chain, said that its profits had been reduced by price inflation on ingredients and by a reduction in consumers’ disposable income.
How would these changes affect the demand and supply curve for its products? demand A B C D move to the left move to the left move to the right move to the right supply move to the left move to the right move to the left move to the right

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(148) 12 Rising demand for oil from China and other countries is leading to concerns that there may be a world shortage of oil.
How should a change in the price of oil prevent such a shortage developing? A B C D Price should fall to reduce demand and encourage a search for more oil. Price should fall to reduce supply and encourage a reduction in fuel use. Price should rise to reduce demand and encourage a search for alternative fuels. Price should rise to reduce supply and encourage a switch to alternative fuels.

(149) 13

In the diagram OS1 and OS2 are two straight-line supply curves.
S1

price

S2

O

quantity

As price increases, the elasticity of supply A B C D decreases along both OS1 and OS2. increases less rapidly along OS1 than along OS2. increases more rapidly along OS1 than along OS2. is constant along both OS1 and OS2.

S11 (150) 5
What is consistent with an individual demand curve that slopes down from left to right? A B C D As price falls, a person switches away from rival products towards the product. As price falls, a person’s willingness and ability to buy the product will decline. As price rises, a person becomes less sensitive to price changes. As price rises, a person’s opportunity cost of purchasing the product falls.

(151) 6

What will cause the demand curve for domestically produced cars to shift to the left? A B C D an increase in the costs of production of domestically produced cars a reduction in taxes on the purchase of cars a reduction in the tariff on imported cars a reduction in the tax on petrol

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The diagrams show changes in the market for a good.
1 S 2 S

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3 S S1

price

price

price

D O quantity

D1 O quantity

D

D1 O quantity

D

Which diagrams represent ‘a change in the quantity demanded’? A 1 and 2 B 1 and 3 C 1 only D 3 only

(153) 8 The diagram shows the demand curve for a product with unitary price elasticity.

price

D O
What will happen with such a curve? A B C D A fall in price will bring about an increase in expenditure on the product. A fall in price will bring about an increase in sales but a fall in expenditure on the product. As the price rises, expenditure on the product stays the same. As the price rises, expenditure on the product rises and then falls.

quantity

(154) 9 In the diagram D and S are the demand and supply curves of a good.
S S1

price

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What will happen with such a curve? A B C D

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A fall in price will bring about an increase in expenditure on the product. A fall in price will bring about an increase in sales but a fall in expenditure on the product. As the price rises, expenditure on the product stays the same. As the price rises, expenditure on the product rises and then falls.

(155) 10 A refinery which processes oil into petrol (gas) is faced with the following conditions.
1 2 3 4 It is working at full capacity. Its petrol storage tanks are full. It has received delivery of a new fleet of petrol tankers to transport its petrol. It requires six months to train new workers to qualify in safety procedures.

Which of the conditions will tend to make the supply of petrol relatively price inelastic? A 1 and 2 B 1 and 4 C 2 and 3 D 3 and 4

(156) 11 The table gives estimates of the price elasticities and cross elasticities of demand for bus and rail travel.
elasticity with respect to the price of: bus travel bus travel rail travel –0.37 +0.16 rail travel +0.13 –0.43

service

What would be the change in the volume of rail travel resulting from a 1 % increase in bus fares? A B C D an increase of 0.16 % an increase of 0.43 % a reduction of 0.13 % a reduction of 0.37 %

(157) 13

Global stocks of cod are currently under threat due to over-fishing whilst there are plentiful supplies of the less popular Alaskan pollock. How might the price mechanism operate to limit the depletion of fish stocks? A B C D The price of both cod and Alaskan pollock will fall. The price of both cod and Alaskan pollock will rise. The price of cod will fall whilst the price of Alaskan pollock will rise. The price of cod will rise whilst the price of Alaskan pollock will fall.

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W11/P11

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(158) 5 The diagram shows a demand curve for a good.

price

D O quantity

Which statement describes the nature of this demand curve? A B C D A fall in price is the result of a fall in demand. A greater or smaller quantity is demanded as price changes. As demand increases so does price. Quantity changes in proportion to the change in price.

(159) 6

How would an economist establish the market demand curve for a private good? A B C D by adding consumer surplus to total expenditure by combining individual demand curves horizontally by combining the price elasticity of individual demands by multiplying price by quantity demanded

(160) 7 What could cause a shift in the supply curve of good X and a movement along its supply curve?
shift in the curve A B C D a change in consumer preferences a decrease in factor productivity an increase in the price of a complementary good an increase in the wage rates in the industry movement along the curve an increase in the price of a substitute good the imposition of a tax on good X an increase in factor productivity a change in consumer preferences

(161) 8 The price of good X rises by 10 %. As a result, the demand for a complementary good Y changes by 20 %.
What is the cross elasticity of demand for good Y with respect to good X? A +2 B +0.5 C –0.5 D –2

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(162) 9 An industry is comprised of three firms, R, S and T which produce product X.
price of X $ 36 29 22 output of X firm R 80 73 52 firm S 59 48 0 firm T 85 76 68

By how much is a rise in the price of product X from $22 to $36 likely to increase the market supply of X? A 27 B 77 C 104 D 224

(163) 10 A firm estimates that the price elasticity of supply of its product is 0.4.
Should the firm be concerned by this figure? A B C D No, as it implies that the firm will be able to raise revenue by raising price. No, as it suggests there are few substitutes for the product. Yes, as it indicates that the firm is not able to adjust supply easily when demand changes. Yes, as it means that demand for its product is increasing at a slow rate.

(164) 11 The diagram shows three supply curves.
S1

price

S2 S3

O

quantity

What can be concluded about the price elasticity of supply of the curves? A B C D As price rises, the price elasticity of supply of S2 will increase. At any price, the price elasticity of supply of S1 will be less than that of S3. At any price, the price elasticity of supply of S2 will be higher than that of S3. The price elasticity of supply of all three curves will be the same.

浦东八佰伴校区:浦东南路1088号中融大厦9006室(九号线商城路站3号口) 电话: 021-5012-8828 徐汇宜山路校区:中山西路1800号兆丰环球大厦13楼G座(九号线宜山路站3号口) 瑞玛教育考试研究院 第 55/59页

Rema Education (瑞玛教育) www.remaalevel.com 55 (165) 13 What is necessary for consumer surplus to be zero?
A B C D Demand is perfectly elastic. Demand is perfectly inelastic. Supply is perfectly elastic. Supply is perfectly inelastic.

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W11/P12 (166) 5 During a period of falling incomes in Germany in 2009, demand for jewellery declined. There was, however, a rise in demand for frozen foods.
How would the effect on the demand for the two products be illustrated? jewellery A B C D a movement downwards along the demand curve a movement upwards along the demand curve a shift to the left of the demand curve a shift to the right of the demand curve frozen food a movement upwards along the demand curve a shift to the right of the demand curve a shift to the right of the demand curve a movement upwards along the demand curve

(167) 6 It was estimated in 2010 that milk had an income elasticity of demand of –0.6.
What can be concluded about milk from this information? A B C D It accounts for only a small proportion of household expenditure. It has very few substitutes. Household expenditure on milk will decrease if the price of milk increases. It is an inferior good.

浦东八佰伴校区:浦东南路1088号中融大厦9006室(九号线商城路站3号口) 电话: 021-5012-8828 徐汇宜山路校区:中山西路1800号兆丰环球大厦13楼G座(九号线宜山路站3号口) 瑞玛教育考试研究院 第 56/59页

Rema Education (瑞玛教育) www.remaalevel.com 56 (168) 7

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In a free market in disequilibrium, which combination of price and quantity will lead to a fall in price and a contraction in output to reach equilibrium? S P1

P2 price P3 D

O

Q1 C P3Q1

Q2 quantity

Q3 D P3Q3

A

P1Q1

B

P1Q3

(169) 8 A manufacturer has estimated that the price elasticity of supply of ice cream is +1.5.
If the demand for ice cream rises and price increases by 10 %, how much more will the manufacturer supply to the market? A 0.15 % B 1.5 % C 15 % D 50 %

(170) 9 The table shows demand and supply schedules for red peppers. The equilibrium price is initially 15 cents per kg.
price per kg cents 30 25 20 15 10 5 amount demanded kg (thousands) 11 12 13 15 17 20 amount supplied kg (thousands) 22 19 17 15 13 11

The government pays a subsidy of 10 cents per kg to producers. What will be the new equilibrium price charged to consumers? A 5 cents B 10 cents C 15 cents D 20 cents

浦东八佰伴校区:浦东南路1088号中融大厦9006室(九号线商城路站3号口) 电话: 021-5012-8828 徐汇宜山路校区:中山西路1800号兆丰环球大厦13楼G座(九号线宜山路站3号口) 瑞玛教育考试研究院 第 57/59页

Rema Education (瑞玛教育) www.remaalevel.com 57 (171) 10 The diagram shows the market for new houses.
S2

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S1

Y price X

D1 O quantity

D2

What would cause the change in the market equilibrium position from X to Y? A B C D a fall in income tax and a rise in building costs a fall in interest rates and increased efficiency in house-building a fall in population and a rise in taxes on building materials a rise in building subsidies and a fall in incomes

(172) 11 In the diagram, S1 is the original supply curve and D is the original demand curve.
S2 S1 T P V R Q

W

price

D O M N quantity

If supply shifts to S2, which area represents the change in consumer surplus? A PQVT B PQW C PRVT D TVW

浦东八佰伴校区:浦东南路1088号中融大厦9006室(九号线商城路站3号口) 电话: 021-5012-8828 徐汇宜山路校区:中山西路1800号兆丰环球大厦13楼G座(九号线宜山路站3号口) 瑞玛教育考试研究院 第 58/59页

Rema Education (瑞玛教育) www.remaalevel.com 58 (173) 12 When demand for a good falls, its price falls.
What is the function of the price fall? A B C D to eliminate shortages to reduce consumer surplus to send a signal to producers to stimulate a further fall in demand

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(174) 13 When is a rise in the price of a product likely to cause more resources to be allocated to its production?
A B C D if demand increases when the supply curve is perfectly inelastic if the demand curve shifts to the right when the supply curve is inelastic if supply increases when the demand curve is perfectly inelastic if the supply curve shifts to the left when the demand curve is elastic

浦东八佰伴校区:浦东南路1088号中融大厦9006室(九号线商城路站3号口) 电话: 021-5012-8828 徐汇宜山路校区:中山西路1800号兆丰环球大厦13楼G座(九号线宜山路站3号口) 瑞玛教育考试研究院 第 59/59页


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