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Term 2 Test 1 Economics e

The document contains economics test questions about demand and supply curves, equilibrium prices, excess demand, and factors that affect supply. It asks students to plot demand and supply curves, explain equilibrium vs disequilibrium prices, calculate excess demand, and analyze how different factors impact market price and quantity.

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12 views

Term 2 Test 1 Economics e

The document contains economics test questions about demand and supply curves, equilibrium prices, excess demand, and factors that affect supply. It asks students to plot demand and supply curves, explain equilibrium vs disequilibrium prices, calculate excess demand, and analyze how different factors impact market price and quantity.

Uploaded by

idk
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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AVI-CENNA SCHOOL

ECONOMICS TEST 1 QUESTIONS YEAR 10 TERM 2 2021/2022 SESSION

1.
PRICE PER QUANTITY QUANTITY DEMANDED
UNIT(£) SUPPLIED PER MONTH
PER MONTH
2 100 400
4 150 350
6 200 300
8 250 250
10 300 200
12 350 150
14 400 100

(a) Plot and label the demand and supply curve. Establish the equilibrium price and quantity
traded. [6]
(b) Explain the difference between an equilibrium price and a disequilibrium price. [2]
(c) Calculate is excess demand at £4 [2]
(d) Outline two factors that will cause change in supply [4]

2. Using a demand and supply diagram, analyse the effect of the followings on market price and
quantity
i) Increased advertising for the product [5]
ii) Consumers’ tastes and fashions changing in favour of other products [5]
iii) The government paying subsidies to producers [5]
iv) Technical failure such as a cut in power supplies or mechanical breakdown [5]

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