Quiz: Thinking Like an Economist - Models and Assumptions
Pearson Edexcel Level 3 Advanced GCE in Economics A (9EC0)
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Welcome to this quiz on Thinking Like an Economist: Models and Assumptions. Test your understanding with these 10 questions!
What does ceteris paribus mean in economics?
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Which of the following are assumptions made in economic modelling? (Select all that apply)
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The economic problem arises because resources are {{blank0}} but wants are {{blank1}}.
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Match the items on the left with their correct pairs on the right
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If a consumer spends £50 on a good with a price elasticity of demand (PED) of -1.5, what is the percentage change in quantity demanded if price increases by 10%?
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Which diagram shows the trade-off between capital goods and consumer goods?
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Match the items on the left with their correct pairs on the right
Which of the following are examples of factors influencing demand? (Select all that apply)
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Adam Smith's concept of {{blank0}} explains how individuals pursuing their own self-interest can lead to {{blank1}} outcomes for society.
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Which type of economy relies primarily on market forces with minimal government intervention?
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