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<title>DP Economics: Unit 2.7-2.10: Multiple choice quiz </title>
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style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35118/unit-2111-market-power-theory-of-production-and-costs-hl.html" title="Unit 2.11(1) Market power - Theory of production and costs (HL)">Unit 2.11(1) Market power - Theory of production and costs (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35125/unit-2112-market-power-perfect-competitionhl.html" title="Unit 2.11(2) Market power - Perfect competition(HL)">Unit 2.11(2) Market power - Perfect competition(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35147/unit-2113-market-power-monopolyhl.html" title="Unit 2.11(3) Market power - Monopoly(HL)">Unit 2.11(3) Market power - Monopoly(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35151/unit-2114-market-power-monopolistic-competitionhl.html" title="Unit 2.11(4) Market power - Monopolistic competition(HL)">Unit 2.11(4) Market power - Monopolistic competition(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35153/unit-2115-market-power-oligopolyhl.html" title="Unit 2.11(5) Market power - Oligopoly(HL)">Unit 2.11(5) Market power - Oligopoly(HL)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41603/economics-real-world-examples-and-extension-material-.html" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43378/opportunity-cost-and-production-possibility-curves.html" title="Opportunity cost and production possibility curves">Opportunity cost and production possibility curves</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42559/demand-theory.html" title="Demand theory">Demand theory</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41886/the-price-mechanism.html" title="The price mechanism">The price mechanism</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43188/market-demand-and-supply.html" title="Market demand and supply">Market demand and supply</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41705/demerit-goods.html" title="Demerit goods">Demerit goods</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42275/market-failure-and-climate-change.html" title="Market failure and climate change">Market failure and climate change</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42925/market-power.html" title="Market power">Market power</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42099/applying-game-theory.html" title="Applying game theory">Applying game theory</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../34407/chapter-3-macroeconomics.html" title="Chapter 3: Macroeconomics">Chapter 3: Macroeconomics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34355/unit-311-measuring-the-level-of-economic-activity.html" title="Unit 3.1(1): Measuring the level of economic activity">Unit 3.1(1): Measuring the level of economic activity</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34432/unit-312-measuring-economic-development.html" title="Unit 3.1(2): Measuring Economic Development">Unit 3.1(2): Measuring Economic Development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34485/unit-321-variations-in-economic-activity-aggregate-demand-ad-.html" title="Unit 3.2(1): Variations in economic activity - aggregate demand (AD) ">Unit 3.2(1): Variations in economic activity - aggregate demand (AD) </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34487/unit-322-variations-in-economic-activity-aggregate-supplyas.html" title="Unit 3.2(2): Variations in economic activity - aggregate supply(AS)">Unit 3.2(2): Variations in economic activity - aggregate supply(AS)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34758/unit-331-macroeconomic-objectives-economic-growth.html" title="Unit 3.3(1) Macroeconomic objectives: economic growth">Unit 3.3(1) Macroeconomic objectives: economic growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34771/unit-332-macroeconomic-objectives-unemployment-.html" title="Unit 3.3(2) Macroeconomic objectives: unemployment ">Unit 3.3(2) Macroeconomic objectives: unemployment </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34778/unit-333-macroeconomic-objectives-inflation-and-deflation--1.html" title="Unit 3.3(3) Macroeconomic objectives: inflation and deflation ">Unit 3.3(3) Macroeconomic objectives: inflation and deflation </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34925/unit-341-economics-of-inequality-and-poverty-1.html" title="Unit 3.4(1) Economics of inequality and poverty">Unit 3.4(1) Economics of inequality and poverty</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34946/unit-342-policies-to-improve-equality-equity-and-poverty.html" title="Unit 3.4(2) Policies to improve equality, equity and poverty">Unit 3.4(2) Policies to improve equality, equity and poverty</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34993/unit-35-government-management-of-the-economy-monetary-policy-1.html" title="Unit 3.5 Government management of the economy – monetary policy">Unit 3.5 Government management of the economy – monetary policy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34962/unit-36-government-management-of-the-economy-fiscal-policy-1.html" title="Unit 3.6 Government management of the economy – fiscal policy">Unit 3.6 Government management of the economy – fiscal policy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35017/unit-371-market-based-supply-side-policies--1.html" title="Unit 3.7(1) Market based supply-side policies ">Unit 3.7(1) Market based supply-side policies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35018/unit-372-interventionist-supply-side-policies-.html" title="Unit 3.7(2) Interventionist supply-side policies ">Unit 3.7(2) Interventionist supply-side policies </a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45803/economics-real-world-examples-and-extension-material--1.html" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42639/measuring-economic-well-being-1.html" title="Measuring economic well-being">Measuring economic well-being</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43044/inflation.html" title="Inflation">Inflation</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42350/inequality.html" title="Inequality">Inequality</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41639/inequity-1.html" title="Inequity">Inequity</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../35414/chapter-4-the-global-economy.html" title="Chapter 4: The Global Economy">Chapter 4: The Global Economy</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35346/unit-41-benefits-of-international-trade-1.html" title="Unit 4.1 Benefits of international trade">Unit 4.1 Benefits of international trade</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35348/unit-4243-trade-protectionism-1.html" title="Unit 4.2/4.3 Trade protectionism">Unit 4.2/4.3 Trade protectionism</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35407/unit-44-economic-integration-.html" title="Unit 4.4 Economic integration ">Unit 4.4 Economic integration </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35409/unit-45-exchange-rates-1.html" title="Unit 4.5 Exchange rates">Unit 4.5 Exchange rates</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35413/unit-46-balance-of-payments--1.html" title="Unit 4.6 Balance of payments ">Unit 4.6 Balance of payments </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35675/unit-47-sustainable-development.html" title="Unit 4.7 Sustainable development">Unit 4.7 Sustainable development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35685/unit-48-measuring-development--1.html" title="Unit 4.8 Measuring development ">Unit 4.8 Measuring development </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35687/unit-49-barriers-to-economic-development-1.html" title="Unit 4.9 Barriers to economic development">Unit 4.9 Barriers to economic development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35702/unit-410-economic-growth-and-economic-development-strategies.html" title="Unit 4.10: Economic growth and economic development strategies">Unit 4.10: Economic growth and economic development strategies</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45804/economics-real-world-examples-and-extension-material-.html" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41927/foreign-currency-1.html" title="Foreign currency">Foreign currency</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43532/exchange-rates-1.html" title="Exchange rates">Exchange rates</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43804/balance-of-payments.html" title="Balance of payments">Balance of payments</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41796/economic-development-1.html" title="Economic development">Economic development</a></li></ul></ul></ul><li class="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../20132/units-1-2-microeconomics.html" title="Units 1-2: Microeconomics">Units 1-2: Microeconomics</a></li><ul class="level-1 expanded"><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Unit 1: Introduction to economics">Unit 1: Introduction to economics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20091/introductory-activity-1.html" title="Introductory activity">Introductory activity</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20093/unit-11-scarcity-choice-and-opportunity-cost.html" title="Unit 1.1: Scarcity, choice and opportunity cost">Unit 1.1: Scarcity, choice and opportunity cost</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21647/factors-of-production-1.html" title="Factors of production">Factors of production</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20114/economic-systems.html" title="Economic systems">Economic systems</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20134/public-and-private-sectors-1.html" title="Public and private sectors">Public and private sectors</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28055/unit-12-economics-as-a-social-science-1.html" title="Unit 1.2: Economics as a social science">Unit 1.2: Economics as a social science</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29921/circular-flow-of-national-income.html" title="Circular flow of national income">Circular flow of national income</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29829/unit-1-review-terms-1.html" title="Unit 1: Review terms">Unit 1: Review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41600/introduction-to-economics-crossword-1.html" title="Introduction to economics crossword">Introduction to economics crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../4331/unit-1-multiple-choice-quiz.html" title="Unit 1: Multiple choice quiz">Unit 1: Multiple choice quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20177/unit-21-23-competitive-markets-demand-and-supply-1.html" title="Unit 2.1-2.3: Competitive markets - demand and supply">Unit 2.1-2.3: Competitive markets - demand and supply</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28517/unit-21-demand-1.html" title="Unit 2.1: Demand">Unit 2.1: Demand</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22349/determinants-of-demand-1.html" title="Determinants of demand">Determinants of demand</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29949/unit-22-supply-.html" title="Unit 2.2: Supply ">Unit 2.2: Supply </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20184/changes-to-supply-and-demand-.html" title="Changes to supply and demand ">Changes to supply and demand </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21992/practise-exercises-1.html" title="Practise exercises">Practise exercises</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../26112/gold-exchange-game-demand-and-supply-1.html" title="Gold exchange game: Demand and supply">Gold exchange game: Demand and supply</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20194/unit-23-competitive-market-equilibrium-1.html" title="Unit 2.3: Competitive market equilibrium">Unit 2.3: Competitive market equilibrium</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20144/producer-and-consumer-surplus-1.html" title="Producer and consumer surplus">Producer and consumer surplus</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22351/veblen-goods-and-super-luxury-goods-1.html" title="Veblen goods and super luxury goods">Veblen goods and super luxury goods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25677/are-cryptocurrencies-the-new-tulipmania.html" title="Are Cryptocurrencies the new Tulipmania?">Are Cryptocurrencies the new Tulipmania?</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20472/unit-21-23-multiple-choice-quiz.html" title="Unit 2.1-2.3: Multiple choice quiz">Unit 2.1-2.3: Multiple choice quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20113/unit-24-consumer-and-producer-behaviour-hl-only-1.html" title="Unit 2.4: Consumer and producer behaviour (HL only)">Unit 2.4: Consumer and producer behaviour (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../36073/behavioural-economics-consumer-biases-nudge-theory-hl-only-1.html" title="Behavioural economics: Consumer biases / nudge theory (HL only)">Behavioural economics: Consumer biases / nudge theory (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20378/business-objectives-hl-only.html" title="Business objectives (HL only)">Business objectives (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28741/unit-21-24-review-terms--1.html" title="Unit 2.1-2.4: Review terms ">Unit 2.1-2.4: Review terms </a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20195/unit-25-26-elasticity-1.html" title="Unit 2.5-2.6: Elasticity">Unit 2.5-2.6: Elasticity</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28713/unit-25-price-elasticity-of-demand-1.html" title="Unit 2.5: Price elasticity of demand">Unit 2.5: Price elasticity of demand</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21545/determinants-of-price-elasticity-.html" title="Determinants of price elasticity ">Determinants of price elasticity </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21532/ped-elasticity-and-sales-revenue.html" title="PED elasticity and sales revenue?">PED elasticity and sales revenue?</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21259/unit-25-income-elasticity-of-demand-yed.html" title="Unit 2.5: Income elasticity of demand (YED)">Unit 2.5: Income elasticity of demand (YED)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21200/unit-26-price-elasticity-of-supply.html" title="Unit 2.6: Price elasticity of supply">Unit 2.6: Price elasticity of supply</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20207/perfectly-elastic-inelastic-supply-curves.html" title="Perfectly elastic / inelastic supply curves">Perfectly elastic / inelastic supply curves</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20230/a-mathematical-note-about-elasticity-.html" title="A mathematical note about elasticity ">A mathematical note about elasticity </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39037/demand-and-supply-crossword.html" title="Demand and supply crossword">Demand and supply crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29021/unit-25-26-review-terms-1.html" title="Unit 2.5-2.6: Review terms">Unit 2.5-2.6: Review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20474/unit-25-26-multiple-choice-quiz--1.html" title="Unit 2.5-2.6: Multiple choice quiz ">Unit 2.5-2.6: Multiple choice quiz </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44474/unit-21-25-competitive-markets-quiz-1.html" title="Unit 2.1- 2.5: Competitive markets quiz">Unit 2.1- 2.5: Competitive markets quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20243/unit-27-the-role-of-government-in-microeconomics--1.html" title="Unit 2.7: The role of government in microeconomics ">Unit 2.7: The role of government in microeconomics </a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26590/indirect-taxation.html" title="Indirect taxation">Indirect taxation</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20246/ped-and-the-burden-of-tax-hl-only-.html" title="PED and the burden of tax (HL only) ">PED and the burden of tax (HL only) </a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20277/government-subsidies--1.html" title="Government subsidies ">Government subsidies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29117/unit-27-indirect-tax-and-subsidy-review-terms-1.html" title="Unit 2.7: Indirect tax and subsidy review terms">Unit 2.7: Indirect tax and subsidy review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20287/price-controls-maximum-price--1.html" title="Price controls − maximum price ">Price controls − maximum price </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20288/minimum-price-.html" title="Minimum price ">Minimum price </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21540/minimum-wage-.html" title="Minimum wage ">Minimum wage </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38849/labour-market-crossword-1.html" title="Labour market crossword">Labour market crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29260/unit-27-price-controls-review-terms-1.html" title="Unit 2.7: Price controls review terms">Unit 2.7: Price controls review terms</a></li></ul><li class="ancestor parent" style="padding-left: 14px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../20303/unit-28-210-market-failure--1.html" title="Unit 2.8-2.10: Market failure ">Unit 2.8-2.10: Market failure </a></li><ul class="level-2 expanded"><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21543/unit-28-merit-goods--1.html" title="Unit 2.8: Merit goods ">Unit 2.8: Merit goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../23123/unit-28-demerit-goods-negative-externalities-1.html" title="Unit 2.8: Demerit goods / negative externalities">Unit 2.8: Demerit goods / negative externalities</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38850/market-failure-crossword-1.html" title="Market failure crossword">Market failure crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29262/unit-29-economics-of-the-environment-and-public-goods--1.html" title="Unit 2.9: Economics of the environment and public goods ">Unit 2.9: Economics of the environment and public goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20332/unit-210-asymmetric-information-hl-only-1.html" title="Unit 2.10: Asymmetric information (HL only)">Unit 2.10: Asymmetric information (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29828/unit-28-210-market-failure-review-sheet.html" title="Unit 2.8-2.10: Market failure review sheet">Unit 2.8-2.10: Market failure review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29827/unit-28-210-market-failure-review-terms.html" title="Unit 2.8-2.10: Market failure review terms">Unit 2.8-2.10: Market failure review terms</a></li><li class="current" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="unit-27-210-multiple-choice-quiz--1.html" title="Unit 2.7-2.10: Multiple choice quiz ">Unit 2.7-2.10: Multiple choice quiz </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44501/unit-27-210-government-failure-revision-quiz-1.html" title="Unit 2.7-2.10 Government failure revision quiz">Unit 2.7-2.10 Government failure revision quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20330/unit-211-market-power-hl-only-1.html" title="Unit 2.11: Market power (HL only)">Unit 2.11: Market power (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29835/assessment-map.html" title="Assessment map">Assessment map</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21528/production-hl-only.html" title="Production (HL only)">Production (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29978/revenue-theory-hl-only.html" title="Revenue theory (HL only)">Revenue theory (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20357/costs-of-production-hl-only.html" title="Costs of production (HL only)">Costs of production (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21286/economies-and-diseconomies-of-scale-hl-only.html" title="Economies and diseconomies of scale (HL only)">Economies and diseconomies of scale (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22494/long-run-average-cost-curves-hl-only.html" title="Long run average cost curves (HL only)">Long run average cost curves (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../29838/breakeven-hl-only.html" title="Breakeven (HL only)">Breakeven (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20340/economic-profit-hl-only.html" title="Economic profit (HL only)">Economic profit (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39082/market-power-crossword.html" title="Market power crossword">Market power crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22495/revision-exercise-on-cost-and-revenue-hl-only.html" title="Revision exercise on cost and revenue (HL only)">Revision exercise on cost and revenue (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29845/unit-211-costs-revenue-and-profit-review-sheet-hl-only.html" title="Unit 2.11: Costs, revenue and profit review sheet (HL only)">Unit 2.11: Costs, revenue and profit review sheet (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44484/unit-211-multiple-choice-quiz-sl-units-1.html" title="Unit 2.11: Multiple choice quiz (SL units)">Unit 2.11: Multiple choice quiz (SL units)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29846/market-structures-hl-only-1.html" title="Market structures (HL only)">Market structures (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29981/perfect-competition-hl-only-1.html" title="Perfect competition (HL only)">Perfect competition (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24486/profit-in-perfect-competition-hl-only-1.html" title="Profit in perfect competition (HL only)">Profit in perfect competition (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21302/efficiency-in-perfect-competition-hl-only.html" title="Efficiency in perfect competition (HL only)">Efficiency in perfect competition (HL only)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20430/monopoly-hl-only-1.html" title="Monopoly (HL only)">Monopoly (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24529/profit-and-revenue-maximisation-in-monopoly-hl-only-1.html" title="Profit and revenue maximisation in monopoly (HL only)">Profit and revenue maximisation in monopoly (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21306/a-comparison-of-monopoly-and-perfect-competition-hl-only-1.html" title="A comparison of monopoly and perfect competition? (HL only)">A comparison of monopoly and perfect competition? (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20435/monopolistic-competition-hl-only-1.html" title="Monopolistic competition (HL only)">Monopolistic competition (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20436/oligopoly-hl-only-1.html" title="Oligopoly (HL only)">Oligopoly (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22310/game-theory-hl-only-1.html" title="Game theory (HL only)">Game theory (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29918/unit-211-market-structures-review-sheet-hl-only-1.html" title="Unit 2.11: Market structures review sheet (HL only)">Unit 2.11: Market structures review sheet (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32337/unit-211-diagram-revision-.html" title="Unit 2.11: Diagram revision ">Unit 2.11: Diagram revision </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20480/unit-211-multiple-choice-quiz-hl-only-1.html" title="Unit 2.11: Multiple choice quiz (HL only)">Unit 2.11: Multiple choice quiz (HL only)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32425/unit-212-the-markets-inability-to-achieve-equity-hl-only-1.html" title="Unit 2.12: The market’s inability to achieve equity (HL only)">Unit 2.12: The market’s inability to achieve equity (HL only)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../21842/unit-3-macroeconomics-.html" title="Unit 3: Macroeconomics ">Unit 3: Macroeconomics </a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../3942/unit-31-measuring-economic-activity-and-illustrating-its-variati-1.html" title="Unit 3.1: Measuring economic activity and illustrating its variations">Unit 3.1: Measuring economic activity and illustrating its variations</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20558/calculating-national-income-1.html" title="Calculating national income">Calculating national income</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21297/gdp-gni-as-a-measure-of-living-standards.html" title="GDP / GNI as a measure of living standards">GDP / GNI as a measure of living standards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20567/national-income-statistics-1.html" title="National income statistics">National income statistics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21580/the-business-cycle-1.html" title="The business cycle">The business cycle</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29931/unit-31-economic-activity-review-sheet-1.html" title="Unit 3.1: Economic activity review sheet">Unit 3.1: Economic activity review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20592/unit-32-variations-in-economic-activityaggregate-demand-and-aggr-1.html" title="Unit 3.2: Variations in economic activity—aggregate demand and aggregate supply">Unit 3.2: Variations in economic activity—aggregate demand and aggregate supply</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29933/aggregate-demand-and-supply.html" title="Aggregate demand and supply">Aggregate demand and supply</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21582/components-of-aggregate-demand-1.html" title="Components of aggregate demand">Components of aggregate demand</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20634/equilibrium-in-macroeconomics-neo-classical-perspective-1.html" title="Equilibrium in macroeconomics (neo-classical perspective)">Equilibrium in macroeconomics (neo-classical perspective)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20439/equilibrium-in-macroeconomics-keynesian-perspective-1.html" title="Equilibrium in macroeconomics (keynesian perspective)">Equilibrium in macroeconomics (keynesian perspective)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21349/john-maynard-keynes-1.html" title="John Maynard Keynes">John Maynard Keynes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20650/keynesian-v-free-market-debate--1.html" title="Keynesian v free market debate ">Keynesian v free market debate </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21342/changes-in-the-long-run-aggregate-supply-1.html" title="Changes in the long run aggregate supply">Changes in the long run aggregate supply</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30055/unit-32-aggregate-demand-and-supply-review-sheet-1.html" title="Unit 3.2: Aggregate demand and supply review sheet">Unit 3.2: Aggregate demand and supply review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20610/unit-35-and-36-demand-management-fiscal-and-monetary-policy-1.html" title="Unit 3.5 and 3.6: Demand management - fiscal and monetary policy">Unit 3.5 and 3.6: Demand management - fiscal and monetary policy</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30058/government-budget.html" title="Government budget">Government budget</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21585/fiscal-policy--1.html" title="Fiscal policy ">Fiscal policy </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21343/multiplier-hl-only.html" title="Multiplier (HL only)">Multiplier (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21795/monetary-policy--1.html" title="Monetary policy ">Monetary policy </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30071/independent-central-banks-1.html" title="Independent central banks">Independent central banks</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30083/unit-35-and-36-review-sheet.html" title="Unit 3.5 and 3.6 review sheet">Unit 3.5 and 3.6 review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20615/unit-37-supply-side-policies-1.html" title="Unit 3.7: Supply side policies">Unit 3.7: Supply side policies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20651/the-role-of-supply-side-policies-1.html" title="The role of supply side policies">The role of supply side policies</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20622/market-based-and-interventionist-supply-side-policies--1.html" title="Market based and interventionist supply side policies ">Market based and interventionist supply side policies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39129/aggregate-demand-and-supply-crossword-1.html" title="Aggregate demand and supply crossword">Aggregate demand and supply crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30086/unit-37-review-sheet-1.html" title="Unit 3.7: Review sheet">Unit 3.7: Review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20755/unit-31-32-and-35-37-multiple-choice-quiz--1.html" title="Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz ">Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz </a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44522/unit-31-32-and-35-37-revision-quiz-1.html" title="Unit 3.1-3.2 and 3.5-3.7: Revision quiz">Unit 3.1-3.2 and 3.5-3.7: Revision quiz</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20686/unit-33-macroeconomic-objectives.html" title="Unit 3.3: Macroeconomic objectives">Unit 3.3: Macroeconomic objectives</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30118/unemployment.html" title="Unemployment">Unemployment</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21351/types-of-unemployment.html" title="Types of unemployment?">Types of unemployment?</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21593/equilibrium-unemployment-.html" title="Equilibrium unemployment ">Equilibrium unemployment </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21594/disequilibrium-unemployment-1.html" title="Disequilibrium unemployment">Disequilibrium unemployment</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../30458/unemployment-review-sheet-1.html" title="Unemployment review sheet">Unemployment review sheet</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20713/inflation--1.html" title="Inflation ">Inflation </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20712/measuring-inflation-hl-only-1.html" title="Measuring inflation (HL only)">Measuring inflation (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20685/costs-of-inflation-and-deflation-1.html" title="Costs of inflation and deflation">Costs of inflation and deflation</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../30465/inflation-review-sheet.html" title="Inflation review sheet">Inflation review sheet</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20716/unemployment-v-inflation-trade-off-hl-only-1.html" title="Unemployment v inflation trade off (HL only)">Unemployment v inflation trade off (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39133/macroeconomic-objectives-crossword-1.html" title="Macroeconomic objectives crossword">Macroeconomic objectives crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44511/unit-33-macroeconomic-indicators-revision-quiz-1.html" title="Unit 3.3: Macroeconomic indicators revision quiz">Unit 3.3: Macroeconomic indicators revision quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20741/unit-34-economics-of-inequality-and-poverty-1.html" title="Unit 3.4: Economics of inequality and poverty">Unit 3.4: Economics of inequality and poverty</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32398/inequality-1.html" title="Inequality">Inequality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21356/the-role-of-spending-and-taxation-on-inequality--1.html" title="The role of spending and taxation on inequality ">The role of spending and taxation on inequality </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21313/consequences-of-economic-growth-1.html" title="Consequences of economic growth">Consequences of economic growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30257/economic-growth-and-inequality-review-sheet-1.html" title="Economic growth and inequality review sheet">Economic growth and inequality review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20756/unit-33-34-multiple-choice-.html" title="Unit 3.3-3.4: Multiple choice ">Unit 3.3-3.4: Multiple choice </a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../21844/unit-4-global-economy.html" title="Unit 4: Global economy">Unit 4: Global economy</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21367/unit-41-benefits-of-international-trade.html" title="Unit 4.1: Benefits of international trade">Unit 4.1: Benefits of international trade</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30529/benefits-of-international-trade.html" title="Benefits of international trade">Benefits of international trade</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20823/absolute-and-comparative-advantage-hl-only-1.html" title="Absolute and comparative advantage (HL only)">Absolute and comparative advantage (HL only)</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20845/unit-42-43-trade-protection-1.html" title="Unit 4.2-4.3: Trade protection">Unit 4.2-4.3: Trade protection</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32419/barriers-to-trade-calculations-are-hl-only-1.html" title="Barriers to trade (calculations are HL only)">Barriers to trade (calculations are HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21610/case-study-on-tata-steel-1.html" title="Case study on Tata Steel">Case study on Tata Steel</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../23455/the-defence-industry-1.html" title="The Defence industry">The Defence industry</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30610/unit-41-43-review-sheet-1.html" title="Unit 4.1-4.3: Review sheet">Unit 4.1-4.3: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20894/unit-44-economic-integration--1.html" title="Unit 4.4: Economic integration ">Unit 4.4: Economic integration </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30634/economic-integration-some-hl-tasks-1.html" title="Economic integration (some HL tasks)">Economic integration (some HL tasks)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20840/world-trade-organisation-wto-1.html" title="World trade organisation (WTO)">World trade organisation (WTO)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30635/unit-44-review-sheet-1.html" title="Unit 4.4: Review sheet">Unit 4.4: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20853/unit-45-exchange-rates-1.html" title="Unit 4.5: Exchange rates">Unit 4.5: Exchange rates</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30611/floating-exchange-rates-1.html" title="Floating exchange rates">Floating exchange rates</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../31824/fixed-managed-exchange-rate-systems-some-hl-tasks-1.html" title="Fixed / managed exchange rate systems (some HL tasks)">Fixed / managed exchange rate systems (some HL tasks)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21624/the-market-for-foreign-exchange-1.html" title="The market for foreign exchange">The market for foreign exchange</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30614/unit-45-review-sheet-1.html" title="Unit 4.5: Review sheet">Unit 4.5: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20859/unit-46-balance-of-payments-1.html" title="Unit 4.6: Balance of payments">Unit 4.6: Balance of payments</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30624/balance-of-payments--1.html" title="Balance of payments ">Balance of payments </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21386/current-account-hl-only-1.html" title="Current account (HL only)">Current account (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20872/the-marshall-lerner-condition-j-curve-hl-only-1.html" title="The Marshall-Lerner condition / J curve (HL only)">The Marshall-Lerner condition / J curve (HL only)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20899/units-41-46-multiple-choice-quiz--1.html" title="Units 4.1-4.6: Multiple choice quiz ">Units 4.1-4.6: Multiple choice quiz </a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42989/unit-41-46-multiple-choice-quiz-ii-1.html" title="Unit 4.1-4.6: Multiple choice quiz II">Unit 4.1-4.6: Multiple choice quiz II</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../39438/unit-41-46-international-trade-crossword-1.html" title="Unit 4.1-4.6: International trade crossword">Unit 4.1-4.6: International trade crossword</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32423/unit-47-sustainable-development--1.html" title="Unit 4.7: Sustainable development ">Unit 4.7: Sustainable development </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26092/water-scarcity-activity-1.html" title="Water scarcity activity">Water scarcity activity</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32426/sustainable-development.html" title="Sustainable development">Sustainable development</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20928/unit-48-measuring-development--1.html" title="Unit 4.8: Measuring development ">Unit 4.8: Measuring development </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30686/measuring-development-1.html" title="Measuring development">Measuring development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21627/economic-development--1.html" title="Economic development ">Economic development </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30679/unit-47-48-review-sheet.html" title="Unit 4.7-4.8: Review sheet">Unit 4.7-4.8: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Unit 4.9: Barriers to development">Unit 4.9: Barriers to development</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30727/barriers-to-development-in-international-trade-1.html" title="Barriers to development in International trade">Barriers to development in International trade</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32430/unit-410-economic-growth-andor-economic-development-strategies-1.html" title="Unit 4.10: Economic growth and/or economic development strategies">Unit 4.10: Economic growth and/or economic development strategies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30687/the-role-of-domestic-factors-1.html" title="The role of domestic factors">The role of domestic factors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30688/the-role-of-international-trade-and-development-1.html" title="The role of international trade and development">The role of international trade and development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30689/the-role-of-foreign-direct-investment-fdi-1.html" title="The role of foreign direct investment (FDI)">The role of foreign direct investment (FDI)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../25240/the-role-of-foreign-aid--1.html" title="The role of foreign aid ">The role of foreign aid </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30819/multilateral-development-assistance-1.html" title="Multilateral development assistance">Multilateral development assistance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21632/the-role-of-international-debt-1.html" title="The role of international debt">The role of international debt</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../25242/the-balance-between-markets-and-intervention-1.html" title="The balance between markets and intervention">The balance between markets and intervention</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30926/unit-49-410-review-sheet.html" title="Unit 4.9 - 4.10: Review sheet">Unit 4.9 - 4.10: Review sheet</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../21380/assessment.html" title="Assessment">Assessment</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Internal assessment ">Internal assessment </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20608/how-to-write-your-ia-student-handout.html" title="How to write your IA? 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(student handout)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21428/how-to-interpret-the-assessment-criteria-1.html" title="How to interpret the assessment criteria?">How to interpret the assessment criteria?</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Grading practise ">Grading practise </a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Sample 3a">Sample 3a</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../32083/sample-3b-1.html" title="Sample 3b">Sample 3b</a></li></ul></ul></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32022/assessment-markbands-1.html" title="Assessment markbands">Assessment markbands</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../4332/exam-style-questions.html" title="Exam style questions">Exam style questions</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 style examination questions">Paper 1 style examination questions</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../40100/unit-211-212-questions.html" title="Unit 2.11-2.12 questions">Unit 2.11-2.12 questions</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45102/paper-1-guidance-on-essay-writing-1.html" title="Paper 1 guidance on essay writing">Paper 1 guidance on essay writing</a></li></ul></ul></nav> </div> </div> </div> </div><div style="margin-top: 20px;"><style type="text/css">
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<div id="main-column" class="span9"> <article id="unit-27-210-multiple-choice-quiz-" style="margin-top: 16px;">
<h1 class="section-title">Unit 2.7-2.10: Multiple choice quiz </h1>
<ul class="breadcrumb"><li><a title="Home" href="../../../economics.html"><i class="fa fa-home"></i></a><span class="divider">/</span></li><li><span class="gray">Units 1-2: Microeconomics</span><span class="divider">/</span></li><li><a title="Go to: Unit 2.8-2.10: Market failure " href="../20303/unit-28-210-market-failure--1.html">Unit 2.8-2.10: Market failure </a><span class="divider">/</span></li><li><span class="active">Unit 2.7-2.10: Multiple choice quiz </span></li></ul>
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<div class="tib-quiz" data-quiz-id="180" data-structure="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" data-score-answers="6d4a526a457a48584f763758344a7649472f76324c53614b78524c393439595570496d5a5971374b38686f3d"><p> </p>
<div class="exercise">
<div class="q-question">
<p>1. When a government places an ad valoreum tax on a good or service this is represented by:</p>
</div>
<div class="q-answer">
<p><label class="radio" data-answer="98b52b27f5950f39c15644fd38f54dbd"><input type="radio"><span>A shift in the supply curve to the right, parallel to the original supply curve</span></label></p>
<p><label class="radio" data-answer="554086478814c66508123a0370853fb2"><input type="radio"><span>A less elastic supply curve to the right of the original supply curve</span></label></p>
<p><label class="radio" data-answer="37c445c79c960b9d6a79b2e9836f1c6d"><input type="radio"><span>A less elastic supply curve to the left of the original supply curve</span></label></p>
<p><label class="radio" data-answer="2e8f8be4cb6eb9ae41a1155d0c64c44b"><input type="radio"><span>A shift in the supply curve to the left, parallel to the original supply curve</span></label></p>
</div>
<div class="q-explanation">
<p>Ad valoreum is a % tax on a good or service</p>
</div>
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<div class="exercise">
<div class="q-question">
<p>2. When a government places a specific flat rate tax on a good or service this is represented by:</p>
</div>
<div class="q-answer">
<p><label class="radio" data-answer="554086478814c66508123a0370853fb2"><input type="radio"><span>A less elastic supply curve to the right of the original supply curve</span></label></p>
<p><label class="radio" data-answer="2e8f8be4cb6eb9ae41a1155d0c64c44b"><input type="radio"><span>A shift in the supply curve to the left, parallel to the original supply curve</span></label></p>
<p><label class="radio" data-answer="98b52b27f5950f39c15644fd38f54dbd"><input type="radio"><span>A shift in the supply curve to the right, parallel to the original supply curve</span></label></p>
<p><label class="radio" data-answer="37c445c79c960b9d6a79b2e9836f1c6d"><input type="radio"><span>A less elastic supply curve to the left of the original supply curve</span></label></p>
</div>
<div class="q-explanation">
<p>Flat rate taxes impose a fixed amount on the production of a good or service</p>
</div>
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<div class="exercise">
<div class="q-question">
<p>3. When a government places a tax on a product there is a dead weight loss. This can be described as ________</p>
</div>
<div class="q-answer">
<p><label class="radio" data-answer="17a70c6702183d32b4c1c617604a186b"><input type="radio"><span>The loss to society caused by market inefficiency</span></label></p>
<p><label class="radio" data-answer="487438f5d2a87da35c9d3ffd9d2ca343"><input type="radio"><span>The loss to the producer caused by market inefficiency</span></label></p>
<p><label class="radio" data-answer="82e16b1ff3b617fc5e1e75f2d873bbe7"><input type="radio"><span>The loss to the consumer caused by market inefficiency</span></label></p>
<p><label class="radio" data-answer="4b0f6cd54297dda416fe77a490961c7d"><input type="radio"><span>The loss to either producer or consumer surplus caused by market inefficiency</span></label></p>
</div>
<div class="q-explanation">
<p> </p>
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<p>4. When a government places a tax on a product we would expect to see a fall in sales and an increase in the price of the good or service. This is called the _______</p>
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<div class="q-answer">
<p><label class="radio" data-answer="afe57e11492338d9785e5c21759f2ee0"><input type="radio"><span>Incidence of taxation</span></label></p>
<p><label class="radio" data-answer="df2115c3d3c4f5c7905c42ba302ad9e8"><input type="radio"><span>Deadweight loss </span></label></p>
<p><label class="radio" data-answer="fac6156788a76c9844d5855e89f9cbc4"><input type="radio"><span>Burden of taxation</span></label></p>
<p><label class="radio" data-answer="59fe5493ca8047287b20dd3bd5456854"><input type="radio"><span>Loss from taxation </span></label></p>
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<p>5. Which of the following is not a reason for governments imposing a tax on a good or service?</p>
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<p><label class="radio" data-answer="bdd92d389739f2501ed9fa59ab2ae712"><input type="radio"><span>To reduce consumption for certain goods and services </span></label></p>
<p><label class="radio" data-answer="917c43475a78807c47cf3e9a4d551e6f"><input type="radio"><span>Sales taxes are easier to collect than income taxes</span></label></p>
<p><label class="radio" data-answer="b722c8cd9a7e2b949d4c3f350abd1e68"><input type="radio"><span>To raise tax revenue to pay for public services</span></label></p>
<p><label class="radio" data-answer="8836816a0559300af74d029391d5dcae"><input type="radio"><span>To encourage consumption of the good or service</span></label></p>
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<p>6. Some governments prefer to collect tax revenues from income taxes and taxes on company profits rather than sales taxes. Which of the following reasons explains this preference?</p>
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<div class="q-answer">
<p><label class="radio" data-answer="d07aa91ef75500a3c410ca7098120d7a"><input type="radio"><span>Sales taxes discourage the consumption of certain products that they wish to discourage</span></label></p>
<p><label class="radio" data-answer="04ee07e1c2ddddc22021d08967036dce"><input type="radio"><span>Income and profit taxes do not harm companies </span></label></p>
<p><label class="radio" data-answer="8ba30787ea5c2271d456afa0ccc33036"><input type="radio"><span>Income and profit taxes are a fairer way of collecting tax revenue </span></label></p>
<p><label class="radio" data-answer="f10c8f026fce1938772694a16f14bfe0"><input type="radio"><span>Income and profit taxes are progressive</span></label></p>
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<p>7. Which of the following is not an advantage of advaloreum taxes rather than flat rate taxes?</p>
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<p><label class="radio" data-answer="a2106a21b670afd883311c9d4064c402"><input type="radio"><span>They are self regulating as they do not require annual changes to the tax rate </span></label></p>
<p><label class="radio" data-answer="059bbf5955deac06fdab45616f425ec9"><input type="radio"><span>It generates more tax revenue than flat rate taxes </span></label></p>
<p><label class="radio" data-answer="5fdc49a1d38b25249f871cbbce8c18fe"><input type="radio"><span>The amount of tax revenue collected grows as the economy grows </span></label></p>
<p><label class="radio" data-answer="33d30f4ccff086e41b81155b28aeb41b"><input type="radio"><span>It is more progressive as the amount of tax is proportional to selling price </span></label></p>
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<p>8. Complete the following sentence. The burden of sales tax placed on a PED unitary goods is paid by the _________ </p>
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<div class="q-answer">
<p><label class="radio" data-answer="a6ad87aadc206f6491720e309821904a"><input type="radio"><span>Producer</span></label></p>
<p><label class="radio" data-answer="8f684514c79711c50d65c55678586172"><input type="radio"><span>Consumers and producers equally</span></label></p>
<p><label class="radio" data-answer="f8afcf8657de570a0369d438894eed5b"><input type="radio"><span>Consumer</span></label></p>
<p><label class="radio" data-answer="dd65193c3a7e686732bfe6dd21207332"><input type="radio"><span>Neither consumers and producers </span></label></p>
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<p>9. Complete the following sentence. The burden of sales tax placed on a PED elastic goods is paid primarily by the _________ </p>
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<div class="q-answer">
<p><label class="radio" data-answer="40d2d6f5a1dfde1a3b5ba2a70377fa0f"><input type="radio"><span>Producers</span></label></p>
<p><label class="radio" data-answer="1ebe06b1421d14bafea4a4d9a545d956"><input type="radio"><span>Consumers</span></label></p>
<p><label class="radio" data-answer="812de4cdc18241fb61840061517c6813"><input type="radio"><span>Neither consumers or producers</span></label></p>
<p><label class="radio" data-answer="8f684514c79711c50d65c55678586172"><input type="radio"><span>Consumers and producers equally</span></label></p>
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<p>10. Which of the following reasons is not a reason for a government to place a subsidy on a good or service?</p>
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<div class="q-answer">
<p><label class="radio" data-answer="bdf723783483f15422abf7ba6293ff1e"><input type="radio"><span>To lower the price of basic essentials</span></label></p>
<p><label class="radio" data-answer="78adc7b9bc1fd77e0445e9bd8da1278a"><input type="radio"><span>To help domestic firms from foreign competition </span></label></p>
<p><label class="radio" data-answer="f175516cb7d2e70f6db778377bd22cb0"><input type="radio"><span>To guarantee the production of essential goods and services </span></label></p>
<p><label class="radio" data-answer="4ef03b4d0768a3560890fdba3f6fb45c"><input type="radio"><span>To raise government revenues</span></label></p>
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<p>11. Governments place a maximum price (price ceiling) on a good or service for the following reasons:</p>
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<p><label class="radio" data-answer="7fa2e0ca95d553544b33161be51448b9"><input type="radio"><span>To guarantee production of certain goods and services </span></label></p>
<p><label class="radio" data-answer="bb9c781ca42d348b17c9ae4cceff14cf"><input type="radio"><span>To raise sales revenue for businesses producing those goods </span></label></p>
<p><label class="radio" data-answer="3abaa2b4a8542285fce2e661a2014bd5"><input type="radio"><span>To make certain essential items affordable for those households on low incomes </span></label></p>
<p><label class="radio" data-answer="ecc59c628b84103648d93cd92dc76b37"><input type="radio"><span>To increase economic growth</span></label></p>
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<p>12. A shortage for a good or service cannot be resolved by which of the following policies: </p>
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<p><label class="radio" data-answer="5a37877184caed1a4f81e71bda022d0e"><input type="radio"><span>A government subsidy </span></label></p>
<p><label class="radio" data-answer="ee3dfca326a60ff083fe8acf44dc8836"><input type="radio"><span>A rationing system</span></label></p>
<p><label class="radio" data-answer="d30fd2573a700422dba058275a8eae7b"><input type="radio"><span>The government can produce the good or service themselves </span></label></p>
<p><label class="radio" data-answer="61b3659ae4254adca38f69d6ffc4eb9d"><input type="radio"><span>A specific tax on the product</span></label></p>
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<p>13. Which of the following goods and services are subject to a minimum price in many countries?</p>
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<p><label class="radio" data-answer="c56ccc6a1321e66ddd94fe430b8a1f82"><input type="radio"><span>Capital</span></label></p>
<p><label class="radio" data-answer="d8d19dd6b2f223ae4342b3a463a79d2a"><input type="radio"><span>Essential food products</span></label></p>
<p><label class="radio" data-answer="f98a29dd9c42134872098daf2b0c3bec"><input type="radio"><span>Labour</span></label></p>
<p><label class="radio" data-answer="6214b425ac6d1ce4c7246d4f40f95bf5"><input type="radio"><span>Housing </span></label></p>
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<p>14. Which of the following is not an example of market failure?</p>
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<div class="q-answer">
<p><label class="radio" data-answer="6198f6be2b220804fec3faec6d7b2f3f"><input type="radio"><span>Shortages caused by the imposition of a minimum price </span></label></p>
<p><label class="radio" data-answer="1c43522aeb18941c3c5de506951e3fc3"><input type="radio"><span>Undersupply of merit goods</span></label></p>
<p><label class="radio" data-answer="902623a89678f660da105f4ada1d7816"><input type="radio"><span>Lack of public goods </span></label></p>
<p><label class="radio" data-answer="da463b11a3b11ecc4e6a545d04bfe4c6"><input type="radio"><span>Oversupply of demerit goods </span></label></p>
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<p>15. The government wishes to correct market failure by internalising the externalities. This can be achieved by _________</p>
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<p><label class="radio" data-answer="8de87d0452c006e5ba4d7c0b5b5bc880"><input type="radio"><span>Taxing demerit goods and subsidising merit goods</span></label></p>
<p><label class="radio" data-answer="c3e7fcd69ed2c4e6de1bf6af17c3db8b"><input type="radio"><span>Promoting the production of merit goods through public production </span></label></p>
<p><label class="radio" data-answer="9653df3152f8253ae2dbf26ac9fc094c"><input type="radio"><span>Imposing taxes on dangerous goods such as alcohol and cigarettes </span></label></p>
<p><label class="radio" data-answer="1df24f0156fd246cdd5117f2a8e077ad"><input type="radio"><span>Providing public services </span></label></p>
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<p><label class="radio" data-answer="c512043d40000be784bbd475fef459ed">16. The government imposes rent controls in a city to increase the supply of low cost housing. Which stakeholders lose out the most from such a policy?</label></p>
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<div class="q-answer">
<p><label class="radio" data-answer="acd94268f939074604f001582af0cd7f"><input type="radio"><span>Wealthy tennants </span></label></p>
<p><label class="radio" data-answer="57bfdefea39d9e532a5687f974857ae8"><input type="radio"><span>Low income tennants</span></label></p>
<p><label class="radio" data-answer="f819249cf96a976e284c60b3ab2e552a"><input type="radio"><span>Local building firms</span></label></p>
<p><label class="radio" data-answer="e15c4334a947d2bb825f59965302eb5b"><input type="radio"><span>Landlords / prospective landlords </span></label></p>
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<p>17. The real cost of a subsidy can be described as ___________</p>
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<p><label class="radio" data-answer="9f0f8a8143ac08292fc1319031aea1f0"><input type="radio"><span>The amount of money that the government provides to producers to increase output </span></label></p>
<p><label class="radio" data-answer="d9c9f792a31a7ed76cc42ad6433e7a6b"><input type="radio"><span>The increase in taxes to pay for the subsidy </span></label></p>
<p><label class="radio" data-answer="30a37642204f31e655e8a61d85010059"><input type="radio"><span>The opportunity cost of providing the subsidy</span></label></p>
<p><label class="radio" data-answer="5a72c0846ba9a39b778e53c52f64946a"><input type="radio"><span>The increase in sales resulting from the subsidy</span></label></p>
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<p>18. A subsidy can be represented on a diagram by the following:</p>
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<p><label class="radio" data-answer="7eaa926bf61f5356a024e34799719388"><input type="radio"><span>A second demand curve drawn parallel to the right of the original </span></label></p>
<p><label class="radio" data-answer="501ab785bf2fa366edc8adc8b13f94b7"><input type="radio"><span>A second supply curve drawn parallel to the left of the original</span></label></p>
<p><label class="radio" data-answer="974adcd22b233cb6eb69957139f011f3"><input type="radio"><span>A second demand curve drawn parallel to the left of the original</span></label></p>
<p><label class="radio" data-answer="a9d9f43fca2e11547b044c5a956e5f71"><input type="radio"><span>A second supply curve drawn parallel to the right of the original </span></label></p>
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<p>19. A government decides to offer subsidies to bread producers in a country. Which stakeholders benefit from the subsidy? </p>
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<div class="q-answer">
<p><label class="radio" data-answer="975bbca13e34cc6ea2f4967e5ad416b2"><input type="radio"><span>Producers only</span></label></p>
<p><label class="radio" data-answer="f1bd9ed0d142497fe50c89304cf66429"><input type="radio"><span>Consumers only</span></label></p>
<p><label class="radio" data-answer="69e0cebe0426ea000548adecf31fe70b"><input type="radio"><span>Producers and consumers</span></label></p>
<p><label class="radio" data-answer="18450de39aceed82b26abe218d377740"><input type="radio"><span>Government</span></label></p>
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<p>20. Which of the following is not a reason for a government to provide a minimum price for agricultural products. </p>
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<div class="q-answer">
<p><label class="radio" data-answer="1d7744eacc561b63890e47b285db79b2"><input type="radio"><span>To encourage greater efficiency in the farming industry</span></label></p>
<p><label class="radio" data-answer="acd828d30d1f0723fa2af15c770b42ae"><input type="radio"><span>To reduce a nations reliance on imported food products </span></label></p>
<p><label class="radio" data-answer="6221a456707ea5916a10b76716cca19d"><input type="radio"><span>To provide farmers with a more stable income</span></label></p>
<p><label class="radio" data-answer="bb6c077d0a1d5278cfeec4319149580e"><input type="radio"><span>To guarantee food supplies in the economy</span></label></p>
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<p> </p>
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<div class="totals"><span class="score">Total Score: </span><button class="btn btn-success check-total"><i class="fa fa-check-square-o"></i> Check</button></div></div><hr><p>Quiz available as a PDF file at: <a href="../../../media/ib/economics/files/micro-economics/2.7%2C-2.10-multiple-choice.pdf.html" target="_blank" title="Multiple choices"><img class="ico" src="../../../thinkib/icons/choice.png"> Quiz on unit 2.7-2.10</a></p><div class="dottedBox"><p>Having now completed the pages from unit 2.7-2.11, why not enjoy playing a game of 'who wants to be a millionaire', or 'speed match', with questions focused on those units. This is available at: <a href="../21984/economics-games.html" title="Getting started » Economics games">Economics games</a> </p></div><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script>
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logQuiz(gradeQuiz.button, gradeQuiz.quiz, r, gradeQuiz.notRequired);
} else {
// Check single exercise both from teacher and student side
if (!r.ss || !r.sa) {
alert('You cannot do this task again until after the deadline');
return false;
}
var logger = {};
var mScoreMark = checkExercise(gradeQuiz.exercise, r, gradeQuiz.nQuestion);
//Only needed on Student Access: one by one question log
if (typeof quizLogger === 'function') {
logger = quizLogger(gradeQuiz.quiz, mScoreMark, false);
}
//Only needed on Student Access
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saveQuizLog(logger, 10, 0);
}
gradeQuiz.button.remove();
}
}
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// Show score only if allowed to show it
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var totalScore = r.score;
var totalMark = r.mark;
var scoreContainer = $('a.check-total').closest('.totals').find('span.score');
if (totalScore == 100) { scoreContainer.addClass('A'); }
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} else {
$('#quiz-checker').find('.score-container').remove();
}
$('#task-completed-badge').show();
$("html, body").animate({ scrollTop: $('#task-completed-badge').position().top });
controlExamInCombinedTask();
gradeQuiz.button.remove();
}
if (r.success == 0) {
alert(r.msg);
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});
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var inputTicket = '<input type="hidden" id="ticket" value="fd6a5e8a06cfccf2">';
$('body').append(inputTicket);
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e.preventDefault();
let button = $(this);
button.html("<i class=\"fa fa-fw fa-spinner fa-spin colored\"></i> Saving...");
setTimeout(function() {
button.html("<i class=\"fa fa-fw fa-check colored\"></i> Saved!");
}, 2000);
setTimeout(function() {
button.html("<i class=\"fa fa-fw fa-save\"></i> Save progress");
}, 4500);
});
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* Quiz final green CHECK button
*/
$('section').on('click', '.tib-quiz .check-total', function(e) {
e.preventDefault();
var body = $('body');
var button = $(this);
var quiz = $(this).closest('.tib-quiz');
var dataStructure = quiz.attr('data-structure');
var scoreAnswers = quiz.attr('data-score-answers');
var notRequired = false;
var taskID = $('#task-ID').length ? $('#task-ID').val() : '';
var taskStdId = $('#std-task-id').length ? $('#std-task-id').val() : '';
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$('#task-ID').val(taskID);
}
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notRequired = true;
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if (typeof scoreAnswers == 'undefined') {
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}
var quizSeconds = '';
if (typeof amountSecs != 'undefined') {
quizSeconds = amountSecs;
}
var isExam = false;
if (typeof examTime != 'undefined') {
isExam = true;
}
body.css('cursor', 'wait');
// Remove grade-by-question 'save progress' button
if ($('#save-quiz-progress').length) {
$('#save-quiz-progress').remove();
}
$.when(
// Collect the std answers
checkAllExercises(quiz)
).then(
function(stdAnswers) {
var gradeQuiz = {
button: button,
quiz: quiz,
dataStructure: dataStructure,
scoreAnswers: scoreAnswers,
stdAnswers: stdAnswers,
checkTotal: true,
nQuestion: null,
exercise: null,
notRequired: notRequired,
taskStdId: taskStdId,
quizSeconds: quizSeconds,
isExam: isExam
};
ab01d75b8765f65ce(gradeQuiz);
body.css('cursor', 'default');
// Was the task already submitted time ago
if( $('#task-completed-badge').hasClass('already-submitted')) {
$('#task-completed-badge').show();
$('#return-my-tasks-q').show();
$("html, body").animate({ scrollTop: $('#task-completed-badge').position().top });
}
}
);
});
/**
* Quiz exercise individual CHECK button
*/
$('section').on('click', '.exercise .btn.check', function(e) {
e.preventDefault();
var body = $('body');
var button = $(this);
var exercise = button.closest('div.exercise');
var quiz = $(this).closest('.tib-quiz');
var dataStructure = quiz.attr('data-structure');
var scoreAnswers = quiz.attr('data-score-answers');
var nQuestion = 0;
//Only for combined tasks
if (typeof $('.check-total').attr('data-task-id') !== 'undefined') {
var taskID = $('.check-total').attr('data-task-id');
$('#task-ID').val(taskID);
}
if (typeof scoreAnswers == 'undefined') {
scoreAnswers = null;
}
var gradeQuiz = {
button: button,
quiz: quiz,
dataStructure: dataStructure,
scoreAnswers: scoreAnswers,
checkTotal: false,
nQuestion: nQuestion,
exercise: exercise,
notRequired: false,
};
body.css('cursor', 'wait');
quiz.find('.exercise').each(function(){
if ($(this)[0] == exercise[0]) {
$(this).find('.q-answer').find('input').attr('disabled', true);
if (quiz.find('.exercise .btn.check').length === 1) {
quiz.find('.check-total').trigger('click');
return;
}
gradeQuiz['nQuestion'] = nQuestion;
ab01d75b8765f65ce(gradeQuiz);
body.css('cursor', 'default');
}
nQuestion++;
});
});
/**
* Quiz exercise individual RESET button
*/
$('section').on('click', '.exercise .btn.reset', function(e) {
e.preventDefault();
var btn_reset = $(this);
var exercise = $(this).closest('div.exercise');
var quiz = $(this).closest('.tib-quiz');
var url = '/pages/quizzes/get-self-study-question.php',
data = {
'ticket' : $('#ticket').val(),
'question-id' : exercise.data('id') ? exercise.data('id') : null
};
btn_reset.html('<i class="fa fa-spinner fa-spin"></i> Reset ');
$.post(url, data, function(response)
{
if(response['success'] == '1') {
var question = $('<div />').html( response['html'] );
if (question.find('div.exercise').length === 1) {
$.when(
exercise.html(question.find('div.exercise')[0].innerHTML)
).then(
tibQuiz(quiz),
limitMultipleChoiceAnswers(exercise),
dragOver(),
dragLeave(),
drop(),
bindDraggables(),
alertMaxCorrectAnswers(quiz),
addLettersBeforeOptions(false, exercise),
MathLive.renderMathInDocument()
);
}
}
else if (response['success'] == '0') {
btn_reset.html('<i class="fa fa-repeat"></i> Reset ');
alert(response['msg']);
}
}, 'json');
});
});</script>
<script type="text/javascript" src="../../../js/tib-quizzes.min.js?v=20230810"></script><script src="../../../js/header-circle.min.js?v=202305221900"></script><script type="text/javascript" src="../../../js/cookies.min.js"></script>
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