Lesson 2.5.2
2.5.2 Ceteris paribus and changes in related markets Quiz: OCR Economics, Unit 2
20 questions
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Lesson 2.5.2, Ceteris paribus and changes in related markets: 20 multiple choice questions for the OCR Economics (H460), Unit 2: The role of markets, written with Revision Ninja.
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The 20 questions
-
What does the Latin term 'ceteris paribus' mean in economic analysis?
- All else equal
- Markets reach equilibrium
- Supply equals demand
- Prices stay constant
-
Tea and coffee are substitute goods. If coffee prices rise, what happens to tea demand?
- Demand decreases
- Supply increases
- Supply decreases
- Demand increases
-
What economic term describes demand for a factor of production used to make another good?
- Composite demand
- Derived demand
- Joint demand
- Effective demand
-
Cars and petrol are complementary goods. If car prices fall, what happens to petrol demand?
- Supply decreases
- Demand increases
- Demand decreases
- Supply increases
-
What type of demand exists when a single good is demanded for multiple separate uses?
- Derived demand
- Joint demand
- Composite demand
- Complementary demand
-
What economic term describes two goods that are produced together from the same origin?
- Composite supply
- Competitive supply
- Derived supply
- Joint supply
-
Housing and construction workers have derived demand. If housing demand rises, bricklayer demand:
- Falls to zero
- Stays constant
- Increases
- Decreases
-
What is the relationship between the price of a good and the demand for its substitute?
- Inverse relationship
- Negative relationship
- No relationship
- Positive relationship
-
Beef and leather are in joint supply. If cattle slaughter increases to meet beef demand, leather:
- Demand increases
- Supply decreases
- Supply increases
- Demand decreases
-
Steel has composite demand. If demand for steel cars rises, what happens to steel prices for cans?
- Steel demand falls
- Costs stay unchanged
- Costs increase
- Costs decrease
-
If the cross elasticity of demand between Good X and Good Y is positive, they are:
- Complements
- Inferior goods
- Unrelated goods
- Substitutes
-
If the cross price elasticity of demand between two products is negative, the products are:
- Substitutes
- Normal goods
- Complements
- Veblen goods
-
Which core assumption isolates the effect of one economic change by holding all other factors constant?
- Laissez-faire
- Homo economicus
- Ceteris paribus
- Profit maximisation
-
Printers and ink cartridges are complements. If printer prices drop, what shift occurs for ink cartridges?
- Rightward supply shift
- Leftward demand shift
- Leftward supply shift
- Rightward demand shift
-
Milk can make butter or cheese. Higher butter demand leaves less milk for cheese due to:
- Composite demand
- Complementary demand
- Derived demand
- Joint supply
-
Beef and leather are in joint supply. If beef prices rise dramatically, leather prices will likely:
- Demand increases
- Price stays constant
- Price decreases
- Price increases
-
Land can grow wheat or barley. If wheat farming becomes more profitable, barley experiences:
- Composite demand
- Competitive supply
- Joint supply
- Derived supply
-
Cinema tickets and popcorn are often purchased together. What economic term describes this relationship?
- Competitive demand
- Derived demand
- Composite demand
- Joint demand
-
If a substitute good's price rises, what happens to equilibrium price and quantity of the original good?
- Both decrease
- Price rises only
- Quantity falls only
- Both increase
-
Electric car sales increase, causing higher demand for lithium batteries. Lithium demand is an example of:
- Composite supply
- Competitive demand
- Derived demand
- Joint supply
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