The demand curve shifts Study guides, Class notes & Summaries
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Paper_1_Exam_Practise_Test_answers Paper 1 (SL and HL) markschemes
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Paper 1 (SL and HL) markschemes 
Cambridge Resources for the IB Diploma 
Examples of markschemes for Exam practice: paper 1 in the Economics for the IB Diploma 
CD-ROM are provided below. 
Paper 1 section A: Microeconomics 
Paper_1_Exam_Practise_Test_answers 
Chapter 2 Competitive markets: demand and supply 
SL/HL core topics 
Part (a) questions 
2.3 (a) Answers may include: 
 Definitions of demand and quantity demanded. 
 Theory of demand: law of demand with reference to changes in demand...
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ECON 2301 Test 1 - Verified with 100% Correct Answers
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ECON 2301 Test 1 - Verified with 100% Correct Answers Through war, many of the factories in country 1 are destroyed and many of its people are killed. As a result, the country's PPF has shifted to the left. Points that lie outside (or beyond) the PPF are unattainable. The economy moves from point A, where it produces 100 units of X and 200 units of Y, to point B where it produces 200 units of X and 150 units of Y. It follows that B and C (point A may be a productive inefficient point; point A...
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Econ 528 Final || WITH A+ GRADED SOLUTIONS!!!
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The production possibilities frontier is the 
 
A) maximum output that can be produced at an opportunity cost of zero. 
B) minimum output that can be produced when resources are used inefficiently. 
C) boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the 
state of technology. 
D) boundary between the combinations of goods and services that can be produced and the 
combinations...
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AP Macroeconomics Exam questions with correct answers
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aggregate demand curve CORRECT ANSWER a curve depicting the relationship between real GDP demanded (i.e., expenditures) and the price level in the economy; the aggregate demand curve slopes downward from left to right. 
 
aggregate supply curve CORRECT ANSWER a curve defining the relationship between real production and price level. 
 
business cycles CORRECT ANSWER fluctuations in real GDP around the trend value; also called economic fluctuations. 
 
consumer surplus CORRECT ANSWER the differen...
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ECN 211 ASU Final Exam With Questions and Correct Answers Graded A+.
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ECN 211 ASU Final Exam With Questions and Correct Answers Graded A+. 
The Circular Flow Diagram - ANSWER Green arrows represent the flow of money and red 
represents to flow of goods/services 
Production possibilities Frontier/ Curve PPF: PPC - ANSWER The curve shows what is 
possible within an economy 
D- impossible 
A&B - feasible efficient 
C - feasible & inefficient 
PPF shifts out when... - ANSWER the economy can produce more of everything 
Opportunity Cost - ANSWER the cost of what you giv...
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ECO 2023 final exam questions || A Verified A+ Pass.
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a combination of goods on a given PPF is correct answers Both obtainable and Efficient 
 
For a normal good, if INCOME goes UP, what happens to supply? Demand? correct answers Demand shifts right and the supply remains unchanged 
 
For an inferior good, if INCOME goes UP, what happens to supply? Demand? correct answers Demand shifts left and the supply remains unchanged 
 
bananas and oranges are perfect substitutes. If the PRICE of bananas goes UP, what happens to the demand for oranges? the Su...
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ECO 231 midterm || with A+ Guaranteed Solutions.
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invisible hand concept correct answers developed by Adam Smith, "people get their greatest reward by satisfying the needs and wants of others" 
 
Demand correct answers willingness to buy 
 
2 reasons an individual buys less of of something when the price goes up correct answers income effect and substitution effect 
 
Law of demand correct answers the lower the price the greater the quantity demanded 
 
Demand curve correct answers graph that show the relationship of price and quantity demand...
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ECON 101 Week 3 Quiz Winter 2024 Already passed;AMU
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ECON 101 Week 3 Quiz Winter 2024 Already passed;AMU 
 
Question 1	10 / 10 points 
Demand is price inelastic if: 
 
 the price of the good responds slightly to a quantity change. 
 the demand curve shifts very little when a demand shifter changes. the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. 
all of the above are true. 
 
 
Question 2	10 / 10 points 
If the absolute value of price elasticity is greater than 1, thi...
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Econ 111 Practice Exam || QUESTIONS WITH ANSWERS 100% VERIFIED!!
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In 2008, the United States was in recession. Which of the following things would you not expect to have happened? 
 
Increased layoffs and firings 
A higher rate of bankruptcy 
Increased claims for unemployment insurance 
Increased real GDP correct answers Increased real GDP 
 
The wealth effect, interest-rate effect, and exchange-rate effect are all explanations for 
 
the slope of short-run aggregate supply. 
the slope of long-run aggregate supply. 
the slope of the aggregate-demand curve. 
sh...
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BSNS exam prep, Multiple Choice Questions And Correct Answers, With Complete Verified Solution.
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BSNS exam prep, Multiple Choice Questions And Correct Answers, With Complete Verified Solution. 
 
As price decreases 
(a) demand increases. 
(b) the demand curve shifts left. 
(c) the supply curve shifts right. 
(d) quantity demanded increases. 
d 
A general increase in consumer incomes 
(a) leads to a movement along the demand curve. 
(b) shifts the demand curve to the right. 
(c) shifts the demand curve to the left. 
(d) shifts the demand curve, but it may shift left or right. 
d 
The slope ...
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