A Levels Economics MCQ Doubts

[B!(+)(+)dy $k(_)!!]

View attachment 48714
ans is C why?

A rise in the price of Jam will cause a contraction in demand of jam and an increase in demand for honey (substitutes) ... Therefore, this increase in demand will raise the price of Honey...
As honey and beeswax are in joint supply, a rise in price of jam will cause an extension in supply...
This extension in supply will also increase the supply of beeswax causing the price of beeswax to fall...
Clear?

 

[Aakash Raka]

Aakash Raka it's C only cause it's not a unitary elastic curve...
Read in the textbook ... This type of curve suggests that in the top half the PED > 1
whereas the bottom half is PED < 1 ...
So the PED is changing... Calculate the % change... It'll be different at all prices... Check it...

Thanks B!(+)(+)dy $k(_)!!

 

[Crimson-Saint]

A rise in the price of Jam will cause a contraction in demand of jam and an increase in demand for honey (substitutes) ... Therefore, this increase in demand will raise the price of Honey...
As honey and beeswax are in joint supply, a rise in price of jam will cause an extension in supply...
This extension in supply will also increase the supply of beeswax causing the price of beeswax to fall...
Clear?

wow...can we be like....best friends? xD

 

[Muhtasim Ali]

[QUOyou tell TE="Crimson-Saint, post: 875450, member: 87123"]wow...can we be like....best friends? xD[/QUOTE what's joint supply?

 

[B!(+)(+)dy $k(_)!!]

wow...can we be like....best friends? xD

Haha... Okay.. No problem..

 

[B!(+)(+)dy $k(_)!!]

Thanks B!(+)(+)dy $k(_)!!

Anytime Aakash Raka

 

[Sana Adnan]

View attachment 48709
i didnt understand this question the answer is B

In order to protect a country's economy against foreign imports, governments can use tarrifs, quotas and embargos as protectionism tools. Embargo is a complete ban on import sp answer has to be either B or C.

Tarrif's are import taxes such as duties. The higher the tarriff, the more protected the economy will be. Since question is about lowering down protectionism C cannot be the answer.

Quota is an import limit on physical quantity of the imported product. Low quota means you can import lesser quantity. Higher quota means you can import more quantity. This means that higher quota makes you less protected. Therefore answer is B.

 

[B!(+)(+)dy $k(_)!!]

As the total expenditure is constant, the PED = 1.
So why can't the answer be C? In the MS, it's D..!

 

[B!(+)(+)dy $k(_)!!]

Why not A?

 

[Muhtasim Ali]

Can anyone tell me what is the meaning of joint supply

 

[B!(+)(+)dy $k(_)!!]

Crimson-Saint Sana Adnan Aakash Raka madoka

 

[B!(+)(+)dy $k(_)!!]

 

[B!(+)(+)dy $k(_)!!]

 

[B!(+)(+)dy $k(_)!!]

 

[B!(+)(+)dy $k(_)!!]

 

[B!(+)(+)dy $k(_)!!]

 

[B!(+)(+)dy $k(_)!!]

 

[B!(+)(+)dy $k(_)!!]

Sana Adnan Aakash Raka

 

[B!(+)(+)dy $k(_)!!]

Can anyone tell me what is the meaning of joint supply

Joint Supply is when if a demand for product increases, its supply will increase...!!
So, a rise in demand will cause an increase in supply...

 

[Crimson-Saint]

View attachment 48738

first one is B cus DOL means increase productivity and it would be no use to have high production if you were operating in a small market......second one is A cus they are asking for most abundant (not mostly used) form of money which is clearly Bank deposits....as nowadays the other 3 choices are widely used