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GCSE Economics Flashcards | StudBud
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GCSE Economics
GCSE Economics
20 terms
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General knowledge and current events around the GCSE Economics curriculum.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The chancellor of the Exchequer announced his new budget on Wednesday. Who is the chancellor?
David Cameron
Danny Alexander
Ed Balls
George Osbourne
2
Why has the government limited the amount of money that people can withdraw from banks?
To make it harder for businesses to operate
To prevent banks running out of cash
To slow down economic growth
To meet the needs of other governments
3
How much are the government planning to fine people if they miss a Dr's appointment?
£10
£15
£5
£20
4
How old will you have to be to receive this higher minimum wage?
18
25
21
16
5
The government are planning to improve the economy by making it easier to build houses. How?
Making planning permission for industrial sites automatic
Making it illegal to build council houses
Giving grants to builders
Making bricks cheaper
6
Which of the following forms of saving is likely to have a high level of risk?
Bank Account
Piggy Bank
ISA
Unit trust
7
What is the currency in Greece?
The Dollar
The Euro
The Pound
The Drachma
8
Limiting cash withdrawls from banks makes it hard Greeks to afford their needs. A need is:
Something essential that you can't live without
Something that is required by law - e.g. insurance
Something that you don't have to buy every day
Something expensive that costs a lot of money
9
How much has the value of the Chinese Stock Market fallen since June?
40%
30%
20%
10%
10
An example of a need is
A mobile Phone
Food
A House
Designer Clothing
11
If Greece are unable to pay back their loans, the consequence could be
The country is sold at auction to the highest bidder
The government has to increase taxes until it can pay
That the country is taken over by a richer government
The prime minister can go to jail
12
How much money can people withdraw from cash machines in Greece per day?
50 Euros
60 Euros
40 Euros
30 Euros
13
An example of a want is
Hygiene
Netflix
Shelter
Water
14
What is a stock market?
Where people can invest in companies
Where shops buy items to sell to customers
Where chefs buy ingredients for cooking
Where police buy equipment to punish people
15
According to the IFS, how will the chancellors budget affect poor families?
Make them £260 a year richer
Make them £620 a year richer
Make them £620 a year poorer
Make them £260 a year poorer
16
Mr Osbourne announced that the minimum wage in the UK would rise to what level by 2017?
£7 ph
£9 ph
£10 ph
£8 ph
17
What happens to a persons income during the personal lifecycle?
It is different for every individual
It rises and falls each year
It will be high when you are an adult
It increases, until you retire
18
Which stage of a persons lifecycle is likely to require them to save a lot of money for years?
Teenage
Retirement
Childhood
Adulthood
19
What does it mean if a market "falls" by 30%?
That the value of items sold is 30% lower than it was
That the number of customers has grown by 30%
That the number of customers has fallen by 30%
That the value of items sold is 30% higher than it was
20
The Greek government have
defaulted
on a loan. What does
default
mean?
Started a new loan account
Paying everything back early
Been unable to pay what they owe by a deadline
Agreed to pay back later
