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A Level Economics Edexcel B Theme 1 Flashcards | StudBud

Explore/A Level Economics Edexcel B Theme 1

A Level Economics Edexcel B Theme 1

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Questions 10

Answers

1
What is the term called when demand and supply reach market equilibrium?
Ceteris Paribus
Market Clearing Price
Cash balance
Market Sweep
2
In 2020, how much did the UK economy shrink?
9.8%
7.6%
9.9%
7.8%
3
Does the demand curve show level of productivity?
True
False
4
What causes market failure?
When the exchange rate appreciates
When goods and services are allocated efficiently
When goods and services are not allocated efficiently
When 5 or more businesses do not make profits
5
Adam Smith was known as the father of economics
True
False
6
What is the definition of economic growth?
When there is growth in the economy
When the economy gets bigger or smaller
The increase in production of goods & services in an economy
A measure of the amount of goods & services produced
7
How do you calculate the Break Even Point?
Costs + Revenue/Profit
Gross Profit / Contribution x100
Fixed costs / (Selling Price - Variable Cost)
Total Contribution / Fixed Costs
8
Is Sales Revenue and Turnover the same meaning?
True
False
9
What is the economic problem?
Demand
Scarcity
Productive
Infinite supply
10
Which of these is not a short term source of finance?
Trade credit
Overdraft
Mortgage
Factoring