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IGCSE Economics Section 1 to 4 Flashcards | StudBud
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IGCSE Economics Section 1 to 4
IGCSE Economics Section 1 to 4
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An economics quiz to revise the first half of #microeconomics concepts at IGCSE level
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
Question is based on the table: At what level of output is average revenue at a maximum?
A
D
B
C
2
The wages of electrical engineers will tend to rise if:
The supply of engineers rises
The productivity of engineers rises
The demand for electrical products fall
The demand for engineers falls
3
What is present in a mixed economy but not in a market economy?
Consumer Spending
Capital goods
Private firms
Taxation
4
The savings ratio in an economy will tend to rise if:
taxes on personal income rise
interest rates are cut
borrowing falls
consumer spending falls
5
The stock market is a market for
new issues of shares
new and second-hand stocks and shares
government stocks
financial products
6
A firm may substitute more capital for labour in production if
profits fall
the cost of borrowing rises
wage rise
labour productivity rises
7
What is the process of transforming resources into goods and services?
Trade
Production
Resource allocation
Consumption
8
Question is based on the following table: At what level of output is average cost at a minimum?
D
C
A
B
9
Demand for a product is likely to be relatively price inelastic if:
it is a luxury good
it has few complements
it has a high market price
it has few substitutes
10
Question is based on the table: At what level of output is profit maximized?
C
A
B
D
11
Which of the following types of business organization is a public sector organization?
worker co-operative
public corporation
public limited company
partnership
12
What characteristic of money is essential if it is to be used as a medium of exchange?
It must be durable
It must be easy to carry
It must be limited in supply
It must be a legal tender
13
What is the main aim of firms producing in a market economy?
Economic Welfare
Employment
Efficiency
Profit
14
What is most likely to increase the demand for DVD players?
A fall in the price of cinema tickets
A fall in disposable incomes
A fall in the price of DVD disks
A fall in the price of hard drive recorders
15
Which of the following can be defined as a secondary industry?
retailing
glass making
banking
tin mining
16
Which of the following mergers between two firms is an example of vertical integration?
a dairy farm and an arable farm
a restaurant chain and hotel chain
a bank and a supermarket
a clothes manufacture and clothes retailer
