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What Is Economics All About?
What Is Economics All About?
30 terms
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StudBud Administration
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Economics L5 Taster Day
Flashcards
30 cards
F
Practice quiz
P
Host live
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Questions
30
Answers
1
How many versions of James Dyson's Dual Cyclone Vacuum cleaner failed before he found success?
48
797
5126
297
2
Which company sponsors Love Island?
Boots
Superdrug
L’Oreal
Revlon
3
How many euros do you need to buy £1?
5.23
0.98
1.13
10.0
4
What is meant by ' profit'?
The difference between your revenue and your costs.
The money you need to borrow from the bank.
The amount of money it takes to make something.
The amount of money customers pay you when you sell products
5
How much money is JK Rowling worth?
£400m
£770m
£20m
£340m
6
Why does the government tax cigarettes and alcohol?
To spend more money.
To help shopkeepers.
To discourage us from consuming them.
To encourage us to consume them.
7
The term ' exchange rate' means ...?
The refund you get when you change unwanted goods in a shop.
The value of one currency compared with another.
The price you get on EBAY.
The money the bank gives you for your savings.
8
What is meant by 'market share' for an individual business?
Total sales of all the companies in a market.
Total sales [£] of a firm as a % of the overall market.
Total sales of an individual firm in a market.
The number of firms in a market.
9
What is inflation?
When house prices fall
People become richer
Wages rates fall
The cost of living rises
10
What does Brexit mean?
UK is leaving the EU
UK Is joining the euro
The EU is disbanding
UK is leaving the euro
11
How much is the Queen worth?
£45bn
£500m
£60bn
£1.5m
12
Who much are the Islanders getting paid per week to be on Love Island?
£50
£200
£10,000
£1000
13
How much was the national minimum wage in the UK for under 18 year olds in 2018?
£6.31
£4.20
£5.75
£4.70
14
How much did the World Cup cost Russia to host?
£100m
£5m
£9bn
£50bn
15
What is the name of India's ' people's car' manufactured by Tata, and sold in India for £2000?
Claro
Nano
Zoro
Baro
16
What do you call someone who is creative, hard working, and takes calculated risks in business?
Entrepreneur
Antipreneur
Enterpreneur
Interpreter
17
What is stamp duty?
Tax for making a stamp
Tax on buying a house
Tax on buying a car
Tax on a stamp
18
What is the name of Richard Branson's business empire?
Virgin
Microsoft
Google
Apple
19
What percentage of people living in the UK are unemployed?
1.5%
4.1%
12%
8.4%
20
What is the Bank Of England's current interest rate?
0.25%
25%
9%
0.5%
21
What is the most valuable brand name in the World?
Google
Bike
Coca Cola
Disney
22
Why do Messi, Neymar and Ronaldo earn so much money?
Because they have lots of qualifications.
Because they are popular.
Because they are bossy.
Because they have rare skills.
23
What is meant by the term ' national minimum wage'?
The total an employee earns in a year.
The lowest salary of all workers.
The most a firm can pay someone per hour.
The least a worker can be paid per hour by law.
24
What is meant by 'laissez faire' leadership?
The manager is lazy.
When the manager does not consult the employees.
The manager constantly supervises the employees.
When the manager trusts the employees and leaves them alone.
25
Why are supermarkets selling England flags at a price lower than it costs to produce them?
Because they are fake flags.
Because England are rubbish at football.
Because they have a surplus of flags.
Because they have a shortage of flags.
26
Who is this man?
The Chancellor of the Exchequer
Govenor of the Bank of England
Leader of the Liberal Democrates
President of the USA
27
Why are strawberries more expensive in January than in July?
Because they are plentiful in July.
Because people eat more fruit in the summer.
Because shops are short of money.
Because there are too many of them in January.
28
Why is petrol more expensive in the UK than it is in the USA?
Because oil is extremely scarce in the UK.
Because British people can afford to pay more.
Because petrol is heavily taxed in the UK.
Because Americans drive more cars.
29
What is the name of the Brazilian currency?
Real
Peso
Euro
Dollar
30
Which four countries with growing economies have the acronym 'BRIC ?
Brazil, Russia, India, Chile,
Belgium, Russia, India, Croatia
Brazil, Russia, India, China
Brazil, Russia, India, Cuba
