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GCSE Economics Quiz - year in review! Flashcards | StudBud
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GCSE Economics Quiz - year in review!
GCSE Economics Quiz - year in review!
16 terms
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StudBud Administration
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An #Economics Quiz made for GCSE students!
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
Which of the following would lead to a shift in supply from S to S''?
price going up
government subsidy
increase in demand
tax on production
2
What does CELL remind us of?
When to cell and when to buy
Factors of Production
Factors of Supply
Factors of Demand
3
What shape is a perfectly inelastic demand curve?
S shaped
Vertical
At an angle of 45°
Horizontal
4
Which sort of economy is the UK?
public sector
mixed economy
market economy
planned economy
5
What might the government do to lower rates of inflation?
raise interest rates
lower tax
increase unemployment
lower interest rates
6
Which of the following options represents the price of the £ (GBP)?
The interest rate
The exchange rate, e.g. in USD
The CPI value
The inflation rate
7
Which of these if not a form of unemployment?
frictional
cyclical
anatomical
structural
8
Who is this?
Jason Clifford
Max Clifford
Jacob Clifford
Jacob Clifton
9
What is at the heart of the Economic Problem?
Historical Decisions
Money
Infinite Resources
Scarcity
10
How do we measure growth of an economy?
Change in GDP
Value of exports
GDP per capita
GDP
11
In which sector of the economy would the operation pictured fall?
All of them
Secondary
Primary
Tertiary
12
which of these is not a function of money
unit of account
medium of exchange
economics
store of value
13
Which of these is not a good example of specialisation?
F1 pit stop team
Pizza production at a takeaway
Handyman
Positions on the football pitch
14
Should a minimum wage be placed above or below the market equilibrium to be effective?
Below
Above
Doesn't matter
Depends
15
Which of these would you expect to have PED < 1?
Holidays
Jewellery
Petrol
Watches
16
Which of the following would lead to a shift in supply from S to S'?
A subsidy
Rise in costs of production
Fall in costs of production
Fall in interest rates
