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Year 10 Economics revision Flashcards | StudBud
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Year 10 Economics revision
Year 10 Economics revision
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YR 10 Eco revision
Flashcards
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Questions
34
Answers
1
What is the basic economic problem?
Needs cannot be met
Too many needs and wants
More wants than needs
Limited resources and unlimited needs and wants
2
Bill has $20 and chooses to spend it at the movies. The opportunity cost of this choice is
Interest he could have earned on it in the bank
$20
The cost of movie ticker
Bill's next best alternative
3
What time will a Christmas card be cheapest?
January
November
December
October
4
A market refers to
government and consumers interacting
buyers and sellers interacting
consumers and suppliers interacting
sellers and suppliers interacting
5
What is the equilibrium price?
All of the above
The market price
The price where quantity demanded equals quantity supplied
The price where there is no surplus or shortage
6
Which one of these items would be a want (for a developing economy)?
An ipad
Shelter
Food
Clean Water
7
The law of supply states that if the price of a good or service increases..
Quantity supplied will decrease
Quantity supplied will increase to gain more profit
Quantity supplied will increase to gain less profit
Quantity supplied will decrease to gain more profit
8
In a developing country which of these is a want?
Shelter
Education
Water
Health care
9
What is the definition of an open economy?
An economy that engages in international trade
Markets with low barriers to entry
An industry with many firms
Where an economy keeps its doors open
10
In a planned economy, what is the government involvement?
Government own resources, consumers make economic decisions
Government own resources and make economic decisions
Government make economic decisions, consumers own resources
Government involvement is nil.
11
A complementary good for an iPhone is
An iphone app
A laptop
A Samsung Galaxy
An iPad
12
Which of the following is not an example of a capital resource?
Oil
Hammer
Factory
Machinery
13
What factors can increase demand for a good or service?
All of the above
Popularity/trends
Price of substitutes
Price of the good or service
14
What is a capital resource?
Equipment
Buildings
Infrastructure
All of the above
15
What is economics?
The study of markets
Shopping
The study of money
A social science studying scarcity
16
An open economy means...
An economy that is open at all hours
An economy that engages in international trade
An economy that is open to all products
An economy with open immigration
17
The Law of Demand dicates that..
as the price of an item goes up demand increases
As the price of an item goes up demand doesn't change
As the price of an item increases, demand decreases
as the price of an item goes down demand decreases
18
What are the different types of resources?
Land, labour, capital, entrepeneurship
Labour and capital
Land, Natural resources, labour, capital
Natural resources and capital
19
What is the objective of government?
All of the above
To maximise their profit
To maximise their own economic welfare
To maximise the welfare of their citizens
20
Macro economics is
The study of demand and supply
The study of a part of the economy
The study of the whole economy
The study of large firms competing in the market
21
When a good or service is easily substituted elasticity of demand is
High then low
Low then high
Low
High
22
An increase in the popularity of loom bands saw the demand curve
Expand
Contract
Shift to the right
Shift to the left
23
What is the objective of consumers?
To ensure demand equals supply
To meet all their needs
To maximise their utility
To reduce scarcity
24
Why did the price of loom bands drop?
To remove the surplus loom bands
To reduce production of loom bands
All of the above
To increase demand for loom bands
25
What is an opportunity cost?
What you give up or forgo when you make a decision
The next best resource
The cost of consuming
The opportunity to buy something
26
What is the definition of consumer sovereignty?
When consumers bargain down prices
When consumers drive down the price of loom bands
What consumers want determines what is sold
When shops decrease their prices to attract consumers
27
What is elasticity of demand?
When quantity demanded increases as price decreases
When demand exceeds supply
when the price of loom bands drops demand increases
the responsiveness of demand to a change in price
28
Which accurately describes demand for loom bands?
High demand (sustained)
High then low
Low demand (sustained)
Low then high
29
Describe a monopoly market.
A concentration of few firms
No product differentiation
One firm supplies the market
Queen Victoria Market
30
What is scarcity?
the state of the loom band market
limited needs and wants and unlimited resources
there are not enough natural resources
unlimited needs and wants compared with limited resources
31
Market price is
determine by consumer sovereignty
Determined by government
Equilibrium price
An excess demand
32
What type of market does Australia Post operation in?
Oligopoly
Monopolistic competition
Duopoly
Monopoly
33
What type of economy is Australia's?
Planned (only government involvement)
Mixed (some government involvement)
Monopolistic
Capitalist (no government involvement)
34
The law of demand states
All of the above
The lower the price the lower the demand
The lower the price the higher the demand
The higher the price the higher the demand
