Economics Paper 1 GCSE AQA

Question 1

What is the PED when %change in demand is +40 and %change in price is -20

Accepted Answer

-2

Question 2

What are the private costs of a business when Social costs are £230,000 and external costs are £70,000

Accepted Answer

£160,000

Question 3

A farmer works in which sector of the economy?

Accepted Answer

Primary

Question 4

Which of the following is an example of an private cost of an airline company?

Accepted Answer

Airline Ticket Prices

Question 5

Which of these is not an example of misallocation of resources?

Accepted Answer

Businesses not making a profit

Question 6

What are markets for?

Accepted Answer

Allocate scarce resources

Question 7

Net Pay is the pay a worker receives after deductions have been made

Accepted Answer

True

Question 8

Opportunity costs are defined as...

Accepted Answer

The loss of the next best alternative

Question 9

Gross Pay is the pay a worker receives after deductions have been made

Accepted Answer

False

Question 10

Misallocation of resources is defined as

Accepted Answer

When resources are not allocated in the best interest of society

Question 11

Is the PED of a product is -0.76 it is...

Accepted Answer

An inelastic product

Question 12

If incomes decrease

Accepted Answer

Demand will shift to the left

Question 13

Is the PED of a product is -0.43 it is...

Accepted Answer

An inelastic product

Question 14

Which of the following is not a factor of production?

Accepted Answer

Revenue

Question 15

If costs of production rise

Accepted Answer

Supply will shift to the left

Question 16

A builder works in which sector of the economy?

Accepted Answer

Secondary

Question 17

If the price for burgers increases then the demand for ketchup will fall

Accepted Answer

True

Question 18

What is the PED when %change in demand is -15 and %change in price is +30

Accepted Answer

-0.5

Question 19

What are the private costs of a business when Social costs are £340,000 and external costs are £80,000

Accepted Answer

£260,000

Question 20

What factor directly affects the wage set in a labour market?

Accepted Answer

Skill set of workforce

Question 21

A Teacher works in which sector of the economy?

Accepted Answer

Tertiary

Question 22

Which of these is a factor that directly affects PES?

Accepted Answer

Spare Capacity, Production Lags

Question 23

What is the PES when %change in supply is +40 and %change in price is +10

Accepted Answer

4

Question 24

Which of the following is NOT an example of economies of scale?

Accepted Answer

Profit Maximisation

Question 25

What is the PES when %change in supply is +7 and %change in price is +14

Accepted Answer

0.5

Question 26

What are the private costs of a business when Social costs are £100,000 and external costs are £30,000

Accepted Answer

£70,000

Question 27

Is the PED of a product is -6.2 it is...

Accepted Answer

An elastic product

Question 28

Equilibrium price is defined as

Accepted Answer

There is no excess demand or excess supply

Question 29

A monopoly is defined as...

Accepted Answer

When a business has 25% or more market share

Question 30

Which of the following is an example of a deduction from a worker's pay slip?

Accepted Answer

Income Tax, Pension Contributions, National Insurance contributions, Student Loan Deductions

Question 31

Is the PED of a product is -1.3 it is...

Accepted Answer

An elastic product

Question 32

An Oligopoly is defined as...

Accepted Answer

a few large businesses dominating an industry

Question 33

If incomes increase

Accepted Answer

Demand will shift to the right

Question 34

If indirect taxes decrease

Accepted Answer

Supply will shift to the right

Question 35

Productivity is calculated by...

Accepted Answer

Total Output/Total Input, Total Output/Number of workers

Question 36

Which of the following is an example of an external cost of an airline company?

Accepted Answer

Noise Pollution

Economics Paper 1 GCSE AQA

Questions 36

Economics Paper 1 GCSE AQA

Questions 36