A leftward shift in the supply curve for computers can be a result of

a decline in the price of computers

The fundamental economic problem facing all societies is:

what, how and for whom goods and services should be produced

Quantity supplied of a product onto a market increases when the price of a product increases

this shows price acts as an incentive in resource allocation

If increased economies of scale are experienced in an economy, this is likely to result in:

the supply curve of the good shifting to the right

Which of the following is most likely to lead to improvements in labour productivity

Adopting capital-intensive methods of production

if strawberries and cream are complimentary, a fall in the price of strawberries will:

shift the demand curve for cream to the right

Choice is an important element in the basic economic problem because:

limited resources have alternative uses

which of the following explain a rightward shift in the supply curve of a good?

A new supplier entering the market

In which occupations do wages tend to be the lowest?

In those where there is an excess supply of labour

when the demand for income is inelastic, the percentage change in income is

greater than the percentage change in quantity demanded

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GCSE 9-1 OCR Micro Economics

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An #Economics quiz made for developing students' understanding of #micro #economics

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Questions 20

Answers

1
A leftward shift in the supply curve for computers can be a result of
a decrease in the demand for computers
an increase in wages in the computer manufacturing industry
increased economies of scale in computer manufacturing
a decline in the price of computers
2
A business which operates in the tertiary sector:
assembles components
makes finished goods
produces services
extracts raw materials
3
Specialisation requires the existence of:
a system of exchange
rising productivity
economic efficiency
economies of scale
4
The fundamental economic problem facing all societies is:
a significant divergence between social and private costs
inequalities in the distributions of income and wealth
the existence of unemployed resources
what, how and for whom goods and services should be produced
5
A firm is able to buy raw materials in bulk at a reduced average cost from suppliers. This is:
Managerial economies of scale
Purchasing economies of scale
Diseconomies of scale
Technical economies of scale
6
Which of the following is a measure of productivity?
The amount produced
Output divided by employment
The percentage increase in production
The quality of capital employed divided by its price
7
The equilibrium price in a market
is the market clearing price
changes when demand equals supply
is achieved only when the demand or supply curve shift
is the balance of excess demand and excess supply
8
Quantity supplied of a product onto a market increases when the price of a product increases
this shows that the supply of the product is price inelastic
this shows price acts as an incentive in resource allocation
this shows that the product has few substitutes
This shows that wants are infinite
9
If increased economies of scale are experienced in an economy, this is likely to result in:
the supply curve of the good shifting to the right
a competitive market replacing a monopoly
the demand curve for the good shifting to the right
rising unit costs of production
10
Which of the following is most likely to lead to improvements in labour productivity
Less division of labour
An increased supply of labour
Less specialisation
Adopting capital-intensive methods of production
11
which of the following is an example of a merit good
Education
Custard Creams
Cigarettes
Military
12
What is found in a mixed economy but not in a free market economy?
Income tax
Equilibrium prices
Small firms
The profit motive
13
if strawberries and cream are complimentary, a fall in the price of strawberries will:
cause a movement along the demand curve for cream
cause a fall in the price of cream
shift the demand curve for cream to the right
shift the demand curve for strawberries to the right
14
Choice is an important element in the basic economic problem because:
limited resources have alternative uses
resources are distributed equally
high demand leads to high prices
wants increase with income
15
which of the following explain a rightward shift in the supply curve of a good?
The imposition of a tax on the good
A rise in the firms ' wage costs
A new supplier entering the market
A rise in the price of the good
16
VAT is applied on a good thats original price was £12. What is the price including VAT?
£14.40
£18
£14.80
£15.60
17
Which of the following would be included in an economist's list of physical capital?
North Sea oil
A professional football player
The Amazonian rainforest
An engineer's electric drill
18
In which occupations do wages tend to be the lowest?
In those where the work is dangerous
In those where there is an excess supply of labour
In those where workers need long training
In those where the workers are paid on a monthly basis
19
Which one of the following businesses operates in the financial sector?
A jewellery manufacturer
An auction house
A travel agent
An insurance company
20
when the demand for income is inelastic, the percentage change in income is
less than the percentage change in quantity demanded
the same as the percentage change in quantity demanded
greater than the percentage change in quantity demanded
greater than the inflation rate

GCSE 9-1 OCR Micro Economics Flashcards | StudBud