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GCSE Economics Flashcards | StudBud
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GCSE Economics
GCSE Economics
20 terms
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StudBud Administration
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General knowledge and current events around the GCSE Economics curriculum.
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
How old will you have to be to receive this higher minimum wage?
16
18
25
21
2
Mr Osbourne announced that the minimum wage in the UK would rise to what level by 2017?
£7 ph
£9 ph
£10 ph
£8 ph
3
The government are planning to improve the economy by making it easier to build houses. How?
Giving grants to builders
Making planning permission for industrial sites automatic
Making bricks cheaper
Making it illegal to build council houses
4
Why has the government limited the amount of money that people can withdraw from banks?
To prevent banks running out of cash
To slow down economic growth
To meet the needs of other governments
To make it harder for businesses to operate
5
According to the IFS, how will the chancellors budget affect poor families?
Make them £260 a year richer
Make them £620 a year poorer
Make them £620 a year richer
Make them £260 a year poorer
6
What happens to a persons income during the personal lifecycle?
It is different for every individual
It will be high when you are an adult
It rises and falls each year
It increases, until you retire
7
How much are the government planning to fine people if they miss a Dr's appointment?
£20
£5
£10
£15
8
The Greek government have
defaulted
on a loan. What does
default
mean?
Started a new loan account
Been unable to pay what they owe by a deadline
Paying everything back early
Agreed to pay back later
9
What is the currency in Greece?
The Pound
The Dollar
The Euro
The Drachma
10
What is a stock market?
Where chefs buy ingredients for cooking
Where shops buy items to sell to customers
Where people can invest in companies
Where police buy equipment to punish people
11
How much has the value of the Chinese Stock Market fallen since June?
40%
20%
10%
30%
12
If Greece are unable to pay back their loans, the consequence could be
The prime minister can go to jail
That the country is taken over by a richer government
The government has to increase taxes until it can pay
The country is sold at auction to the highest bidder
13
Which stage of a persons lifecycle is likely to require them to save a lot of money for years?
Retirement
Childhood
Teenage
Adulthood
14
Which of the following forms of saving is likely to have a high level of risk?
ISA
Bank Account
Piggy Bank
Unit trust
15
What does it mean if a market "falls" by 30%?
That the value of items sold is 30% lower than it was
That the number of customers has fallen by 30%
That the value of items sold is 30% higher than it was
That the number of customers has grown by 30%
16
The chancellor of the Exchequer announced his new budget on Wednesday. Who is the chancellor?
Ed Balls
David Cameron
George Osbourne
Danny Alexander
17
How much money can people withdraw from cash machines in Greece per day?
40 Euros
30 Euros
60 Euros
50 Euros
18
An example of a need is
A mobile Phone
Food
Designer Clothing
A House
19
An example of a want is
Shelter
Hygiene
Netflix
Water
20
Limiting cash withdrawls from banks makes it hard Greeks to afford their needs. A need is:
Something that you don't have to buy every day
Something essential that you can't live without
Something that is required by law - e.g. insurance
Something expensive that costs a lot of money
