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GCSE Economics Unit 1 Quiz Flashcards | StudBud
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GCSE Economics Unit 1 Quiz
GCSE Economics Unit 1 Quiz
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A Economics quiz about GCSE economics Unit 1
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
which of these goods may be price inelastic?
Pepsi
Alcohol
Cigarettes
Mars Bars
2
Which of these
ISN'T
one of the economies of scale
Co-ordination
Marketing
Financial
Purchasing
3
if the price of tennis rackets goes up what will happen to the demand for tennis balls?
Increase
Stay the same
Who Knows?
Decrease
4
The North Korean Economy is an Example of....
A Mixed Economy
A Planned Economy
A Market Economy
I don't know
5
What is the point where demand and supply intercept called?
equilibrium
equalibrium
equality
midpoint
6
what is the current living wage in the UK?
£9.00
£6.00
£7.50
500 vietnamese dong
7
what is opportunity cost
the change in the cost of goods over time
the cost of buying something
The next best alternitive forgone by making a choice.
8
if the price of Pepsi goes up what will happen to the demand for coke?
Increase
Decrease
Who knows?
Stay the same
9
which of these is a advantage of specialisation?
lower average costs
workeres may become bored
higher cost of traing workers
increased productivity
10
if Weetabix owned 26% of the cereal market what would this be?
Monopoly Power
Mayfair
Monopsony
Monopoly
11
The UK Economy is an Example of .......
I don't know
A Mixed Economy
A Planned Economy
A Market Economy
12
If Marmite bought Weetabix what type of integration would it be?
Conglomarate
Diagonal
Horizontal
Vertical
13
what is an example of a price elastic good
Petrol
Weetabix
Marmite
Cigarettes
