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Year 10 Economics review Flashcards | StudBud
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Year 10 Economics review
Year 10 Economics review
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Review of Y10 OCR Econ
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The diagram relates to the market for coffee. What could have caused the shift from D1 to D2?
A increase in the tax on coffee
An popular advertising campaign for a milkshake
An increase in the price of tea
An increase in the price of coffee
2
An increase in demand for Nike trainers could be caused by...
An ageing population
A popular advertising campaign
3
What could not have caused the supply of coffee to shift from S1 to S2?
Lower demand for coffee
The government imposes a tax on coffee
A drought kills a lot of coffee plants
Coffee farms have to pay their workers more
4
A firm's product has price elastic demand. To raise revenue should they...
lower prices
raise prices
5
Price elasticity of supply measures the responsiveness of quantity supplied to...
a change in supply
a change in demand
a change in price
6
An increase in demand for Nike trainers could be caused by...
An increase in the price of Adidas trainers
A fall in the price of Adidas trainers
7
Tea and milk are...
Complements
Un related
Strong substitutes
Weak substitutes
8
Which good would you expect to have the most price inelastic demand?
Mars bars
Cigarettes
Starbucks coffee
Red wine
9
What has happened to price?
Increased from 20 to 25
Increased from 16 to 20
Increased from 16 to 25
10
A firm with monopoly power has more than _____ market share
50%
25%
90%
20%
11
The PES for DVDs is 1.2. That means the supply of DVDs is price...
elastic
inelastic
insensitive
sensitive
12
What is the elasticity of this demand line?
Perfectly elastic
Perfectly inelastic
13
How should the cafe owner calculate their profit?
Revenue - variable costs
Revenue - fixed costs
Revenue - total costs
Total costs - revenue
14
How do you calculate revenue?
Price + quantity
Profit - costs
Quantity / price
Price x quantity
15
Supply shifts from S1 to S2. Has supply increased or decreased?
Increased
Decreased
16
In a cafe, which of these costs are variable costs?
Paper cups
Interest on a loan
Rent
Milk
17
What has happened to demand and supply?
Demand contracted, supply decreased
Both decreased
Both contracted
Supply contracted, demand decreased
18
An increase in demand could be caused by...
A rise in income tax
A fall in interest rates
19
Which of these are reasons why monopolies can be good?
Firms can make high profits and pay large bonuses
Quality tends to be higher if there is a monopoly
High profits can lead to new R&D and new products
Smaller companies can't compete
20
A firm's product has price inelastic demand. To raise revenue should they...
raise prices
lower prices
