Home Library Explore SAT

Home Library Explore SAT

IGCSE Economics Flashcards | StudBud

Explore/IGCSE Economics

IGCSE Economics

7 terms·StudBud Administration·393 plays

#economics #IGCSE #Cambridge #eses

Flashcards7 cardsFPractice quizPHost liveL

Questions 7

Answers

1
What is the definition of inflation?
an increase in output
an increase in wages
an increase in demand
an increase in the general price level
2
What is most likely to reduce the supply of factors of production in an economy?
increasing the age of retirement
lowering the cost of borrowing from banks
raising the rate of tax on profits
introducing new methods of irrigation
3
Why are unskilled workers paid less than skilled workers?
Unskilled labour belong to trade unions
Unskilled labour is more productive than skilled labour.
a larger supply of unskilled labour than skilled labour.
a higher demand for unskilled labour than skilled labour.
4
What may cause an individual to save a higher proportion of their income?
a rise in individual’s wish to enjoy higher consumption now
a belief that the price of goods will rise in the future
a fall in the rate of interest paid by the country’s banks
a fear that income will fall in the future
5
What would cause a movement down the demand curve for cars?
a fall in the price of cars
a rise in the price of car insurance
a fall in the price of petrol
a rise in the price of public transport
6
Which type of economy of scale results from a firm producing a diverse range of products?
technical
buying
risk bearing
financial
7
A power station was built to provide electricity to villages. What was its opportunity cost?
the school which could have been built instead
time given up by the architect to design the power station
the cost of producing the electricity
the wages of the workers who built the power station