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OCR GCSE Economics - How the Market Works Flashcards | StudBud
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OCR GCSE Economics - How the Market Works
OCR GCSE Economics - How the Market Works
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A review of Unit 1 of OCR GCSE Economics.
Flashcards
10 cards
F
Practice quiz
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Host live
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Questions
10
Answers
1
When the price of a good or service increases, there is a ................. demand
Expansion of
Increase in
Contraction of
Decrease in
2
What could have caused Supply to shift from S1 to S2?
All of the above
A Government Subsidy
Increase in Costs of Production
Indirect Tax on Supply
3
In what sector does 'Advertising' come under?
Seconday
All of the above
Tertiary
Primary
4
What type of Factor of Production is Metal?
Enterprise
Land
Capital
Labour
5
Which of the following is not a benefit of a competitive market?
Lower Prices
Likely Economies of Scale
Innovation
Increased Choice
6
This graph shows the demand for PlayStation 4's. What could have caused the shift from D to D1?
A fall in the price of Xbox One's
None of the above
A fall in the price of PlayStation Games
An increase in the price of Nintendo Wii's
7
On a Supply and Demand graph, how would you draw a 'Perfectly Inelastic Supply' Curve?
Horizontal Line
Downward Sloping Line
Vertical Line
Upward Sloping Line
8
Which of the following may lead to an increase in demand?
Fall in the price of a complement
All of the above
Rise in the price of a substitute
Lower Interest Rates
9
Which of these is NOT an objective for a business?
Increased returns to shareholders
Increased Costs
Increased Market Share
Increased Sales
10
"Monopoly Power is always beneficial to the consumer" True or False?
False
True
