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Year 8 Economics Revision 2021
In Economics 'resources' are...
What is the market that sells shares called?
Year 8 Economics Revision 2021
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Test #1 revision!
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Questions
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Answers
1
What is the market that sells shares called?
Retail market
Product market
Stockmarket
Factor market
2
In Economics '
resources
' are...
unlimited
infinite
used to create goods and services
types of income
3
In the circular flow of income, an injection is...
Money that enters households from a sector other than firms
Money that enters firms from a sector other than households
Money that enters firms from households
Money that enters households from firms
4
A mixed market economy is one where decisions are made by...
People's needs
The Government
The interaction between buyers and sellers
The government and the interaction between buyers & sellers
5
What is economics?
The study of how people deal with scarce resources
The relationship between money and people
The study of the planets
The study of money, business and consumers
6
When the circular flow of income is in equilibrium...
leakages > injections
Leakages = injections
injections > leakages
Leakages =/= injections
7
Price mechanism
The way price can affect the supply and demand of goods and money.
The way price can affect the supply and demand of goods and services.
A mechanism of price.
I don't get it!
8
When the circular flow of income is contracting...
Leakages< Injections
Leakages> Injections
Leakages = Injections
Injections > Leakages
9
In Economics a '
good
' is defined as:
An item that consumers purchase for a set price
A job done well
A task that consumers pay someone to complete
The 'good' or right economic decision
10
What is the equilibrium price and quantity in this supply and demand graph?
$1.50 and 600 slices of cheese pizza
$1.50 and 600 slices of bread
$600 and 1.5 slices of bread
$600 and 1.5 slices of cheese pizza
11
A shortage occurs when...
Demand is greater than supply
Supply is greater than demand
12
In economics a
service
is:
A product that is tangible that consumers buy
An item produced by a business for a consumer at a set price
The cost of running a business
A task someone completes for a consumer at a set price
13
A market economy is one where decisions...
are made by both the government and people in society
are made by the government
are made by what people need
are made by the interactions between buyers and sellers
14
Supply is the amount...
of a good/service a consumer is willing and able to purchase
of a good/service a producer is willing and able to produce
15
Economics is the study of how people choose:
To organise an economy.
Spend their money on.
To use limited resources to satisfy wants/needs
Spend their money.
16
Demand is the amount...
of a good/service a producer is willing and able to produce
of a good/service a consumer is willing and able to purchase
17
When there is a surplus, the price of the product will...
Go down
Go up
18
A surplus occurs when...
Demand is greater than supply
Supply is greater than demand
19
Which of the following would make demand for jeans DECREASE
New technology means jeans are easier to produce
Kylie Jenner says jeans are "the absolute coolest!"
Cotton becomes more expensive
60 minutes releases a report: "Are your jeans killing you?
20
The economic problem of scarcity is...
Unlimited needs, limited resources
Unlimited wants, limited resources
Unlimited resources, limited needs
Unlimited resources, limited wants
21
Which of the following is NOT one of the questions the economic problem forces us to ask?
For whom to produce
How to produce
Why to produce
What to produce
22
What is a need?
The essentials required to survive
The quantity of something required
Material things we desire
A tangible good
23
When there is a shortage the price of the product will...
Go down
Go up
24
What is economics about?
How individuals work and relate to eachother
All of the above
Human choices
The allocation of resources
25
In Economics a '
producer
' is...
Someone who creates something
A person in charge of making a movie
A company or person who creates goods and services to sell
A person who buys goods and services
26
Economics is the study of ...
money.
the use of resources to make goods and services to satisfy needs and wants.
socially responsible business.
the exchange of needs and wants.
27
What is a competitor in economics?
The store next to yours.
Someone who beats you in a race.
A similar business that sell much higher quality products.
A similar business which sells similar products.
28
Externalities in the market are...
Something external.
Market forces that we cannot control.
Impacts that activities can have on people not involved in the market.
Things that are external to the market.
29
What is an economic system?
A bank
The interaction between supply and demand
The system that money follows through an economy
The system a government uses to make economic decisions
30
In economics, 'market' means:
A producer which sells only one type of good in a stall
Monetary exchanges which take place in markets
The exchange of goods & services among buyers and sellers
31
When the circular flow of income is EXPANDING...
Injections = Leakages
Injections>Leakages
Leakages>Injections
Injections < Leakages
32
4 Factors of production are...
Labour, capital, land & entrepreneurship.
Land, Labour, capital & cash.
Entrepreneurship, capital, cash & land
Entrepreneurship, capital, money & land
33
A planned economy is one where decisions are made by...
Producers
Consensus
Consumers
Government
34
In the circular flow of income, a leakage is...
Money that leaves firms but does not go to households
Money that households pay to firms
Money that leaves households but does not go to firms
Money that firms pay to households
