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What is Economics all about? Flashcards | StudBud
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What is Economics all about?
What is Economics all about?
20 terms
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572 plays
Economics Year 11 into Year 12 students 'Bridging the Gap'.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which four countries with growing economies have the acronym 'BRIC' ?
Brazil, Russia, India, Chile,
Belgium, Russia, India, Croatia
Brazil, Russia, India, Cuba
Brazil, Russia, India, China
2
Why does Messi earn so much money?
Because he has lots of qualifications.
Because fans like him .
Because he has rare skills that other footballers don't have.
Because he is Argentinian
3
What is meant by the term ' minimum wage'?
The least a worker can be paid per hour by law.
The lowest salary of all workers.
The total an employee earns in a year.
The most a firm can pay someone per hour.
4
What is the name of Richard Branson's business empire?
Microsoft
Google
Virgin
Apple
5
How many versions of James Dyson's Dual Cyclone Vacuum cleaner failed before he found success?
48
797
297
5126
6
The term ' exchange rate' means ...?
The money the bank gives you for your savings.
The value of one currency compared with another.
The price you get on EBAY.
The refund you get when you change unwanted goods in a shop.
7
Why does the government tax cigarettes and alcohol?
To discourage us from consuming them.
To spend more money.
To help shopkeepers.
To encourage us to consume them.
8
Why is there a 'cost of living crisis' at the moment?
People are gambling too much.
Mortages [ loans to buy your house] are less expensive now.
Energy bills and food prices have been rising recently.
Price of food has been falling recently.
9
What do you call someone who is creative, hard working, and takes calculated risks in business?
Entrepreneur
Interpreter
Antipreneur
Enterpreneur
10
Why is petrol more expensive here in the UK than it is in the USA?
Because petrol is heavily taxed in the UK.
Because British people can afford to pay more.
Because there's a lot of petrol in the UK.
Because Americans drive more cars.
11
Why generally have house prices rise by almost 20% in London over the last few years?
Lots of new houses have been built.
There is a shortage of houses.
Lots of wealthy foreigners sold houses there.
Estate agents have got greedy.
12
What is meant by 'market share' for an individual business?
The number of firms in a market.
Total sales [£] of a firm as a % of the overall market.
Total sales of all the companies in a market.
Total sales of an individual firm in a market.
13
How much money is JK Rowling worth?
£340m
£820m
£400m
£20m
14
What is the approximate exchange rate for the Brazilian Real to the British pound?
6.9
5.9
1.7
10.7
15
What is meant by 'laissez faire' leadership?
When the manager trusts the employees and leaves them alone.
The manager constantly supervises the employees.
The manager is lazy.
When the manager does not consult the employees.
16
What is meant by ' profit'?
The amount of money it takes to make something.
The difference between your revenue and your costs.
The amount of money customers pay you when you sell products
The money you need to borrow from the bank.
17
What is the name of the Brazilian currency?
Dollar
Euro
Peso
Real
18
How much is the minimum wage in the UK for 16-17 year olds in 2023?
£5.28
£6.31
£3.72
£4.75
19
Why might supermarkets sell England flags at a price lower than it costs to produce them?
Because they have a shortage of flags.
Because they are fake flags.
Because they have a surplus of flags.
Because England are rubbish at football.
20
Why are strawberries more expensive in January than in July?
Because people eat more fruit in the summer.
Because shops are short of money.
Because they are plentiful in July.
Because there are too many of them in January.
