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OCR Economics GCSE UNIT 1 Flashcards | StudBud

Explore/OCR Economics GCSE UNIT 1

OCR Economics GCSE UNIT 1

11 terms·StudBud Administration·199 plays

A fun, educational quiz for #GCSE #economics students to help them with their studies..

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Questions 11

Answers

1
Which of these factors may cause a demand curve to shift?
Removal of vine
Weather
Subsidies
Advertising
2
What is monopoly power?
Firms have no market share
A game
Firms hold more than 25% market share
Firms hold more than 13% market share
3
What is a benefit of specialisation?
Workers get bored
Workers can get replace by machinery
Lower average costs
You feel special
4
Which of these numerical values displays supply as 'Perfectly inelastic'
0
<1
>1
Infinity
5
Is the UK economy a...
Market economy
Planned economy
Mixed economy
Bad economy
6
Fern chooses homework rather than to go out with friends. What is the opportunity cost of this?
I don't know
Missing out on time with her friends
Missing her favourite TV show
Doing homework
7
Which sector is responsible for the extraction of raw materials..
Theresa May
Tertiary
Primary
Secondary
8
Do you like economics?
OMG LOVE IT
Yes
No
HELL NAH
9
What is 'Ad valorem tax' ?
60p
A direct tax
A tax on a good or service which is a % of the price
A tax on a good or service which is a specific amount of £££
10
What is the equation for total revenue?
quantity sold x 3
supply - demand
price x quantity sold
total revenue - total costs
11
What is the 'BASIC ECONOMIC PROBLEM'..
Resources are scarce and the government are poor
Both our wants and needs are infinite
We have infinite wants and needs
Our wants are infinite but our resources are scarce