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Economics Year 10 Flashcards | StudBud
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Economics Year 10
Economics Year 10
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Questions
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Answers
1
Revenue is also known as...
Profit
Sales
Overheads
Turnover
2
Public goods are goods that are not likely to be provided by the private sector.
False
True
3
To calculate productivity you:
Output / Input
Input / Output
4
If minimum wage is increased there will not be any job losses.
True
False
5
Merit goods are goods which are under-provided by the private sector.
False
True
6
The following factors affect supply except...
Costs of production
Price of other goods
Income
Indirect taxes
7
Cheesecake Factory is in the ............sector of industry
Secondary
Tertiary
Primary
8
Cheaper substitute products generally cause...
Increase in demand
Decrease in demand
9
Demand for labour is said to be derived demand.
False
True
10
The advantages of specialisation are:
Efficiency is improved.
Boring, repetitive work.
Production time is reduced.
Workers become highly skilled in specific tasks.
11
Exporters sell products overseas.
True
False
12
All of the following are reasons to grow except...
Increase Profit
Economies of Scale
Diseconomies of Scale
Increase Market Share
13
I have a choice between Tim Hortons & Starbucks and I pick Tim Hortons. Tim Hortons is known as
Economic Choice
Opportunity Cost
14
All of the following are internal economies of scale except...
Infrastructure
Technical
Risk Bearing
Managerial
15
If Nandos acquired Vox Cinemas, it would be an example of...
Horizontal Integration
Conglomerate Integration
Forward Vertical Integration
Lateral Integration
