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IGCSE Economics_Midterm Review

IGCSE Economics_Midterm Review

Assessment

Flashcard

Business

10th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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45 questions

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1.

FLASHCARD QUESTION

Front

What is an advantage of competitive markets?

Back

Competition encourages the efficient use of resources.

2.

FLASHCARD QUESTION

Front

What is an essential feature of a market economy?

Back

The price mechanism sends signals to consumers and producers to allocate resources.

3.

FLASHCARD QUESTION

Front

What is a major advantage of a market economic system over a mixed economic system?

Back

All production of goods and services is determined by consumer demand.

4.

FLASHCARD QUESTION

Front

What is a benefit of the free market system?

Back

Innovation is encouraged to increase profits.

5.

FLASHCARD QUESTION

Front

What is a benefit of the markot system?

Back

Competition ensures choice for consumers.

6.

FLASHCARD QUESTION

Front

Why does a government provide certain goods and services in a mixed economic system?

Back

The government provides public goods because private firms cannot charge for them.

7.

FLASHCARD QUESTION

Front

The diagram shows the demand curve Di and supply curve S, for a good. The government introduces a subsidy to encourage production. What will be the total cost of the subsidy to the government?

Media Image

Back

$50

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