IGCSE Economics-Revision 1

Front

Of the four factors of production, which of these are not a factor of production? Land, Capital, Development, Labour

Back

Development

Front

The term "derived demand" means...

Back

demand that arises because there is demand for another good.

Front

Which of the following is a possible cause of diseconomies of scale? similar businesses in the area, easy access to suppliers, greater distance between senior staff and shop floor workers, abundance of skilled labour

Back

greater distance between senior staff and shop floor workers

Front

What of the following is a feature of a monopoly? There is plenty of competition, Price is set freely by the consumers, The product sold is unique, There are very few barriers to entry

Back

The product sold is unique

Front

The term "economies of scale" refers to ...

Back

the average costs of production decreasing as a firm expands

Front

The introduction of a minimum wage in a labour market will: raise employment and lower the wage rate, raise the wage rate and increase employment, raise the wage rate and decrease employment, reduce the wage rate but boost employment

Back

raise the wage rate and decrease employment

Front

Which is not a likely disadvantage of a small firm? Options: Higher costs, Difficulty attracting quality staff, Vulnerability to competition (especially from larger companies), Lower overall wage costs

Back

Lower overall wage costs

Front

What does Gross Domestic Product mean?

Back

The total value of all goods and services produced within a country in one year.

Front

The___________ a country’s GDP, the better the country’s standard of living.

Back

greater

Front

What are the 4 factors that lead to a country’s economic growth?

Back

investment in human capital, investment in physical capital, land (natural resources), entrepreneurship