OCR GCSE Economics - 2.5 - Competition

OCR GCSE Economics - 2.5 - Competition

10th Grade

10 Qs

quiz-placeholder

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OCR GCSE Economics - 2.5 - Competition

OCR GCSE Economics - 2.5 - Competition

Assessment

Quiz

Other

10th Grade

Medium

Created by

Ally Peake

Used 179+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do producers initially enter a market?

To survive in a market

To increase supply of goods

Because they want to

Because the market needs more producers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an oligopoly?

Where one firm dominates a market

Where a small number of firms dominate a market

Where there are many firms and lots of competition

Where producers sell products that are differentiated from one another and hence are not perfect substitutes

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is productivity measured?

Total input/total output

Total output/total output x 100

Total output x total input

Total output/total input

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A rise in the standard of living can be brought about by a decrease in production

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can you increase productivity?

Increase in wages

Workers specialising

Better healthcare

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Bob and Susie are sick of the bad service of Costa and hate the high prices of Starbucks. They want to start their own coffee shop - 'Bob and Susie's Coffee!' What are their challenges in entering the market?

Receiving a patent

Sole ownership of necessary resources

Start-up costs are too high

They don't like coffee

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The average price of mobile phones suddenly drops by £30. Which of these answers could not be true?

There was a major technological advance

The supply curve for the mobile phone industry would shift to the right

Demand for household phones would increase

Demand for mobile phones would increase

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