Econ IGCSE (B) 30 MCQ

Quiz
•
Business, Other
•
10th - 11th Grade
•
Medium
Ian Edwards
Used 24+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All countries need to produce food.
Which type of agriculture would make the best use of the resources of developing and developed economies?
A
B
C
D
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A farmer reduces the land used to grow wheat from 80 hectares to 60 hectares and increases the use of the land for growing potatoes from 80 to 100 hectares.
What is the opportunity cost of this change?
The output from 20 hectares used for growing potatoes.
The output from 20 hectares used for growing wheat.
The output from 60 hectares used for growing wheat.
The output from 80 hectares used for growing potatoes.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The diagram shows the change in an economy’s production possibility curve (PPC) from year 1 to year 2.
What might explain the change from year 1 to year 2?
Resources have moved from the production of services to the production of goods.
The number of workers unemployed in manufacturing has fallen.
The producers of services have introduced better technology.
The workers in the production of goods have become less efficient.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can be found in a market economy?
externalities and monopolies
interest rates and public goods
public corporations and market prices
tax rates and commercial banks
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A private sector firm is given a contract by the government to supply a country’s water.
Which government directive will minimise the risk of market failure?
allow the firm to ration water rather than meet demand
ensure the firm’s supply includes all areas which are expensive to service
insist that the firm aims to maximise profits
instruct the firm to provide water only to those who can pay for it
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by the equilibrium price in the market for a good?
the average price paid by consumers
the price at which maximum profit is made
the price at which the producer breaks even
the price at which the supply and demand curves intersect
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The table shows the effect of a change in the market price from $5 to $6 on the supply of mobile (cell) phones.
Which statement about the price elasticity of supply of mobile phones is correct?
Price elasticity of supply is 0.4.
Price elasticity of supply is 2.5.
Supply is perfectly elastic.
There is unit elasticity
Create a free account and access millions of resources
Similar Resources on Wayground
25 questions
Social Responsibilities of Business and Business Ethics

Quiz
•
11th Grade
35 questions
SSEMI1&SSEMI3

Quiz
•
11th - 12th Grade
30 questions
Business Essentials Module 4

Quiz
•
9th - 12th Grade
25 questions
Cost of Production

Quiz
•
9th - 12th Grade
25 questions
Lecture 3.2 Quiz

Quiz
•
10th - 12th Grade
25 questions
Basic Merchandising Concepts (ICEV)

Quiz
•
9th - 12th Grade
25 questions
Power Saws

Quiz
•
9th - 12th Grade
25 questions
Stock Market Terms Study Guide

Quiz
•
10th - 12th Grade
Popular Resources on Wayground
18 questions
Writing Launch Day 1

Lesson
•
3rd Grade
11 questions
Hallway & Bathroom Expectations

Quiz
•
6th - 8th Grade
11 questions
Standard Response Protocol

Quiz
•
6th - 8th Grade
40 questions
Algebra Review Topics

Quiz
•
9th - 12th Grade
4 questions
Exit Ticket 7/29

Quiz
•
8th Grade
10 questions
Lab Safety Procedures and Guidelines

Interactive video
•
6th - 10th Grade
19 questions
Handbook Overview

Lesson
•
9th - 12th Grade
20 questions
Subject-Verb Agreement

Quiz
•
9th Grade
Discover more resources for Business
40 questions
Algebra Review Topics

Quiz
•
9th - 12th Grade
10 questions
Lab Safety Procedures and Guidelines

Interactive video
•
6th - 10th Grade
19 questions
Handbook Overview

Lesson
•
9th - 12th Grade
40 questions
LSHS Student Handbook Review: Pages 7-9

Quiz
•
11th Grade
10 questions
Characteristics of Life

Quiz
•
9th - 10th Grade
10 questions
Essential Lab Safety Practices

Interactive video
•
6th - 10th Grade
20 questions
Scalars, Vectors & Graphs

Quiz
•
11th Grade
62 questions
Spanish Speaking Countries, Capitals, and Locations

Quiz
•
9th - 12th Grade