20-21 Economics Revision (2)

20-21 Economics Revision (2)

6th Grade

7 Qs

quiz-placeholder

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20-21 Economics Revision (3)

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20-21 Economics Revision (2)

20-21 Economics Revision (2)

Assessment

Quiz

Business

6th Grade

Medium

Created by

Renate Reichardt

Used 2+ times

FREE Resource

7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of these would cause the supply curve to shift to the left?

A fall in price.

A rise in the cost of raw materials.

A government subsidy.

A maximum price.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

“I would still get the benefits of national defense even if I refuse to pay for it.” This statement shows the existence of …

free goods.

public goods that are non-excludable.

Veblen goods.

public goods that are non-rival.

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Which of the following best describes the change shown here?

An extension of supply has led to a rise in demand.

A contraction in supply has led to a rise in demand.

An increase in supply has led to an extension in demand.

An increase in supply has led to a contraction in demand.

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Which combination of resources and wants illustrates the basic economic problem?

A

B

C

D

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Why is opportunity cost important in all societies?

Governments have a limited amount of money.

We have limited wants but unlimited resources.

We have unlimited wants but limited resources.

It tells us for whom to produce.

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of these is most likely to make demand inelastic?

The good is considered to be a luxury.

There are no close substitutes for the product.

There is only one company that produces the good.

Consumers spend a big percentage of their income on the product.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of these is most likely to be the opportunity cost of a decision to build a new railway line between two towns?

Some houses may have to be destroyed to make space for the line.

The increase in demand for labour in the area may push up wages.

There will be additional costs from new stations and bridges.

Society cannot use the same resources to build a new road between the towns.