4. Markets and allocation of resources- GCSE Economics (AQA)
Authored by J Oliver
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10th - 11th Grade
Used 11+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A market is
A place where buyers and sellers come together
A place where people can buy goods
A place where buyers and sellers come together and agree a price for the exchange of goods and services
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
'The price of a good allows some to afford it and others are prevented from purchasing the good' - this describes which function of price?
Rationing
Signalling
Incentive
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
'The price informs the consumer about the importance of the good/service.' - this describes which function of price?
Rationing
Signalling
Incentive
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
'The price can encourage a supplier to sell particular goods/services' - this describes which function of price?
Rationing
Signalling
Incentive
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Supermarket profits increase as they increase the price of avocados, in response the supermarkets feel confident purchasing more avocado supplies - this describes which function of price?
Rationing
Signalling
Incentive
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Plastic carrier bags increase in price from 5p to 10p in supermarkets to inform customers about the importance of re-using or avoiding plastic bags - this describes which function of price?
Rationing
Signalling
Incentive
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ferrari sets it's super car prices significantly higher than the average family car - this describes which function of price?
Rationing
Signalling
Incentive
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