Mr Frayne Friday Fun IGCSE Revision

What does it mean when an economist says a currency is stronger?

• It can be exchanged for more of a lesser foreign currency

• It can be converted to prices in any currency

• There a few things it could buy

• It will buy fewer foreign goods

What is a decrease in the value of a currency?

• Appreciation

• Depreciation

• Inflation

• Absolute advantage

Good and services bought in by one country from other countries.

• Exports

• Imports

• Inflation

• Recession

Goods ans services sold from one country to another countries.

• Exports

• Imports

• Tariff

• Quota

If the exchange rate is £1 = $1.25, how much does $1 equal in £ pounds?

• £0.80

• £0.85

• £0.75

• £1.25

• None of the answers

Imports are a feature of global markets. Which of the following is an example of a UK import?

• A lamp made in China is sold to UK customers

• A vase made in Spain is sold to customers in Spain

• A table made in the UK is sold to customers in Germany

• A kettle made in the UK is sold to UK customers

Which two of the following businesses are acting as exporters?

• A UK retailer buys goods from overseas suppliers to sell in the UK

• A UK supermarket buys milk from UK farmers to sell in its UK stores

• A UK based car manufacturer sell cars to the Japanese market

• A UK confectionery business buys cocoa from abroad to produce chocolate bars in the UK

• A UK mountain bike producer sells its products to the USA

Which one of the following is an example of a barrier to international trade?

• Import
• Export
• Tarrif
• Globalisation

It is a currency is said to go up if the value of the currency

increases with respect to another currency.

• Appreciation

• Depreciation

• Exchange

• Deficit

Why do governments impose taxes?

• To discourage savings

• To fund public services and infrastructure

• To increase the wealth of citizens

• To reduce the population