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WorksheetsEconomic Factors
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
What is the most likely cause of an increase in demand?
a)
Lower costs
b)
Price changes
c)
Higher salaries
2.
What is the most likely cause of an increase in supply?
a)
Lower costs
b)
Higher Salaries
c)
Price changes
3.
What does an interest rate cut usually mean?
a)
Higher costs
b)
Higher sales
c)
Higher taxes
4.
Which of the following is a tax on company profits?
a)
Income tax
b)
Corporation tax
c)
VAT
5.
What does a fall in the value of the pound mean?
a)
Lower prices
b)
Lower import prices
c)
Lower export prices
6.
What is a recession?
a)
A fall in the value of the pound
b)
A fall in inflation
c)
-
7.
A jumper is made in the UK and sold in the USA. To the American economy, what is this an example of?
a)
An import
b)
An export
c)
A tariff
8.
Which of the following is a tax on imports?
a)
VAT
b)
A tariff
c)
Corporation tax
9.
What happens to the value of the pound when the exchange rate goes up?
a)
It appreciates
b)
It depreciates
c)
It stays the same
10.
What best describes the "market price"?
a)
When a customer buys a product
b)
The amount customers pay for items when supply equals demand
c)
The place where buyers and sellers trade products
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