WorksheetsOCR GCSE Economics - Revision 1
Total questions: 35
Worksheet time: 25mins
Which of these is not one of the key economic decisions?
what to produce?
how to produce?
who is to benefit from the goods and services produced?
how much to charge for the goods and services produced?
What happens every time we make a decision?
We win!
We incur an opportunity cost
We incur an opportunity loss
We incur an opportunity cost of multiple other options
Which of these is a description of a 'trade-off'?
Having more than you want, or need.
When people work in jobs where they produce a few special goods, or services.
When you get a little less of one thing in order to get a little more of something else.
Something one person does for someone else.
What is the world's 3rd largest economy?
USA
China
UK
Japan
What is this?
A supply curve
A demand curve
A supply shift line
A demand shift line
What does this show?
A shift in supply
An expansion of demand
A shift in demand
An expansion of supply
What does this show?
An increase shift in demand
A decrease shift in demand
An expansion of demand
A contraction of demand
The _______ considers the weighted averages of a group of consumer goods and services.
Consumer price index
Aggregate supply
Producer price index
Aggregate demand
Which of the following causes of inflation is often described as “too much money chasing too few goods”?
Demand-pull inflation
Cost-push inflation
Demand-push inflation
Cost-pull inflation
Fill in the blank: When inflation is high the _______________of the pound decreases.
cost value
purchasing power
importance
validity
Which of the following groups DO NOT suffer from high inflation?
Businesses
Lenders
Borrowers
Consumers
What causes cost-push inflation?
An increase in demand for goods and services
An increase in supply
A rise in production costs passed on to consumers
A fall in the price of imports
Price stability occurs when
Prices are rising rapidly
Inflation is high
There is significant deflation
Price level in an economy does not change much over time.
Wages rise by 3%, when inflation is 7%. Real wages
are rising faster than inflation
have fallen by 4%
have risen by 10%
have fallen by 7%
The CPI is a weighted index, this means
Some price changes are given more importance than others in the index
All price changes are equally important
price changes in energy would have less relevance than price changes of window cleaning
Cassie is going to start a business and can buy either wood or cloth. If she buys wood, she can make toy boats. If she buys cloth, she can make dolls. What is the opportunity cost of Cassie’s buying cloth?
The cost of making toy boats and dolls
The opportunity to make toy boats
The cost of starting a business
The opportunity to make dolls
Based on the map above, what is a major source of income for Ohio?
Mining
Tourism
Industry
Fishing
Tom, the owner of Tom’s Pizza, recently bought a faster dough maker and a larger pizza oven for his shop. His sales have doubled. Which statement describes why Tom decided to buy a faster dough maker and larger pizza oven?
As a producer, he invested in capital goods to increase production
As a producer, he paid less for ingredients to make a profit
As a consumer, he wanted to have a successful restaurant
As a consumer, he wanted to spend less time cooking
A company makes a popular fruit juice. It makes cough drops. A main ingredient in both products is oranges. Because of a drought, the company has enough oranges to produce only fruit juice or cough drops. The company chooses to make fruit juice. What is the opportunity cost of the company’s decision to make fruit juice?
The demand for fruit juice will increase.
The company will earn less money selling fruit juice.
The farmers will decrease the amount of oranges that they grow.
The company will be unable to earn money by selling cough drops.
What does an increase in supply of an item usually mean for consumers?
The item will be bought by fewer customers.
The item will be removed from the market.
The item will be difficult to buy.
The item will be lower in price.
A product that is brought into a country to be sold is called an import.
True
False
Using income for purchases, expenses, and debt
Spending
Savings
Services
Goods
The iPhone 7 came out a few years ago, the demand for it is down, so the price is now...
Up
Down
The Same
The class took a vote on their favorite sports and created a pie graph. How many total students are in the class?
24
25
10
28
When you spend your money to buy a piece of candy, you are acting as a...
Producer
Importer
Consumer
Exporter
