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WorksheetsIGCSE Economics - Edexcel - Section A - The Market System
Total questions: 25
Worksheet time: 12mins
The Economic Problem is trying to allocate the world's finite resources to satisfy the worlds infinite wants … which is NOT a question an economic system should answer
What to Produce?
How to Produce?
Who to Produce for?
When to Produce
Which statement best describes Opportunity Cost
The next best alternative chosen
The next best alternative forgone
The best alternative chosen
The worst alternative forgone
Which points on the PPC / PPF represent the economy operating at maximum output
C & D
C
D
A & C
A & B
Which point/s on the PPF / PPC represent an economy operating with unemployed resources
D
A
C
B
None of the above
Which point/s on the PPF / PPC represent a level of production which is unattainable due to insufficient resources
A
B
C
D
None of the above
A movement between which two points would create an opportunity cost of: Xb - Xa
C to D
D to C
A to B
B to A
A to C
Which of the following is NOT likely to cause Economic Growth (an outward shift of the PPF/PPC)
Increase Quantity of Resources
Increase Quality of Resources
Discovering new resources
Discovering new ways to exploit existing resources
Depletion of existing resources
Resources are in limited supply, they will run out one day because they are (a) ?
Consumers, just never stop wanting things this is because their wants are (a) ?
To make a (a) decision means to make a decision based on clear thought or reason
The money which a business receives from sales of goods/services to customers is known as (a)
A line on a graph which shows how much will be bought at any given price is known as a (a) curve
A line on a graph which shows how much will be sold at any given price is known as a (a) curve
There is said to be an (a) relationship between price and quantity demanded
There is said to be a (a) relationship between price and quantity supplied
Which of the following is a factor affecting Demand
Advertising
Production Costs
Indirect Taxes
Subsidies
Which of the following is NOT a factor of demand
Price of complementary goods
Price of Substitutes
Subsidies for Producers
Consumer Incomes
Which THREE of the following are factors of demand
Consumer incomes
Demographic Changes
Fashion & Tastes
Indirect Taxes
An increase in the cost of microprocessors is likely to do what to the supply of of computers
Shift supply to the right
Shift supply to the left
Shift demand to the right
Shift demand to the left
What is likely to happen to the Equilibrium Price & Quantity for Product A following an increase in its production costs?
Price Falls & Quantity Rises
Price Falls & Quantity Falls
Price Rises & Quantity Rises
Price Rises & Quantity Falls
What is likely to happen to the Equilibrium Price & Quantity for Product A following and increase in Producer Subsidies
Price Rises & Quantity Rises
Price Rises & Quantity Falls
Price Falls & Quantity Rises
Price Falls & Quantity Falls
What is likely to happen to the Equilibrium Price & Quantity for Product A following an increase in advertising for Product A
Price Rises & Quantity Rises
Price Rises & Quantity Falls
Price Falls & Quantity Rises
Price Falls & Quantity Falls
What is likely to happen to the Equilibrium Price & Quantity for Product A following a FALL in the price of one of its SUBSTITUTES
Price Rises & Quantity Rises
Price Rises & Quantity Falls
Price Falls & Quantity Rises
Price Falls & Quantity Falls
What is likely to happen to the Equilibrium Price & Quantity for Product A following a FALL in the price of one of its COMPLEMENTS
Price Rises & Quantity Rises
Price Rises & Quantity Falls
Price Falls & Quantity Rises
Price Falls & Quantity Falls
What is likely to happen to the Equilibrium Price & Quantity for Product A following the introduction of new technology in the production process
Price Rises & Quantity Rises
Price Rises & Quantity Falls
Price Falls & Quantity Rises
Price Falls & Quantity Falls
