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Worksheets3.7.4-3.7.5 AQA Business A level Revision
Total questions: 51
Worksheet time: 35mins
What does GDP stand for?
Gross Domestic Product
General Domestic Product
Global Domestic Product
Government Domestic Product
What is the definition of gross domestic product?
The value of all goods and services produced within a country's borders in a given year
The total value of all goods and services consumed within a country in a given year
The value of all goods and services imported and exported by a country in a given year
The total value of all goods and services produced and consumed by a country in a given year
What happens to GDP if a country imports a product?
It does not affect the country's GDP
It increases the country's GDP
It decreases the country's GDP
It depends on the value of the imported product
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
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
Which type of interest rate is generally considered to be riskier?
fixed
variable
If the UK Pound increases in value compared to other currencies, it has
depreciated
appreciated
A UK exporter would benefit from :
a stronger pound £
a weaker pound £
If Inflation rises by 5% and average incomes (wages) rise by 3% then :
the real rate of inflation = 8%
the real rate of inflation = 3%
the real rate of inflation = 2%
The Business Cycle describes :
a popular form of transport to the office
up and downs of interest rates
up and downs of economic growth
up and downs of inflation rate
The Recovery (upturn) phase =
The Boom phase =
A business can pass-on the extra cost of inflation, by raising prices if :
demand is price elastic
demand is price inelastic
The UK Pound appreciates in value to £1 = 1.50 Euros. How much is the 60 pence tin of beans in Euros ?
0.9 Euros
0.40 Euros
9 Euros
4 Euros
If Interest rates rise :
Consumers spend more and save less
Loan repayments become cheaper
The Pound will usually fall in value
The Pound will usually rise in value
Monetary Policy relates to decisions about...
Interest rates & taxes
Taxes & government spending
Interest rates & the money supply
Government spending & the money supply
Corporation Tax is a tax on
Goods and Services
Subsidies
Environment
Business Profits
What does it mean when people say the £ is strong against the Euro?
The euro buys less pounds
The euro buys more pounds
The pound buys less euros
The pound buys more euros
Why do businesses not want a strong pound?
Their imports are cheaper
Their exports are more expensive
Their exports are cheaper
Their imports are more expensive
Why do businesses not want a weak pound?
Their imports are cheaper
Their exports are more expensive
Their exports are cheaper
Their imports are more expensive
Which of following is most likely to occur as interest rates fall?
Sales of luxury products increase
Sales of essential products increase
Sales of luxury products decrease
Sales of essential products decrease
What are the six elements of PESTLE?
Peace, Elements, Search, Tape, Legal, and Environment
Power, Environment, Science, Teaching, Legal, and Education
Paper, Element, Savings, Trust, Labels, and Entry
Political, Economic, Social, Technological, Legal, and Environmental
Exports are...
goods and services that are purchased from overseas businesses
goods and services that are exported to overseas governments
goods and services that are sold domestically to the household sector
goods and services sold by local businesses to overseas consumers
Which of these statements are the advantages of Globalisation
Hint: There is more than one correct answer
Brand awareness is increased
Communication is harder
Market Share is increased
Dealing with different Currency is difficult
Which of these statements are NOT an advantages of Globalisation
Hint: There is more than one correct answer
Working across Different Time Zones
Communication is harder
Market Share is increased
You gain more profit
Globalisation means a business will have more competition
True
False
Globalisation can be harmful on the worlds community and environment
True
False
Globalisation is a method of Business Growth
True
False
What is the correct term for large companies that operate all over the world?
Global Business
Multinational Corporations
Multinationals
Big Firm
Which do you think are real reason why most people don't buy fairtrade products?
They don't want to help people
They can be more expensive
They don't like the packaging
They think the products are lower quality
Which one of the following is a cause of globalisation
Firms experiencing diseconomies of scale
An increase in tariffs
A decrease in the number of global trade blocks
containerisation
Which method of protection raises revenue for the government?
domestic subsidies
embargo
quota
tariff
Tariffs are used to protect “Infant Industries”
True
False
What is PROTECTIONISM?
economic policy of restricting imports from other countries
economic policy of restricting exports from other countries
economic policy of imports from other countries
economic policy of exports from other countries
Which of the following statements is true in relation to UK legislation?
Product descriptions must be true, accurate and not misleading
Employers do not have to pay the national minimum or living wage
Customers cannot reject a falsely described product once purchased
Gender is not a protected characteristic of the Equality Act (2010)
Which law would be broken if an employee refused to wear safety equipment provided by the business?
Equality Act (2010)
Health and Safety at Work Act (1974)
Consumer Rights Act (2015)
Trades Description Act (1968)
Which of the following laws prevents employees being discriminated against on the basis of characteristics such as gender and race?
Equality Act (2010)
Health and Safety at Work Act (1974)
Consumer Rights Act (2015)
Trades Description Act (1968)
What is the name of the legally binding agreement that every employer must offer it's employees?
Employee Protection Contract
Minimum Wage Agreement
Contract of Employment
Health and Safety Agreement
Examples of emerging economies can be found in the acronym: 'B.R.I.C.S'.
This stands for:
_____, _____, _____, ____ and ____ ______.
(a)
The Internet has helped small businesses compete in global markets because it ________
allows them to establish a physical presence in each country
avoids transactions involving foreign exchange
reduces entry costs
eliminates price controls
Which of the following are reasons for trading internationally?
Economies of scale
Easy to trade internationally
Access to new markets can only sale one product
dont have to pay tax
Define emerging markets.
Countries with established economies and stable industrialization.
Countries with declining economic growth and industrialization.
Countries in the process of rapid industrialization and economic growth
Countries with stagnant economies and slow industrialization.
