WorksheetsEconomics Quiz
Total questions: 12
Worksheet time: 6mins
If the price elasticity of demand for a good is -0.8, what happens to total revenue when the price increases?
Total revenue remains unchanged
Total revenue decreases
Total revenue increases
It depends on the size of the price increase
Which one of the following activities would be included in the tertiary sector of an economy?
Car manufacturing
Fish market
Housebuilding
Insurance
Which of the following correctly states the rewards to land and entrepreneurship?
Rent and profit
Interest and profit
Wages and profit
Wages and rent
Which of these is a barrier to entry in opening a clothes shop in a town centre?
Qualifications required by staff
A lack of competition
Brand loyalty to established shops
Inelastic demand for clothes
If there is excess demand in a market, then
Price will rise to meet demand
Consumers will demand more of the product
Price will fall to reach equilibrium
Producers will continue to supply to the market at the current rate
The merger between Vodafone and Three has been given the go ahead. This means there are very few providers of mobile networks. This is an example of:
An oligopolistic market
A factor of production
Opportunity cost
An increase in capital goods
Which of these is an example of a fixed cost?
Commission paid to workers
Raw materials
Electricity
Rent
Which of these is a positive externality?
An increase in traffic on matchdays near a football stadium
An increase in value of homes located near a tourist attraction
An increase in carbon dioxide emissions near a factory
An increase in litter near a fast-food restaurant
Which of these items is from a factor market?
Leather
Coffee beans
Computer tablet
Light bulb
A national chain selling second-hand tech items wishes to expand and can borrow money to purchase new stores at a discounted rate. This is an example of:
Financial economies of scale
Purchasing economies of scale
Marketing economies of scale
Economies of scale
Which of these is an example of a benefit of division of labour?
High absenteeism
Greater output per person
Greater variety of workplace activities
A fall in dependence between workers
Which of the following factors is MOST likely to make the supply of a good elastic?
The production process is complex and requires specialised inputs
The good is perishable (e.g., fresh food)
The cost of production is high and fixed
There are few close substitutes for the good
