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CCEA GCSE Economics The Market System quiz quiz

18questions. Pick an answer and you'll see why right away.

  1. What is the basic economic problem?

  2. The reward to the factor of production 'enterprise' is:

  3. A point inside a production possibility frontier shows that:

  4. The opportunity cost of a decision is:

  5. A demand curve slopes downwards from left to right because:

  6. Which of these causes a shift of the demand curve rather than a movement along it?

  7. Tea and coffee are substitutes. If the price of tea rises, the demand for coffee will:

  8. A supply curve normally slopes upwards because:

  9. A government subsidy paid to producers will:

  10. At a price above the equilibrium price there will be:

  11. An increase in demand, with supply unchanged, will:

  12. The price of a good rises from £10 to £12 and quantity demanded falls from 200 to 180. The price elasticity of demand is:

  13. If the price elasticity of demand has a size greater than 1, demand is:

  14. A firm knows demand for its product is price inelastic. To raise total revenue it should:

  15. Which of these is most likely to make the demand for a good price elastic?

  16. A factory that pollutes a river is an example of:

  17. Public goods such as street lighting are under-provided by the free market because:

  18. A merit good is one that is: