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SQA National 5 Economics Economics of the Market overview quiz quiz

15questions. Pick an answer and you'll see why right away.

  1. What is the basic economic problem?

  2. Opportunity cost is best defined as:

  3. Which of the following is the reward earned by the factor of production enterprise?

  4. Which is an example of a fixed cost for a firm?

  5. The law of demand states that, all else equal:

  6. A rise in consumer income increases the demand for a normal good. This causes:

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

  8. The supply curve slopes upwards because:

  9. An indirect tax placed on a good will:

  10. The equilibrium price in a market is the price where:

  11. If the price is set above the equilibrium price, the market will have:

  12. When the demand for a good increases, the new equilibrium will have:

  13. A firm sells 200 units at £6 each. What is its total revenue?

  14. A firm has total revenue of £45,000 and total costs of £38,000. What is its profit?

  15. Which statement about personal economics is correct?