Economics Unit 1 Quiz

10 quick questions to help aid revision for the unit 1 exam.

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1. What is the basic economic problem?

  • Resources are scarce but wants are unlimited.
  • There is not enough jobs to provide the world
  • Incomes are decreasing which means people suffer from a worse quality of life.
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Other questions in this quiz

2. What is income elasticity of demand?

  • A measure of the responsiveness of demand to a change in income.
  • A measure of the responsiveness of demand for one good to a change in the price of another good.
  • How much a person earns in a year.

3. An example of a merit good is:

  • Health care
  • Supermarkets
  • Christmas trees

4. Public goods are:

  • Rival and excludable
  • Non-rival and non-excludable
  • Non-rival but excludable

5. The demand curve shows:

  • Whether a firm is making a profit
  • How much people are willing and able to buy at each price
  • How much suppliers are willing to supply at each price

Comments

Lottie

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Thanks so helpful

Zoeeee

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Thank you Luke :)

Scott MacHenry

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Very good, thanks!

Pyotr Ilyich Tchaikovsky

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Thanks

Chloe Ward

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Really helpful, thank you!

Philippa

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It's the night before my exam, this was helpful, thank you :)

izzy

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great quiz!

davidsalter

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10 quick questions to test your understanding. A further exercise would be to explain why your answer is correct.

Nimrahkhan

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Still good for unit 1 revision 5 years later

Heidi Anderson CSC

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thanks babe - saved my day 

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