Economics Unit 1 Quiz

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

Teacher recommended

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What is the basic economic problem?
Resources are scarce but wants are unlimited.
1 of 9
What is income elasticity of demand?
A measure of the responsiveness of demand to a change in income.
2 of 9
An example of a merit good is:
Health care
3 of 9
Public goods are:
Non-rival and non-excludable
4 of 9
The demand curve shows:
How much people are willing and able to buy at each price
5 of 9
A monopoly is:
A market made up of one firm
6 of 9
Externalities are:
Costs or benefits inflicted on third parties outside of the market
7 of 9
Social costs are equal to:
Private costs + external costs
8 of 9
What is the production possibility frontier?
A diagram that shows all the combinations of two goods that can be produced when all factors of production are being used
9 of 9

Other cards in this set

Card 2

Front

What is income elasticity of demand?

Back

A measure of the responsiveness of demand to a change in income.

Card 3

Front

An example of a merit good is:

Back

Preview of the front of card 3

Card 4

Front

Public goods are:

Back

Preview of the front of card 4

Card 5

Front

The demand curve shows:

Back

Preview of the front of card 5
View more cards

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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