Year 8 Business Revision Quiz 2

Which of the following strategies is most effective for a business to adapt to a sudden increase in demand for its product?

• Reducing the price of the product

• Focusing on advertising more

• Discontinuing the product line

• Increasing production capacity

How should a company adapt to the growing consumer demand for sustainability?

• Maintain current operations without change

• Raise product prices to increase profit margins

• Introduce sustainable products and eco-friendly initiatives

• Concentrate on maximizing production output

In what way can businesses be affected by changes in tax rates?

• Higher taxes always lead to increased hiring.

• Changes in tax rates can influence investment decisions and pricing strategies.

• Tax rates have no impact on business operations.

• Lower taxes mean businesses will always earn more profit.

Which of the following best describes the relationship between taxation and government services?

• Taxes help finance essential services like education and healthcare.

• Taxes are used solely for military funding.

• Government services are funded by voluntary donations, not taxes.

• Taxes have no impact on government services.

What does the term "supply and demand" refer to?

• The relationship between the availability of a product and the desire for it

• The process of manufacturing goods

• The method of distributing resources equally

• The strategy for increasing product prices

What is the labour market?

• The market where employers seek workers and individuals offer their labour

• A place where only goods are sold

• A digital platform for job advertisements

• A location for educational seminars

Which term describes a place that can be physical or digital for exchanging goods and services?

• Market

• Resource Allocation

• Price Signals

• Labour Market

Which of the following is a key concept in economics related to how much of a product is available?

• Supply

• Demand

• Market

• Labour

Which term is used to describe the market where goods are exchanged?

• Goods Market

• Labour Market

• Digital Market

• Resource Allocation

What is the relationship between supply and demand known to affect?

• Prices

• Quality

• Brand reputation

• Advertising strategies