IGCSE Econ

A trade union is an organisation that aims to improve

• profit margins

• tax revenue

• the environment

• working conditions

Which one of the following statements is true

• When the price falls, the quantity demanded falls

• The demand curve slopes upwards from left to right

• An increase in demand is shown by a shift to the right

• A decrease in demand is shown by a shift to the right

Which one of the following values shows perfect price inelasticity of supply?

• 1.5

• 1

• 0.5

• 0

Which one of the following diagrams shows excess demand?

• 
• 
• 
• 

Land can be described as which one of the following?

• A diseconomy of scale

• A factor of production

• A variable cost

• A market failure

Which one of the following is an example of an external economy of scale?

• Bulk buying

• Skilled labour

• Bureaucracy

• Managerial

A firm has monthly total costs of $150 000 and monthly fixed costs of $90 000. If it produces 1,000 units, what are the monthly total variable costs for the firm?

• $60

• $90

• $60 000

• $240 000

Which one of the following might be an aim of a firm in the private sector?

• Maximise costs

• Reduce interest rates

• Maximise profits

• Reduce economies of scale

Which one of the following is most likely to be provided by the public sector?

• Cars

• Roads

• Driving lessons

• Petrol

Which one of the following may result in economic growth?

• Increasing unemployment

• Decreasing government spending

• Decreasing productivity

• Increasing technological advancements