1) This is an economy with private and public sector? a) free market b) mixed market c) planned market 2) a increase of price causes a) a leftward shift of the demand curve b) a righward shift of the demand curve c) a contraction of the demand curve d) an extension of the demand curve 3) Fashion is a factor that affects a) supply b) demand c) neither 4) Advertising is a factor that affects a) supply b) demand c) neither 5) Weather is a factor that effects a) supply b) demand c) neither 6) price elasticity refers to how responsiveness a change in ____ is to a change in quantity demanded a) income b) price c) price of other goods 7) an example of a fixed cost of production is a) the rent of the premises b) the raw materials 8) calculation of total costs is a) fixed costs and variable costs b) average costs divided by selling price c) fixed costs minus variable cost per unit 9) Economies of scale is a) when fixed costs are decreased b) when average cost per unit is decreased c) when variable cost per unit is decreased 10) market equilibrium is a) when supply is equal to demand b) when supply is greater than demand c) when demand is greater than supply 11) minium wage is a a) price floor b) price ceiling 12) The BBC is in the a) public sector b) private sector c) neither 13) internal growth happens inside an organisation a) True b) False 14) Tesco merging with Asda is an example of a) a vertical merger b) a horizontal merger c) a conglomerate 15) A chain of clothes shops takes over a clothing manufacturer is an example of a) a vertical merger b) a horizontal merger c) a conglomerate 16) Microsoft is an example of a a) monopoly b) an oligoploy c) a perfectly competitive firm 17) a take away shop operates in a) a perfectly competitive market b) a monopolisitic market c) an oligpolisitc market 18) Monopolies are a) price makers b) price takers c) price givers d) price kings 19) Thames Water is an example of a a) monopolistic firm b) a monopoly c) an oligopoly 20) perfectly competitive firms have a) lots of power b) no power c) can exercise a little power 21) 1% of the population owns 20% of the nations wealth a) True b) False 22) how do you reduce inequality a) reduce minimim wage b) increase minimum wage c) reduce high tex bracket d) decrease pensions

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