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Year 10 Economics Exam Revision
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How do firms decide the price of their products to make the most profit? Give an example of how supply and demand affect their choices.
Answers will vary
What are the potential ethical issues that firms may face when focusing solely on profit maximization? Use an example to illustrate your answer.
Answers may vary - explore the balance between profit and social responsibility
How can governments use taxes to influence the economy?
Increasing taxes can reduce spending, while lowering taxes can boost demand.
Name one ethical issue raised by the actions of financial institutions during the 2008 crisis.
Selling risky loans as low-risk investments to increase profits
What does deregulation in financial markets mean?
Reducing government rules and oversight of financial institutions.
What is the relationship between supply and price in a market economy?
When supply increases, price usually decreases, and vice versa
What does inflation do to the purchasing power of money?
It reduces purchasing power
What is scarcity in economics?
When there are limited resources to meet unlimited wants
What is an opportunity cost?
 
Value of the next best alternative
 
Cost of new opportunities
 
Expenses of daily needs
 
Price increase over time
In a market economy, how are prices primarily determined?
 
By supply and demand
 
By government regulations
 
By nonprofit organizations
 
By consumer needs
What type of economy prioritizes state ownership and central planning?
 
Command economy
 
Market economy
 
Mixed economy
 
Capitalist economy
What is a key purpose of government intervention in markets?
 
Protects against market failures
 
Ensures private ownership
 
Decreases competition
 
Guarantees profits
The 2008 financial crisis led to government intervention in the form of...
 
Bailouts
 
Subsidies for small businesses
 
Price caps
 
New minimum wage laws
Which group was partly responsible for inaccurate ratings of financial products in 2008?
 
Credit rating agencies
 
Real estate agents
 
Consumers
 
Federal Reserve
How did deregulation contribute to the 2008 financial crisis?
 
Allowed riskier financial practices
 
Lowered consumer spending
 
Increased government spending
 
Reduced global trade
What financial product played a key role in the 2008 crisis?
 
Mortgage-backed securities
 
Savings bonds
 
Credit cards
 
Car loans
What is a major role of government in controlling inflation?
 
Setting interest rates
 
Increasing supply of goods
 
Closing international trade
 
Lowering wages
Which is a common cause of inflation?
 
Increased money supply
 
Increased imports
 
Low demand for goods
 
Reduced taxes
How does inflation generally affect consumers?
 
Reduces purchasing power
 
Increases purchasing power
 
Makes goods cheaper
 
No effect
Which of these best describes economic scarcity?
 
Limited resources vs. unlimited wants
 
Abundant resources
 
Equal distribution of wealth
 
Financial savings
In a command economy, resource allocation is primarily decided by...
The government
In a market economy, who decides what goods are produced?
Consumers and producers
Macroeconomics primarily studies...
National and global economies
What is the primary focus of microeconomics?
Decisions of individuals and businesses
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