Unit 1 Intro to Econ
What are the four factors of production?
Land, labour, capital, and entrepreneurship (enterprise).
Draw a perfectly elastic supply curve.
[Quiz master to check.]
Draw a price floor diagram and shade the welfare loss.
Who was the most streamed artist on Spotify this year?
Taylor Swift
Which international organisation's logo is this?
World Health Organisation
State three reasons why a country's PPC may shift outwards.
Increase in the quantity of factors of production.
Improvement in the quality of factors of production.
Improvement in the state of technology.
A sports stadium has two prices of seats. The cheaper seats are $10 and the more expensive seats are $20. When the prices of all seats are increased by 10%, the effects on demand are a fall of 5% for the cheaper seats and a fall of 12% for the more expensive seats.
Calculate the PED for both the cheaper seats and the more expensive seats.
Cheaper seats: 0.5
More expensive seats: 1.2
State the two different conditions for allocative efficiency.
MB = MC
MSC = MSB
Author of massive bestsellers like It Ends With Us and Verity, her books are hugely popular on TikTok. What is her name?
Colleen Hoover
What is the name of this very famous painting?
Guernica by Pablo Picasso
Define the term circular economy.
An economy that (two) of the following:
• designs out waste
• keeps products and materials in use
• regenerates natural systems
• repairs
• reuses
• promotes continual resource use
• recycles
• reduces resource use in production/consumption
• promotes environmental sustainability
• leases
• shares resources
• considers interdependence of social, economic and environmental systems
• considers environmental impact of economic decision making.
State the three functions of the price mechanism.
Signalling function
Incentive function
Rationing function
State two market-based policies that can be used to reduce consumption of alcohol (a demerit good).
Indirect tax
Price floor
What was the world's highest-grossing film in 2024?
Inside Out 2
This is one of the most iconic photographs of the 20th century. Where was it taken?
Tiananmen Square, 1989.
State two reasons why there may be an increase in foreign demand for Country X's exports.
- Decrease in the relative rate of inflation in Country X.
- Depreciation or devaluation of Country X's exchange rate.
State four determinants of price elasticity of supply (PES).
S (Ability to store as stocks)
T (Time taken to respond to price change)
O (Mobility of factors of production)
R (Resource scarcity)
E (Existence of spare capacity)
There are government responses to correcting asymmetric information and there are private responses. State the 2 types of private responses.
Signalling
Screening
The 2024 F1 campaign came to a close with this weekend’s Abu Dhabi Grand Prix.
Since 2009, which F1 driver has won the most number of times at the Abu Dhabi Grand Prix?
Lewis Hamilton
2011, 2014, 2016, 2018-2019
She was an internet sensation in 2024. What is her name?
Moo Deng.