Unit 1 Intro to Econ
Free markets
Intervention
Year in 2024
Notable Images
100

What are the four factors of production?

Land, labour, capital, and entrepreneurship (enterprise). 

100

Draw a perfectly elastic supply curve.

[Quiz master to check.]

100

Draw a price floor diagram and shade the welfare loss.

[Quiz master to check]
100

Who was the most streamed artist on Spotify this year?

Taylor Swift

100

Which international organisation's logo is this?

World Health Organisation

200

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. 

200

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 

200

State the two different conditions for allocative efficiency. 

MB = MC

MSC = MSB

200

Author of massive bestsellers like It Ends With Us and Verity, her books are hugely popular on TikTok. What is her name?

Colleen Hoover

200

What is the name of this very famous painting?

Guernica by Pablo Picasso

300

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.

300

State the three functions of the price mechanism. 

Signalling function

Incentive function

Rationing function 

300

State two market-based policies that can be used to reduce consumption of alcohol (a demerit good).

Indirect tax 

Price floor

300

What was the world's highest-grossing film in 2024?

Inside Out 2

300

This is one of the most iconic photographs of the 20th century. Where was it taken?

Tiananmen Square, 1989.

400

State two reasons why there may be an increase in foreign demand for Country X's exports.

- Increase in foreigners' income.

- Decrease in the relative rate of inflation in Country X.
- Depreciation or devaluation of Country X's exchange rate. 

400

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) 

400

There are government responses to correcting asymmetric information and there are private responses. State the 2 types of private responses. 

Signalling

Screening

400

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

400

She was an internet sensation in 2024. What is her name?

Moo Deng.