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Economy

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Question

Your pay rises by 5%. Inflation is 10%. How much has your pay gone up in 'real terms'?

answer

-5%

5%

10%

-10%

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Question

What is a monopoly?

answer

A government body

Two businesses joining together

Only one retailer selling a product

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Question

The term tariff, as used in international trade, refers to

answer

A limit on the quantity of a good that can be imported into a country

The price of goods when they leave the producing country

A government payment to encourage exports

A tax on imports

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Question

During the first two hours of a school fete a stall selling orange juice at 50p per glass sold 750 glasses. In the next two hours the price was reduced to 30p per glass and 900 were sold. What was the price elasticity of demand for orange juice at the fete?

answer

0.25

0.5

0.75

1.25

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Question

Define price elasticity of demand and explain why some products are price-elastic and other products are price-inelastic.

answer

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