Year 10 Economics Assessment – January
1. Choose the luxury good below: [1]

Bread

Washing up liquid

Tinned meat

Holiday to Maldives
2. Unitary PED = [1]

=1

>1

>-1

0.5
3. The equation for sales revenue = [1]

Selling price – costs

Selling price x quantity

Profit – total costs

Selling price x costs
4. Which factor below will impact the demand for a product? [1]

Tax

Subsidies

Interest rates

Weather
5. An example of a price inelastic good is [1]

Chocolate bar

Tea

Cigarettes

Soap
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6. Explain what is meant by the tertiary sector. [2]
7. Give two examples of jobs in the primary sector. [2]
8. Explain 2 reasons why there has been a shift towards more jobs in the tertiary sector. [2]
9. Define production. [1]
10. What are the 4 factors of production? [4]
11. What is the difference between a renewable resource and non-renewable resource? [2]
12. How can businesses help to make their workers more productive? [1]
13. List 2 aims of private sector businesses. E.g. sole traders. [2]
14. Define privatisation. [1]
15. Explain 1 reason why corporations may be privatized. [2]
16. What is the difference between a market and command economy? [2]
17. Draw and label a demand and supply diagram and explain the effects of a warmer summer weather on the
market for ice-creams [4]