What is meant by "diseconomies of scale"?

  • Unit costs increase as production increases
  • Unit costs decrease as production increases
  • Unit costs stay the same as production decreases
  • Unit costs stay the same as production increaes

Which expansion activity is classed as "external"?

  • Opening a new factory
  • Buying a competitor
  • Selling additional shares
  • Expanding an existing store

In a market economy, what determines the prices of goods and services?

  • Government regulations
  • Supply and demand
  • Central planning
  • The number of businesses in the industry

What is the term for a legal requirement to a percentage of profits to the government?

  • Profit
  • Revenue
  • Tax
  • Dividend

What is a business's primary objective?

  • Maximising profits
  • Providing employment
  • Minimising costs
  • Maximising market share

A business sells 150 pogo sticks at £20 each. What is its revenue?

  • £3,000
  • £300
  • £6,000
  • £600

Which of the following sectors includes businesses involved in agriculture, fishing, and mining?

  • Primary sector
  • Secondary sector
  • Tertiary sector
  • Quaternary sector

In which type of market structure does a single firm dominate the entire industry with no competitors?

  • Perfect competition
  • Monopolistic competition
  • Oligopoly
  • Monopoly

Which expansion activity is classed as "internal"?

  • Buying a competitor
  • Being acquired by a larger competitor
  • Conglomerate integration
  • Opening a new store

What does the term "stakeholder" refer to in the context of business?

  • A type of legal document
  • A person or group that has an interest in the business
  • A company's CEO
  • A specific type of product