Free WJEC GCSE Economics
Practice Paper

Which of the following BEST describes the term 'international trade'?

1. The movement of workers between countries
2. The exchange of goods and services between countries
3. The lending of money from one country to another
4. The transfer of technology within a single country

What is meant by a 'market structure' in economics?

1. The characteristics of a market, such as the number of firms and type of product
2. The physical location where goods are sold
3. The government department that regulates trade
4. The total value of goods traded in a year

A demand curve normally slopes:

1. Horizontally
2. Upward left to right
3. Downward left to right
4. Vertically

The gap between rich and poor countries is the development:

1. index only
2. surplus
3. gap
4. cycle

Price elasticity of demand measures how demand responds to a change in:

1. price
2. weather
3. colour
4. location

People who want work but cannot find it are:

1. retired only
2. self-employed only
3. unemployed
4. employed

Profit is total revenue minus total:

1. output
2. costs
3. sales
4. price

Goods bought from other countries are:

1. tariffs
2. quotas
3. imports
4. exports