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1.1 Main economic groups and factors of production

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Question 1

A theatre company sells tickets to households. The ticket price and the amount of VAT included in each ticket stay the same. Households buy fewer tickets, and the company responds by staging fewer performances.

Which statement is correct?

[1]
A

Government tax revenue falls, so the theatre company now sets the VAT charged on its tickets

B

Government tax revenue falls, so a decision by consumers has affected both other groups

C

Government tax revenue is unchanged, because the VAT included in each ticket has not changed

D

Government tax revenue is unaffected, because only producers and consumers trade theatre tickets

Markscheme

1.1 Main economic groups and factors of production Questions

  1. GCSE
  2. /Economics
  3. /1.1 Main economic groups and factors of production

77 exam-style questions on OCR GCSE Economics 1.1 Main economic groups and factors of production, covering 1.1.1 Role of main economic groups and 1.1.2 Factors of production. Each one has a worked solution and a mark scheme showing where the marks go.

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