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Q 1/13
Score 0
Choice is an important element in the basic economic problem because
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resources are distributed equally
wants increase with income
high demand leads to high prices
limited resources have alternative uses
Q 2/13
Score 0
The diagram below shows the production possibility boundaries for Countries X and Y respectively. The opportunity cost of cars in terms of bicycles
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increases as more cars are produced
increases as more bicycles are produced
is greater for Country X than for Country Y
is greater for Country Y than for Country X
13 questions
Q.
Choice is an important element in the basic economic problem because
1
30 sec
1.1.3
Q.
The diagram below shows the production possibility boundaries for Countries X and Y respectively. The opportunity cost of cars in terms of bicycles
2
30 sec
1.1.4
Q.
The fundamental economic problem facing all societies is
3
30 sec
1.1.3
Q.
The diagram below shows a production possibility boundary for a firm producing electrical goods which is initially operating at point X. The decision to increase the output of games consoles from OM to ON gives rise to an opportunity cost to the firm equivalent to
4
30 sec
1.1.4
Q.
When the economy is operating on its production possibility frontier, an increase in the production of public goods will
5
30 sec
1.1.4
Q.
The movement of the production possibility boundary from SR to ST is most likely to indicate an increase in
6
30 sec
1.1.4
Q.
An economy is always productively efficient if it
7
30 sec
1.1.4
Q.
Which one of the following combinations of manufactured and non-manufactured goods could currently be produced?
8
30 sec
1.1.4
Q.
Which one of the following is classified as an economic resource
9
30 sec
1.1.3
Q.
Which one of the following is a factor of production?
10
30 sec
1.1.3
Q.
Which point is where the economy could increase consumer goods without giving up capital goods?
11
30 sec
1.1.4
Q.
If it decides to increase fruit production to OG, the opportunity cost in terms of wheat is
12
30 sec
1.1.4
Q.
Which one of the following would be classified under the factor of production known as land?
