Economic systems - free market, mixed and command economies
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Q 1/18
Score 0
A production possibility frontier illustrates
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the maximum output an economy will ever be capable of producing.
the various combinations of output which can be produced at zero opportunity cost to society.
the various combinations of output an economy is currently capable of producing with its limited resources.
the various combinations of output an economy will produce with its limited resources.
Q 2/18
Score 0
Which one of the following would be classified by an economist as an example of the factor of production known as capital?
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A delivery van
Savings in the bank
Stocks and shares
Underground reserves of coal
18 questions
Q.
A production possibility frontier illustrates
1
45 sec
1.1.4
Q.
Which one of the following would be classified by an economist as an example of the factor of production known as capital?
2
45 sec
1.1.3
Q.
Which of the following correctly identifies the operation of both the rationing and incentive functions of the price mechanism?
3
45 sec
1.2.7
Q.
The most likely outcome of the maximum price shown would be
4
45 sec
1.4.1c
Q.
Which one of the following is the most likely reason for government intervention in a market to correct a misallocation of resources?
5
45 sec
1.3.1
Q.
From the table, it may be concluded that
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45 sec
1.2.3b
Q.
Which one of the following government policies should be used to correct the market failure that exists at point J?
7
45 sec
1.4.1a
Q.
A pure public good is always
8
45 sec
1.3.3
Q.
Which one of the following is true for a normal good with a downward sloping demand curve?
9
45 sec
1.2.3b
Q.
Which one of the following would cause a rightward shift of the supply curve?
10
45 sec
1.2.4
Q.
A market is defined as being in equilibrium when
11
45 sec
1.2.7
Q.
Which diagram illustrates the effects of an increase in the price of a good that is complementary to Good X and an increase in labour productivity in the production of Good X?
12
45 sec
1.2.6
Q.
If the PED for a firm's good is 0.6 and it raises the price, the revenue will...
13
45 sec
1.2.3a
Q.
Specialisation and the division of labour require
14
45 sec
1.1.5
Q.
Public goods result in market failure because
15
45 sec
1.3.3
Q.
The total amount spent by the government on subsidies is represented by the area
16
45 sec
1.2.9b
Q.
Which of the following is an example of human irrationality?
17
45 sec
1.2.10
Q.
Which economic theorist is most closely associated with the 'invisible hand' of the free market
