1. The economic problem is...
- How to allocate scarce resources among alternative uses
- When supply exceeds demand
- When economic efficiency is not achieved
- When demand exceeds supply
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Other questions in this quiz
2. The four factors of production are...
- Land, Labour, Capital, Enterpreneurship
- Factories, Workers, Raw Materials, Investment
- Subsidies, Taxation, Legislation, Information Provision
- PED, PES, YED, XED
3. A market is...
- Where a worker, organisation, region or economy concentrates on a narrow range of goods and servises
- Where people make money
- A place where buyers and sellers meet to determin a price and exchange their goods and services
- A place on the street found mainly in city centres
4. A benefit of specialisation is...
- A widening range of goods and services that are available in an economy e.g. bananas can be imported into the UK since the caribbean specialises in growing them.
- All of the above
- An increased output of goods and services globally.
- Exchange allows economic growth in NIC
5. Division of labour is...
- Dividing the workforce so that some work at day, and some work at night, maximising production
- Cutting workers in half with a saw so that they can do 2 tasks at the same time.
- Having specialised labour to complete seperated tasks in the production process
- Dividing the workforce so that not everybody has to work