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...
- PED, PES, YED, XED
- Land, Labour, Capital, Enterpreneurship
- Subsidies, Taxation, Legislation, Information Provision
- Factories, Workers, Raw Materials, Investment
3. A market is...
- Where a worker, organisation, region or economy concentrates on a narrow range of goods and servises
- 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
- Where people make money
4. A benefit of specialisation is...
- All of the above
- Exchange allows economic growth in NIC
- An increased output of goods and services globally.
- 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.
5. Division of labour is...
- Dividing the workforce so that some work at day, and some work at night, maximising production
- Having specialised labour to complete seperated tasks in the production process
- Dividing the workforce so that not everybody has to work
- Cutting workers in half with a saw so that they can do 2 tasks at the same time.