ECON1 - The reasons for individuals, organisations and societies having to make choices

OCR economics quiz for the 'markets in action' exam.

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  • Created by: RhysWall
  • Created on: 27-12-11 13:35

1. The economic problem is...

  • When supply exceeds demand
  • How to allocate scarce resources among alternative uses
  • When demand exceeds supply
  • When economic efficiency is not achieved
1 of 10

Other questions in this quiz

2. The four factors of production are...

  • Subsidies, Taxation, Legislation, Information Provision
  • PED, PES, YED, XED
  • Land, Labour, Capital, Enterpreneurship
  • 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
  • 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...

  • Having specialised labour to complete seperated tasks in the production process
  • Cutting workers in half with a saw so that they can do 2 tasks at the same time.
  • Dividing the workforce so that not everybody has to work
  • Dividing the workforce so that some work at day, and some work at night, maximising production

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davidsalter

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This is 10 multiple choice questions on the very start of the AS economics exam material ie factors, specialisation, production possibility frontier.

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