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

Other questions in this quiz

2. The four factors of production are...

  • PED, PES, YED, XED
  • Factories, Workers, Raw Materials, Investment
  • Land, Labour, Capital, Enterpreneurship
  • Subsidies, Taxation, Legislation, Information Provision

3. A market is...

  • Where people make money
  • A place where buyers and sellers meet to determin a price and exchange their goods and services
  • Where a worker, organisation, region or economy concentrates on a narrow range of goods and servises
  • 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.
  • Exchange allows economic growth in NIC
  • All of the above
  • An increased output of goods and services globally.

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

Comments

davidsalter

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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