1. The economic problem is...
- When demand exceeds supply
- How to allocate scarce resources among alternative uses
- When economic efficiency is not achieved
- When supply exceeds demand
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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...
- Exchange allows economic growth in NIC
- An increased output of goods and services globally.
- All of the above
- 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...
- 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 some work at day, and some work at night, maximising production
- Dividing the workforce so that not everybody has to work