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
  • 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




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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