1. Non- excludability is where:
- no one can be excluded from the benefiting of a good.
- people can be excluded from benefiting of a good.
- people can stop others from using the good.
- the free market left alone fails to deliver an efficient allocation of resources.
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2. A Demerit good is:
- goods people would not come together to pay for if in a free market economy.
- seen as undesirable, over produced and over priced.
- a good that are needed to make other good.
- unaffordable, under priced and under produced.
3. economics is primarily concerned with the study of
- allocating scare resources to satisfy unlimited wants.
- how new wants and economic resources are produced.
- determining how the government should allocate resources.
- how to make more effective use of resources through reducing wants.
4. What are the factors of production?
- Capital, Labour, Land, Entrepreneur.
- Complete and Partial market failure.
- Wealth, Ideas.
- Scarcity, Choice, the Basic Economic Problem.
5. Which one of the following is a positive economics statement?
- Nurses working the National Health service should be on a maximum working week of 50 hours per week.
- The extent of income inequality in the United Kingdom has increased over the last 30 years.
- The national minimum wage rate should be increased to £5 per hour for all workers.
- The rate of unemployment is too high.
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