Economics section A

This is based on all choice questions from unit 1 of microeconomics. Most of these questions are from many different past papers. 

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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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