6. A situation where there are insufficient resources to meet all wants is the definition of ?
Scarcity
Choice
Opportunity cost
7. What is a mixed economy?
An economic system in which resources are allocated through a mixture of the market and direct public sector
An economic system whereby resources are allocated through the market forces of demand and supply
An economic system whereby the government has a central role in all decisions that are made, responsible for the allocation of resources
8. Disadvantages of division of labour - Monotonous nature of the work can lead to intense boredom and a poor quality product from a generally dissatisfied labour force.
True
False
9. Which one of these is NOT a factor of production
Entrepreneurship
Capital
Land
Materials, components and finished products
Labour
10. The stock of factors of production is?
Factor endowment
Factors of production
Buffer stock
Spare capacity
11. Which factor of production is this - Natural resources in the economy e.g. mineral deposits, oil, coal, rivers etc
Entrepreneurship
Labour
Land
Capital
12. What is an economic system?
The way in which production is organised in a country or group of countries
The way in which resources are allocated in a country or group of countries
The way in which decisions are made in a country or group of countries
13. What is opportunity cost?
The next best alternative that is foregone when a choice is made
The best alternative that is foregone before a choice is made
The next best substitute that is foregone when a decision is made
14. What is a market economy?
An economic system in which resources are allocated through a mixture of the market and direct public sector
An economic system whereby resources are allocated through the market forces of demand and supply
An economic system whereby the government has a central role in all decisions that are made, responsible for the allocation of resources
15. Which factor of production is this - man-made aids to production e.g. technology
Land
Capital
Entrepreneurship
Labour
16. An economy with a low level of income per head
Developing economy
Developed economy
17. What is economics?
The study of how to allocate scare resources among alternative uses.
The study of how to allocate scarce resources in the most effective way
The study of how to allocate scarce resources
18. Give an example of a market economy
Czech Republic, Hungary, France and the UK
Singapore and the USA
Albania and North Korea
19. The concentration by a worker/s, firm, region or whole economy on a narrow range of goods and services is what?
Trade
Division of labour
Specialisation
Exchange
20. What is a command economy?
An economic system whereby the government has a central role in all decisions that are made, responsible for the allocation of resources
An economic system in which resources are allocated through a mixture of the market and direct public sector
An economic system whereby resources are allocated through the market forces of demand and supply
