IGCSE Economics - Edexcel - Section A - The Market System

Front

Which is NOT a question an economic system should answer regarding the allocation of finite resources to satisfy infinite wants?

Back

When to Produce

Front

Which statement best describes Opportunity Cost?

Back

The next best alternative forgone

Front

Which points on the PPC / PPF represent the economy operating at maximum output?

Back

A & B

Front

Which point/s on the PPF / PPC represent an economy operating with unemployed resources?

Back

C

Front

Which point/s on the PPF / PPC represent a level of production which is unattainable due to insufficient resources? Options: A, B, C, D, None of the above.

Back

D

Front

A movement between which two points would create an opportunity cost of: Xb - Xa?

Back

B to A

Front

Which of the following is NOT likely to cause Economic Growth (an outward shift of the PPF/PPC)?
- Increase Quantity of Resources
- Increase Quality of Resources
- Discovering new resources
- Discovering new ways to exploit existing resources
- Depletion of existing resources

Back

Depletion of existing resources

Front

Resources are in limited supply, they will run out one day because they are ____________?

Back

finite

Front

Consumers' wants are ___________?

Back

infinite, unlimited

Front

To make a __________ decision means to make a decision based on clear thought or reason

Back

rational, Rational