IGCSE Economics - Edexcel - Section A - The Market System

IGCSE Economics - Edexcel - Section A - The Market System

8th - 12th Grade

25 Qs

quiz-placeholder

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IGCSE Economics - Edexcel - Section A - The Market System

IGCSE Economics - Edexcel - Section A - The Market System

Assessment

Quiz

Business, Other

8th - 12th Grade

Medium

Created by

David Cawley

Used 392+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Economic Problem is trying to allocate the world's finite resources to satisfy the worlds infinite wants … which is NOT a question an economic system should answer

What to Produce?

How to Produce?

Who to Produce for?

When to Produce

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement best describes Opportunity Cost

The next best alternative chosen

The next best alternative forgone

The best alternative chosen

The worst alternative forgone

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

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

C & D

C

D

A & C

A & B

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

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

D

A

C

B

None of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which point/s on the PPF / PPC represent a level of production which is unattainable due to insufficient resources

A

B

C

D

None of the above

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

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

C to D

D to C

A to B

B to A

A to C

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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