
CIE Econs IGCSE Microeconomics 2
Authored by Ian Edwards
Business, Other
10th - 11th Grade
Used 9+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The following are four ways factors of production are used.
What is likely to require the greatest use of the factor enterprise?
a carpenter making wooden articles in his leisure time for sale at a monthly market
a corn farmer negotiating with other farmers to hire expensive machinery
a food shop owner sometimes selling flowers in the shop
a householder harvesting vegetables grown at home
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
To help reduce the price of oil, new supplies are needed. However, in 2013, objectors opposed attempts to explore new sites because of the environmental damage the exploration might cause.
How does this illustrate the basic economic problem?
Oil is a limited resource.
Oil is expensive.
The exploration involves demand and supply.
There are external costs involved in production.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
With a given level of resources, an economy that can produce food or computers is at point Q on its production possibility curve. Population growth means more resources need to be allocated to food production.
At which point in the short term will the economy be in the diagram?
A
B
C
D
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A person makes sandwiches at home for five hours each day. She makes 20 sandwiches per hour, and she sells each sandwich for $2 each.
What is the opportunity cost if she takes a holiday on a working day?
$2
$40
20 sandwiches
100 sandwiches
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What can be found in a mixed economy but not in a market economy?
a national economic development plan
an unequal distribution of income and wealth
the operation of the price mechanism
the private ownership of factors of production
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Newspapers recently reported there had been a decrease in the demand for beef and that its price per kilogram had increased.
From the initial equilibrium point X, which point in the diagram illustrates the new market equilibrium?
A
B
C
D
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The diagram shows the market for fresh fish in the Caribbean with equilibrium point X. A new type of fishing boat increases production, which reduces costs.
Which point represents the new equilibrium?
A
B
C
D
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