HKDSE Past MC question basic concept

1. Refer to the following information of the COVID-19 vaccination programme.

All residents are eligible for joining the programme free-of-charge.
The government has set up vaccination centres in some government buildings and deployed civil servants to work in these centres.
The above information is related to the

question(s) in Economics.

(1) "what to produce'

(2) how to produce

(3) for whom to produce

• (3) only

• (1) and (2) only

• （1) and (3) only

• (2) and (3) only

Sony launched the 'PlayStation 5' game console. found outside the shops after the official release. As it was popular among game players, long queues were there. Which of the following would increase the opportunity cost of buying a 'PlayStation 5' console?

• The resale value of PlayStation 5' increased due to its shortage.

• Retailers provided online purchase service to eliminate the queues outside the shops.

• With the same price, its competitor launched a new game console featuring better performance than 'PlayStation 5'

• The government issued electronic consumption coupons, which can be used to purchase game consoles.

Owing to the problem of scarcity in a society, we have to
(1)impose price controls

(2)make choices

(3)adopt a planned economic system

(4) compete against one another

• (1) and (3) only

• (1)and (4) only

• (2) and (3) only

• (2) and (4) only

"Even though Japan is one of the richest economies in the world, it still has to face the problem of scarcity.' The statement is

• false, because scarcity only exists in developing countries. 

• false, because Japan has a high gross product (GNP).

• true, because what the Japanese have cannot satisfy all their wants

• True, because Japan's income is unevenly distributed.

Which of the following statements about scarcity is true?

• Once a choice is made, the problem of scarcity is solved.

• A good is scarce if not everyone has it.

• Scarcity means unlimited human wants.

• Both rich people and poor people face the problem of scarcity

Which of the following statements about choice is INCORRECT?

• People have to choose in order to an avoid competition.

• People have to choose if there is scarcity.

• People choose the option with the least cost.

• People choose the most preferred option.

An economic good

• is a good with its demand greater than its supply 

• brings us more satisfaction than a free good.

• is a good whose quantity available cannot satisfy human wants at zero price. 

• cannot be found free of charge in any economy

  
  

Which of the following statements about economic goods is correct?

• Economic goods may not he scarce.

• People compete for economic goods.

• People prefer economic goods to free goods

• People compete for both economic goods and free goods

Alfred booked a room in a resort hotel. Later he found that Betty had booked a room in the same hotel at a lower price. Which of the following are possible reasons for such a price difference?

(1)Alfred's booking was non-refundable while Betty's booking was with free cancellation.

(2)Alfred booked the room on a weekend while Betty booked the room on a weekday.

(3) Alfred booked the room with sea view while Berry booked the room with street view;

• (1) and (2) only

• (1)and (3) only

• (2)and (3) only

• (1), (2) and (3]

Mr Lo spent $60000 on buying a second band car three years ago. Suppose he can resell the car for $2000. Alternatively, he needs to spend $5000 on repairing the car before he can continue to use it. What is his cost of continuing to use the car?

• $2000

• $5000

• $7000

• $60000