Unit 1 Economics A Level Quiz Cambridge A Level

Unit 1 Economics A Level Quiz Cambridge A Level

11th Grade

10 Qs

quiz-placeholder

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Unit 1 Economics A Level Quiz Cambridge A Level

Unit 1 Economics A Level Quiz Cambridge A Level

Assessment

Quiz

Other

11th Grade

Medium

Created by

Joe Brogan

Used 65+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the concept of scarcity in economics?

Limited availability of resources compared to unlimited wants and needs

Equal availability of resources and wants and needs

Scarcity refers to the excess of resources compared to wants and needs

Unlimited availability of resources compared to limited wants and needs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the relationship between scarcity, choice, and opportunity costs.

Scarcity has no impact on choices or opportunity costs

Scarcity leads to unlimited choices and no opportunity costs

Scarcity leads to choices, but there are no opportunity costs

Scarcity leads to choices, and making choices involves opportunity costs.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Discuss the economic methodology used to study and analyze economic issues.

Historical and sociological analysis

Political and philosophical perspectives

Theoretical and empirical tools

Geographical and environmental factors

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Identify and explain the factors of production in an economy.

Technology, infrastructure, machinery, and tools

Water, air, fire, and earth

Land, labor, capital, and entrepreneurship

Money, goods, services, and resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Compare and contrast resource allocation in different economic systems such as capitalism, socialism, and mixed economies.

Capitalism and socialism have identical resource allocation methods

There is no difference in resource allocation between mixed economies and other economic systems

Resource allocation is the same in all economic systems

Resource allocation differs based on private ownership, market forces, central planning, and public ownership in capitalism, socialism, and mixed economies.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Draw and explain a production possibility curve for a hypothetical economy.

The curve represents the trade-off between producing different goods in the economy.

The answer is not provided as it requires a visual representation.

The curve illustrates the demand and supply of goods in the economy.

The curve shows the maximum combination of goods that an economy can produce given its resources and technology.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a point inside the production possibility curve indicate?

No impact on resource utilization

Overutilization of resources

Efficient use of resources

Underutilization of resources

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