HKDSE CH1-3 (4) _ 28122023

(1995/CE/II/01)

It was reported that many people queued for 2 days in order to get the monthly parking ticket for a certain car park. This phenomenon implies

1) Scarcity in parking spaces
2) The existence of competition
3) shortage of parking spaces

• 1 & 2 only

• 1 & 3 only

• 2 & 3 only

• all of the above

When scarcity exists, people need to make c (a)   .

What is the definition of opportunity cost?

Scarcity implies competitions and competition implies d (a)   .

(1997/CE/II/01)

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 human wants are unlimited

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

The existence of scarcity implies that

• there is no such thing as free goods

• human wants are unlimited

• each and every economic good has a positive money price

• there is a cost in obtaining some goods

(1991/CE/II/55)
Scarcity of commedity X will NOT occurs when

• there is a great supply of it

• nobody wants it

• it is free of charge

• only one person wants it

(2014/DSE/I/03)

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 can't satisfy human wants at zero price

• cannot be found free of charge in an economy

(2015/DSE/I/ai)

More and more famous universities offer "Massive open online courses" (MOOC) to students from various backgrounds for systematic learning

Most of the teaching materials in MOOC can be accessed online by anyone free of charges. Explain whether these materials are free goods (2 marks)

Jeremy is going to watch a tennis match in which Li Na, a Grand Slam winner, will play. Which of the following will increase the cost to Jeremy of watching the tennis match?

• He is 30 minutes late for the match due to traffic congestion

• His view is blocked by the spectators in front of him

• Due to a rainstorm, the match is extended by an hour

• Li Na is injured and does not show up for the match