WorksheetsProject A Economics revision
Total questions: 8
Worksheet time: 4mins
Which of the following is not regarded as being a 'factor of production'?
money
machinery
land
workers
The opportunity cost of producing a given product is:
the price of the product
the best alternative product that could have been purchased
the price paid for the resources used in the production of the product
the value of the best foregone alternative which the resources used could have produced
Relative scarcity in economics mean that
the demands placed upon resources are very high
the demands placed upon resources are excessive when compared to the availability of those resources
resources available for use in production are limited
economies experience shortages of all factors of production
A business has narrowed down the most viable investment options to (1) the construction of a new mine costing $100 million and (2) the purchase of a $100 million shareholding in a foreign mining firm. The opportunity cost associated with the construction of a new mine is
the $100 million spent on the construction of the mine
the benefits that would have been provided by the $100m shareholding
both of the above
unknown since insufficient information is given
Economics can be best defined as the study of
resource allocation in a market capitalist economy
how scarce resources are allocated in an economy
how government and households influence business decision making
how limited wants affect an abundance of resources
Which of the following statements is true?
Microeconomics is concerned chiefly with the economy as a whole.
Macroeconomics is concerned chiefly with individual markets.
Microeconomics often studies how particular firms, specific industries and individual markets operate.
Governments have no influence over market prices.
The purchase by a business of robots and an advanced computer system is classified as
labour resource
natural resource
capital resource
entrepreneurship
Iron ore, forest and water are the examples of which factors of production?
labour
machinery
capital
land
