WorksheetsECON CSEC May-June 2021 1-10
Total questions: 10
Worksheet time: 7mins
In economics, the excess of human wants over existing resources is known as
Greed
Scarcity
Opportunity cost
Economic decline
An ‘economy’ is BEST described as
A system of production, distribution and consumption
A system where suppliers produce all the goods and services needed by consumers
The utilization of resources by manufacturers to produce goods and maximize profits
A system whereby all the goods and services used by citizens of a country are provided by the government
Item 3 refers to the following diagram which illustrates the production possibility frontier for an economy that is capable of producing bauxite and sugar in different combinations.
Point X on the diagram above represents
Economic growth
Unemployed resources
An efficient combination
An unattainable combination
An outward shift in the production possibility curve can be caused by an
Increase in wages
Increase in imports
Improvement in technology
Improvement in the standard of living
Economics is classified as a
Social science
Natural science
Physical science
Business science
Which of the following actions is LEAST likely to be among a government’s potential economic decisions regarding businesses?
Increasing retirement benefits
Passing minimum wage legislation
Regulating the emission of toxic waste
Identifying areas where businesses should be located
The average variable cost is
$100
$400
$1,000
$4,000
Large firms can achieve savings in unit costs as a result of advertising and packaging. These kinds of economies of scale can be classified as
Financial
Technical
Marketing
Managerial
How many units of labour produce the HIGHEST average product of labour?
6
7
8
9
Which of the following pairs of activities in a country falls under the tertiary sector?
Banking and tourism
Tourism and agriculture
Banking and construction
Manufacturing and fishing
