Question 1
1 markThe fundamental economic problem of scarcity arises because:
Oxford AQA International AS Level · Economics (9640)
Scarcity, choice and the allocation of resources: Practice Questions
3 multiple-choice questions marked as you go, and 4 written questions with worked solutions. All on Scarcity, choice and the allocation of resources.
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Question 2
1 markIn a centrally planned economy, the decision of 'what to produce' is primarily determined by:
Question 3
1 markA government decides to increase spending on healthcare by \(10\) billion by reducing its spending on education by \(10\) billion. In economic terms, the \(10\) billion of education services given up is known as:
Question 4
2 marksDefine the term scarcity as it relates to the fundamental economic problem.
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Question 5
4 marksUsing a production possibility diagram, how is economic growth illustrated?
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Question 6
6 marksContrast the allocation of resources in a free market economy versus a centrally planned economy.
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Question 7
2 marksDefine the term opportunity cost and explain why every choice made by an individual consumer involves an opportunity cost when faced with limited income and unlimited wants.
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