Podcast
Questions and Answers
What is necessary for effective specialisation?
What is necessary for effective specialisation?
- a barter system
- a medium of exchange (correct)
- a production possibility curve
- a system of trade protection
Which statement is the most valid reason for government intervention in a free market economy?
Which statement is the most valid reason for government intervention in a free market economy?
- Consumers are well informed, making it difficult for producers to make profit.
- Health and education are not available in sufficient quantities. (correct)
- Producers are motivated by profit maximisation.
- There are many competitive firms and not enough sole suppliers.
What could cause the curve to shift to XZ?
What could cause the curve to shift to XZ?
- a fall in productivity in manufacturing
- a fall in the price of manufactured good
- a higher demand for manufactured goods
- an improvement in manufacturing technology (correct)
Why is choice central to the economic problem?
Why is choice central to the economic problem?
What is likely to be introduced in the market for bus travel if an economy moved from a mixed economy to a market economy?
What is likely to be introduced in the market for bus travel if an economy moved from a mixed economy to a market economy?
In which aspect is the planned economy likely to offer more than the market economy?
In which aspect is the planned economy likely to offer more than the market economy?
How would an economist establish the market demand curve for a private good?
How would an economist establish the market demand curve for a private good?
What is most likely to severely affect the ability of money to act as a medium of exchange?
What is most likely to severely affect the ability of money to act as a medium of exchange?
Which statement about the opportunity cost of good R in terms of good S is not correct?
Which statement about the opportunity cost of good R in terms of good S is not correct?
Choose the correct diagram.
Choose the correct diagram.
When will the price mechanism not function as a system for allocating goods?
When will the price mechanism not function as a system for allocating goods?
A group of tourists become stranded on a desert island. They decided to use their own system of money. Which statement about their choice of money is correct?
A group of tourists become stranded on a desert island. They decided to use their own system of money. Which statement about their choice of money is correct?
What is not an example of the role of the factor enterprise in a modern economy?
What is not an example of the role of the factor enterprise in a modern economy?
John sells cakes for $10. Aisha offers online tutoring for $20 per hour. One hour of Aisha’s tutoring is worth two of John’s cakes, Which function of money is being illustrated?
John sells cakes for $10. Aisha offers online tutoring for $20 per hour. One hour of Aisha’s tutoring is worth two of John’s cakes, Which function of money is being illustrated?
A businesswoman sets up a charity to provide toys for young children of low income families. Which term most accurately describe these toys?
A businesswoman sets up a charity to provide toys for young children of low income families. Which term most accurately describe these toys?
Which statement about the opportunity cost of good Y is terms of good X is correct?
Which statement about the opportunity cost of good Y is terms of good X is correct?
A flood-control dam is an example of a good provided by directly by a government. Which statement related to the direct provision of a flood-control dam is not correct?
A flood-control dam is an example of a good provided by directly by a government. Which statement related to the direct provision of a flood-control dam is not correct?
There has been a worldwide move towards market economies and away from state controlled nationalised industries. Which policy would limit this transaction?
There has been a worldwide move towards market economies and away from state controlled nationalised industries. Which policy would limit this transaction?
Which statement about nationalised and privatised industries is correct?
Which statement about nationalised and privatised industries is correct?
What is unlikely to occur with an increase in the provision of public goods?
What is unlikely to occur with an increase in the provision of public goods?
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