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Economic: Chapter 1
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Economic: Chapter 1

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@AmazedCalculus

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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?

  • 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?

  • 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?

    <p>Most resources have alternative uses.</p> Signup and view all the answers

    What is likely to be introduced in the market for bus travel if an economy moved from a mixed economy to a market economy?

    <p>allowing companies to bid for bus routes</p> Signup and view all the answers

    In which aspect is the planned economy likely to offer more than the market economy?

    <p>security</p> Signup and view all the answers

    How would an economist establish the market demand curve for a private good?

    <p>by combining individual demand curves horizontally</p> Signup and view all the answers

    What is most likely to severely affect the ability of money to act as a medium of exchange?

    <p>a very high rate of inflation</p> Signup and view all the answers

    Which statement about the opportunity cost of good R in terms of good S is not correct?

    <p>It is greater at all points on R4S4, than on R3S3.</p> Signup and view all the answers

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