The Nature of Economics: Further Exploration (Edexcel A-Level Economics A): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
Which of these is NOT one of the three fundamental economic questions?
Which of these is NOT one of the three fundamental economic questions?
When should production occur?
What does a point inside the PPF indicate?
What does a point inside the PPF indicate?
Inefficient resource use
A farmer increases potato output by 70 tonnes. What is the opportunity cost in onions foregone?
A farmer increases potato output by 70 tonnes. What is the opportunity cost in onions foregone?
50 tonnes
Which best describes capital goods?
Which best describes capital goods?
Goods used in the production process
In Adam Smith's pin factory, how many times did specialization increase productivity?
In Adam Smith's pin factory, how many times did specialization increase productivity?
2,400 times
Which is a disadvantage of the division of labour?
Which is a disadvantage of the division of labour?
Worker boredom from repetitive tasks
Which is NOT a function of money?
Which is NOT a function of money?
Guarantee of employment
What defines a command economy?
What defines a command economy?
Government plans resource allocation
What causes an outward shift of the PPF?
What causes an outward shift of the PPF?
Increased availability of inputs
What does microeconomics study?
What does microeconomics study?
Individual household/firm decisions