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basic economic problem, PPCs, economic systems Flashcards | StudBud

Explore/basic economic problem, PPCs, economic systems

basic economic problem, PPCs, economic systems

10 terms·StudBud Administration·120 plays

#economics

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Questions 10

Answers

1
What is the cause of the basic economic problem?
unlimited resources
Robert
unlimited human wants
limited human wants
2
Which of the following is an example of the factor of production capital for a farmer?
the farmer
a sheep
a tractor driver
a tractor
3
Theoretically how do consumers maximise their utility?
by donating money charity
by maximising their incomes
by maximising their profit
by consuming goods and services
4
Which of the following is a positive statement?
Brexit has caused a depreciation of the £
Free market economies are better than planned economies
The UK is better off outside of the EU
The government should increase taxes
5
What is the main advantage of specialisation of labour?
Less government spending on benefits
Increased efficiency
Greater satisfaction for workers
Development of easily transferable skills
6
Which of the following are advantages of a planned economic system?
innovation is incentivised
wide consumer choice
low inequality
maximum productive efficiency
7
What does the government try to maximise?
population growth
profit
social welfare
utility
8
Which factor of production is rewarded by interest?
labour
enterprise
land
capital
9
What is a free good?
a good with no price
a good with no opportunity cost
a good with no cost
a good for which you do not pay
10
What is the opportunity cost of changing from point B to point C?
30 consumer goods
30 capital goods
15 consumer goods
15 capital goods