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02 - F581 Economics: Mathematical Fundamentals Flashcards | StudBud
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02 - F581 Economics: Mathematical Fundamentals
02 - F581 Economics: Mathematical Fundamentals
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A quiz testing students over fundamental terms and mathematical skills. OCR
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
The next best alternative given up when you make a decision is called. . .
opportunity cost
scarcity
marginal benefit
trade off
2
A factory's warehouse would be considered which of the following FOP?
entrepreneurship
labor
capital
land
3
Which of the following describes an economic system with no government involvement?
command
(free) market
socialist
mixed market
4
Why is specialisation important?
It eliminates the need for trade.
It causes the production possibilities graph to decrease.
It leads to higher efficiency.
It causes self-sufficiency.
5
How many comment type question in paper 1?
4
3
1
2
6
Consumer sovereignty is illustrated by which of the following?
The military purchases new tanks.
Apple creating more iPhones due to consumer demand.
The government decides to national health care.
The government allocating more funds to social security.
7
In 2012 mozzarella cost £2.25 a pound in the UK. By 2014 it is £2.47. Percentage Change is?
90.7
-9.7
19.7
9.7
8
------------------ is how to allocate scarce resources among alternative uses
specialisation
economic problem
inefficiency
scarcity
9
A statement verifiable with reference to data or facts. It makes no judgement about the data.
positive statement
normative statement
quanlitative
negative statement
10
A statement thatis an
opinion
or value judgement. and can not be verified by facts or data.
quantitative statemen
positive statement
negative statement
normative statement
11
Information shown at successive points or intervals of time.
Index Series
Weighted Average
Time Series
Arithmatic Means
12
By what percentage savings changed from Q1,2003 to Q1, 2012?
100%
52%
50%
48%
13
Number showing variation of an economic indicator as compared to a base period or date
time series
index number
weighted average
arithmatic mean
14
Human
wants are infinite
(unlimited),world
resources finite
(limited); this situation is called?
scarcity
specialisation
economic problem
materialism
15
Two sided arguments would have to be provided in which type of question?
AO1
AO4
AO3
AO2
16
A movement from curve 1 to curve 2 shows a/an__________ on this production possibilities curve
increase
decrease
17
What does the word allocate mean?
to collect
to profit
to distribute
to negotiate
18
Attending school or a training program helps people invest in which of the following?
specialization
labour
entrepreneurship
physical capital
19
Comment type questions are also called.
One sided analysis
One sided evaluation
one sided application
20
Natural resources such as wheat, water, and iron ore would be considered which FOP?
land
entrepreneurship
labor
capital
21
Which of the following motivates entrepreneurs to take risks and start new businesses?
government regulations
scarcity
profit
private ownership
