Which of the following statements about production is correct?

Students selling flags for charity organizations are in production.

Joe applied a credit card for a free gift. The gift is a / an

‘economic good’ because Joe is willing to pay a cost to get the gift.

Which of the following statements is correct?

In Macau, importing primary product is cheaper than producing them locally.

Which of the following is not a positive statement?

The government should expand free education to university studies.

Which of the following statements about scarcity is true

Both rich people and poor people face the problem of scarcity.

In a capitalist economy,

most production resources are privately owned.

In a planned economy,

individuals own private properties.

Which of the following about “scarcity” is incorrect?

Scarcity implies all goods are economic goods.

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F.4 First term Economics revision

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Questions 19

Answers

1
Which of the following statements about production is correct?
An Indian restaurant engages in tertiary production only.
Students selling flags for charity organizations are in production.
The car repair work belongs to secondary production.
Developed countries have no primary production.
2
Joe applied a credit card for a free gift. The gift is a / an
‘free good’ because its quantity is enough to satisfy all applicants want.
‘free good’ because Joe does not have to pay any price.
‘economic good’ because Joe is willing to pay a cost to get the gift.
‘economic good’ because the gift is in limited quantity.
3
Scarcity is the source of all economic problems.
False
True
4
Which of the following statements is correct?
Primary production is the least important in any regions.
In Macau, importing primary product is cheaper than producing them locally.
Hong Kong’s demand for primary products is decreasing.
Technological development will finally disappear the primary production.
5
Whether a resource is scarce depends on its actual quantity.
False
True
6
Which of the following is not a positive statement?
The average salary of university graduates is higher than other graduates
The number of students taking Form 4 courses has increased.
The government should expand free education to university studies.
A fare reduction by the MTR can increase the total fare revenue.
7
There are two main types of economic activities: production and consumption.
True
False
8
Which of the following statements about scarcity is true
Scarcity means unlimited human wants
Both rich people and poor people face the problem of scarcity.
A good is scare if not everyone has it.
once a choice is made, the problem of scarcity is solved
9
Hong Thai Travel Agency use computerize system to help customers to book air ticket
What to produce
When to produce
For whom to produce
How to produce
10
Which of the following is the best example of public goods?
A textbook
Public library
A poem
A mobile phone
11
Mr law is a full-time teacher in an aided secondary school in Hong Kong. He is a _______ producer
primary
secondary
tertiary
ordinary
12
In a capitalist economy,
all production resources are allocated by the price mechanism.
all production resources are allocated by capitalists.
most production resources are owned by a few large capitalists.
most production resources are privately owned.
13
The travelling fee for going to Japan is $5000MOP.
How to produce.
When to produce
What to produce.
For whom to produce
14
Which of the following industries is secondary production?
farming
Mineral and stone mining
Construction
teaching
15
Under which of the following circumstances is Good X a free good?
Good X is in limited supply.
We do not want more of Good X.
Good X is a kind of natural resource.
The government provides all people with Good X free of charge.
16
Scarcity means limited resources are insufficient to satisfy limited human wants.
False
True
17
The final aim of production is consumption.
True
False
18
In a planned economy,
individuals own private properties.
all economic problems are solved by the price mechanism.
neither the government nor social customs and traditions.
income distribution is less even than that in a planned economy.
19
Which of the following about “scarcity” is incorrect?
Scarcity implies people have to make choices.
The problem of scarcity cannot be solved by an increase in productivity.
Scarcity implies all goods are economic goods.
Scarcity implies people will compete for economic goods.

F.4 First term Economics revision Flashcards | StudBud