Month: December 2021

What is correct at any point along an economy’s production possibility curve?

Select ONE answer:

1. existing resources are fully employed – correct & existing technology is fully used – correct
2. existing resources are fully employed – correct & existing technology is fully used – false
3. existing resources are fully employed – false & existing technology is fully used – correct
4. existing resources are fully employed – false & existing technology is fully used – false

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 1

1. Correct
2. Not correct
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

Which statement is correct?

Select ONE answer:

1. In the short run all factors of production are fixed; in the long run all factors are varied.
2. In the short run at least one factor is fixed; in the long run all factors can be varied.
3. In the short run at least one factor is varied; in the long run all factors are fixed.
4. In the short run at least one factor is varied; in the long run at least one factor is fixed.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 2

1. Not correct
2. Correct
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

 What is the opportunity cost to a person of spending £40 on a new pair of sports shoes?

Select ONE answer:

1. all the other things the person could have bought
2. the cost of getting to the sports shop
3. the current value of his old pair of shoes
4. the next best thing that could have been bought with the £40

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 4

1. Not correct
2. Not correct
3. Not correct
4. Correct

This work is licensed under a Creative Commons Attribution 4.0 International License.