Tag: A-Level

What is an advantage of using the market mechanism to allocate resources between alternative uses?

Select ONE answer:

1. It ensures that resources will be allocated efficiently.
2. It ensures that resources are allocated in accordance with need.
3. It minimises the time required to make decisions.
4. It gives all consumers an equal voice in deciding how resources should be allocated.

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 3

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

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

Which group may be disadvantaged by the introduction of division of labour?

Select ONE answer:

1. consumers who prefer standardised goods
2. companies where the production process has many sub-divisions
3. the government, if the product is taxed
4. workers who prefer a variety of tasks

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.

What is the opportunity cost to a fully employed economy of increasing capital investment?

Select ONE answer:

1. a fall in consumption
2. a fall in income
3. a rise in saving
4. a rise in the rate of interest

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.