Which statement about the factors of production is correct?
IGCSE Econs Chapter 1

Quiz
•
Social Studies
•
10th - 11th Grade
•
Medium
Ian Edwards
Used 46+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Capital is a financial resource and includes savings in banks.
Enterprise is limited in supply and includes office workers.
Labour is a human resource and includes pensioners and children.
Land is a natural resource and includes trees and fish.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A builder spends one hour travelling to and from work. He works 40 hours per week for $200. He is given a choice to work 50 hours a week for an extra $75.
What would be the opportunity cost to the builder of working the extra hours?
the ability to increase his purchasing power
the additional time travelling to and from work
the increased hourly earnings of $7.50
the ten hours of leisure time
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A country’s infrastructure was damaged by a natural disaster. Before the disaster, the country was producing at point Y on the production possibility curve (PPC).
Which point represents the country’s production immediately after the disaster?
A
B
C
D
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A farmer sells land used for crops to a firm that will use the land for wind turbines to produce electric power.
What is the opportunity cost of this decision by the farmer?
the cost of installing wind turbines
the loss of revenue from crops that grow on the land
the profit made from selling the land
the reduced cost of producing renewable energy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The production possibility curve (PPC) shows the hours per day that a person has for either work or leisure.
This person works 6 hours a day but then decides to work 9 hours a day.
Which movement shows this change?
T to R
T to U
U to V
U to T
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The table shows the maximum production possibilities for goods and services for a country.
The country originally produced only goods but now produces 20 million units of services. The country continues to operate at maximum production possibility.
What is the opportunity cost for this country?
20 million units of goods
100 million units of goods
20 million units of services
zero
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basic economic problem?
excess supply of goods and services
lack of profits
recession
scarcity of resources
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