WHALES Economics Quiz AS: Welcome Back

The population of a country is 20 million in 2020. The number of dependents is 6 million. The number of people who are employed is 10 million. What is the percentage of people who are employed in the country?

• between 70% to 72%

• between 75% to 77%

• between 25% to 27%

• between 28% to 30%

Which statement about factors of production is correct?

A Capital is the amount of money borrowed from a bank.

B Labour is output made by an employee.

C Land includes commercially grown rice crops.

D Profit is the reward for enterprise.

• A

• B

• C

• D

• A

• B

• C

• D

What identifies a finite resource?

A The resource does not renew itself.

B The supply of the resource is greater than demand.

C There is no opportunity cost for the resource.

D There is unlimited supply of the resource.

• A

• B

• C

• D

Governments often try to influence the supply of factors of production in their economies. Which factor’s supply is a government least likely to be able to increase?

A capital

B enterprise

C labour

D land

• A

• B

• C

• D

A person works at home making small cakes. She can make 30 cakes an hour and works for four hours a day. The total cost of the ingredients is $50 and she sells the cakes for $2 each. What is the opportunity cost if she takes a working day for a holiday?

A $50

B $240

C 30 cakes

D 120 cakes

• A

• B

• C

• D

What is an example of a public good?

A a theatre performance

B an injection to prevent influenza

C road signs and road markings

D the collection of rubbish by a local authority

• A

• B

• C

• D

• A

• B

• C

• D

• A

• B

• C

• D

Which statement about economics is not correct?

A Economic actions can produce unexpected side effects.

B Economic thinking is usually based on logical reasoning at the margin.

C The use of scarce resources to produce a good always has a cost.

D The value of a good or service involves a purely objective judgement.

• A

• B

• C

• D