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Quiz: Scarcity, Choice and the Economic Problem

Pearson Edexcel Level 3 Advanced GCE in Economics A (9EC0)

11 Steps9 Questions

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Building on what you've learned about economic models and assumptions, let's test your understanding of scarcity, choice, and the economic problem!

Multiple ChoiceInteractive

What is scarcity in economics?

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Which of the following are examples of scarce resources? (Select all that apply)

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The economic problem arises because resources are {{blank0}}, but human wants are {{blank1}}.

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Match the items on the left with their correct pairs on the right

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Math EquationInteractive

A factory can produce 100 consumer goods or 50 capital goods. What is the opportunity cost of producing 50 capital goods?

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Multiple ChoiceInteractive

What does a production possibility frontier (PPF) show?

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typedAnswer

Match the items on the left with their correct pairs on the right

Multi-SelectInteractive

Which statements about PPFs are correct? (Select all that apply)

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Fill in the BlankInteractive

A {{blank0}} economy relies on market forces, whereas a {{blank1}} economy is controlled by the government.

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Multiple ChoiceInteractive

Which of the following is an example of a renewable resource?

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