Economics 1
- Created by: owenatkinson1
- Created on: 19-05-19 14:32
Other questions in this quiz
2. Which of these statements is a valid criticism of the price-system?
- it may lead to great inequality of income and wealth
- it cannot secure the allocation of goods and services
- it will often lead to shortages of goods and services
- it cannot provide luxury goods
- long queues for necessities are likely
3. A production possibility curve illustrates:
- factors available from a given cost outlay
- maximum production of two outputs from a given resource input
- the labour and capital available to a producer
- maximum possible economic growth
- combinations of factors required to produce a given output
4. A shift of the supply curve to the left means:
- less will be demanded
- more is supplied for the corresponding prices
- no change in supply for the corresponding prices
- less is supplied for the corresponding prices
- more will be demanded
5. The market mechanism tends to allocate economic resources:
- randomly
- equitably
- efficiently
- evenly
- fairly
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