1) Economics is primarily concerned with a) Allocating scarce resources for unlimited wants b) Controlling unemployment c) Controlling inflation d) Studying how new wants can be produced e) Studying how economic resources can be produced 2) Which statement about the factors of production is correct? a) A Capital includes factories and machinery but not roads and ports b) Enterprise is more often found in the public sector rather than the private sector c) Labour is the factor that takes risks and can become unemployed. d) Land is the natural factor that can be improved by human action. 3) A student leaves school and decides to spend the next two years at a college to improve her qualifications. What is the opportunity cost to the student of taking this decision? a) the cost of the course fees at the college b) the increase in job opportunities she will have as a result of her extra qualifications c) the lost production due to her not being in work d) the money she would have earned if she had been in work for the two years 4) Why will the economic problem never be solved? a) People will always want more products than can be produced. b) People will never agree on what is the best economic system. c) There will always be an uneven distribution of income. d) There will always be some people unemployed. 5) Economics textbooks often start by identifying the existence of the basic economic problem. What is it that makes this problem ‘basic’? a) t affects all economies and individuals. b) It is the most urgent target of government economic policy. c) It only affects low-income developing economies. d) It relates to the production of raw materials in the primary sector. 6) Which statement about the factors of production is correct?  a) A Capital includes man-made machines that do not keep their original value. b) Enterprise is a natural factor of production that cannot be taught. c) Labor is an immobile factor that does not change its skill level. d) Land is only agricultural fields that cannot be improved by human effort.

Basic Economic problem : scarcity

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