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Gillespie: Foundations of Economics
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Gillespie: Foundations of Economics

Unit 1

Instructions

Choose your answers from a-d by clicking the radio button next to each choice and then press 'Submit' to get your score.

Question 1

Resources in an economy:

a) Are always fixed

b) Can never decrease

c) Always increase over time

d) Are limited at any moment in time

Question 2

Human wants are:

a) Always fixed

b) Limited

c) Unlimited

d) Likely to decrease over time

Question 3

The sacrifice involved when you choose a particular course of action is called the:

a) Alternative

b) Opportunity cost

c) Consumer cost

d) Producer cost

Question 4

Which of the following is not one of the basic economic questions?

a) What to produce

b) Who to produce for

c) How to produce

d) How to maximise economic growth

Question 5

The basic economic problems will not be solved by:

a) Market forces

b) Government intervention

c) A mixture of government intervention and the free market

d) The creation of unlimited resources

Question 6

The free market involves:

a) The free provision of products

b) The subsidising of products by the government

c) Market forces of supply and demand

d) All trade via barter

Question 7

A mixed economy:

a) Has supply but not demand

b) Has demand but not supply

c) Has supply and demand

d) Has market forces and government intervention

Question 8

In a command (planned) economy:

a) The price mechanism acts as an incentive

b) Resources are allocated by market forces

c) Individual firms make decisions for themselves about what to produce and how to produce it

d) The The public sector is large

Question 9

The public sector includes:

a) Investors owning companies

b) Government ownership of assets

c) Market forces of supply and demand

d) All trade via barter

Question 10

Which of the following is a normative statement in economics?

a) More spending by the government reduces poverty

b) Higher taxes lead to less desire to work

c) The UK economy is growing fast relative to other European Union members

d) The government should concentrate on reducing unemployment

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Oxford University Press, Online Resource Centre, Unit 1.