Question 1
Samuelson's questions include:
A.
Only how to produce B.
What to produce C.
Only price D.
Only for whom
Question 2
What is meant by the basic economic problem?
A.
Example of a renewable resource — trees can be regrown. B.
The next best alternative forgone. C.
Things we desire but are not essential to survival. D.
We have infinite wants but finite resources.
Question 3
What is meant by opportunity cost?
A.
What to produce? How? For whom? B.
Limited availability of resources. C.
UK shifting towards renewables affects long-run resource use. D.
The next best alternative forgone.
Question 4
The basic economic problem is:
A.
No scarcity B.
Only in command economies C.
Infinite wants, finite resources D.
Finite wants
Question 5
What is meant by fossil fuels?
A.
We have infinite wants but finite resources. B.
A resource which cannot be regenerated or used again. C.
The next best alternative forgone. D.
Example of non-renewable resources.
Question 6
What is meant by wood?
A.
Example of a renewable resource — trees can be regrown. B.
UK shifting towards renewables affects long-run resource use. C.
What to produce? How? For whom? D.
Limited availability of resources.
Question 7
Trees used for timber are:
A.
Public goods B.
Renewable C.
Demerit goods D.
Non-renewable
Question 8
What is meant by energy mix?
A.
The next best alternative forgone. B.
UK shifting towards renewables affects long-run resource use. C.
Things we desire but are not essential to survival. D.
We have infinite wants but finite resources.
Question 9
What is meant by non-renewable resource?
A.
Things we desire but are not essential to survival. B.
A resource which cannot be regenerated or used again. C.
Example of a renewable resource — trees can be regrown. D.
We have infinite wants but finite resources.
Question 10
What is meant by wants?
A.
We have infinite wants but finite resources. B.
The next best alternative forgone. C.
Things we desire but are not essential to survival. D.
A resource which cannot be regenerated or used again.
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