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