Basic Economic Concepts
GCE Economics
10 Basic Economic Concepts practice questions covering everything you need for GCE.
Drill Basic Economic Concepts →Sample Basic Economic Concepts questions
a) Define 'opportunity cost' and explain its relevance to economic decision-making. (4 marks) b) With the aid of a production possibility curve (PPC), explain the concept of opportunity cost, showing …
a) Define the term 'scarcity' as used in Economics. (2 marks) b) Explain FOUR ways in which the problem of scarcity affects economic decision-making. (8 marks) c) Distinguish between 'wants' and 'need…
A Nigerian student decides to attend a university lecture instead of working at a part-time job that pays ₦3,000 per hour. If the lecture lasts two hours, the opportunity cost of attending the lecture…
The production possibility curve (PPC) is drawn as a concave shape bowing outward from the origin primarily because of
If a country's production possibility curve shifts outward, this most likely indicates
A subsistence farmer in rural Kano who consumes all he produces is an example of
In a free market economy, the central economic problem of 'for whom to produce' is resolved by
Which of the following is NOT a factor of production?
An economy produces only two goods: rice and textiles. Currently it operates at a point inside its production possibility curve. This situation indicates that the economy
Which of the following best describes the concept of scarcity in economics?