* not completed

. The amount of resources in an economy:

Are always fixed correct incorrect

Can never decrease correct incorrect

Always increase over time correct incorrect

Are limited at any moment in time correct incorrect

* not completed

. Human wants are:

Always fixed correct incorrect

Limited correct incorrect

Unlimited correct incorrect

Likely to decrease over time correct incorrect

* not completed

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

Alternative correct incorrect

Opportunity cost correct incorrect

Consumer cost correct incorrect

Producer cost correct incorrect

* not completed

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

What to produce correct incorrect

Who to produce for correct incorrect

How to produce correct incorrect

How to minimize economic growth correct incorrect

* not completed

. The basic economic problems will not be solved by:

Market forces correct incorrect

Government intervention correct incorrect

A mixture of government intervention and the free market correct incorrect

The creation of unlimited resources correct incorrect

* not completed

. The free market involves:

The free provision of products by the state correct incorrect

The subsidising of products by the government correct incorrect

Market forces of supply and demand correct incorrect

All trade occurring via barter correct incorrect

* not completed

. A mixed economy:

Allocates resources via supply but not demand correct incorrect

Allocates resources via demand but not supply correct incorrect

Allocates resources via supply and demand correct incorrect

Allocates resources via market forces and government intervention correct incorrect

* not completed

. Which of the following is NOT likely to be true in a command or planned economy?

Businesses may pursue social objectives correct incorrect

The profits of a business belong to the government correct incorrect

Resources are allocated by government directives correct incorrect

Market forces determine what is produced and who receives the products correct incorrect

* not completed

. The public sector includes:

Investors owning companies correct incorrect

Government ownership of assets correct incorrect

Market forces of supply and demand correct incorrect

Private enterprise correct incorrect

* not completed

. Which of the following is a normative statement in economics?

More spending by the government will reduce poverty correct incorrect

Higher taxes will lead to less desire to work correct incorrect

The UK economy is growing fast relative to other European Union members correct incorrect

The government should concentrate on reducing unemployment correct incorrect