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AQA Economics AS #1 - Statistics
General Stats
- This quiz has been taken 306 times
- The average score is 7 of 15
Answer Stats
| Answer | % Correct | |
|---|---|---|
| - | Capital | 92%
|
| - | Labour | 85%
|
| What are the 4 factors of production? | Land | 85%
|
| How many products are displayed on a PPF? | 2 | 65%
|
| What percentage of resources are fully and efficiently employed at any point on a PPF? | 100% | 62%
|
| What does PPF stand for? | Production Possibility Frontier | 56%
|
| - | Enterprise | 55%
|
| What is the term used to describe when all willing and able to work are employed? | Full employment | 47%
|
| What is foregone as opportunity cost? | Next best alternative | 45%
|
| Economics is the allocation of what? | Scarce Resources | 42%
|
| The fundamental aim of economics is to maximise what? | Human welfare | 26%
|
| Why does scarcity occur? | Limited resources | 21%
|
| What occurs when available economic resources are used to produce the best combination of goods and services to match people's tastes and preferences? | Allocative Efficiency | 14%
|
| When it is impossible for an economy to produce one more good without producing one less of another or a firm minimises its average total cost of product it has reached? | Productive Efficiency | 9%
|
| And what? | Human happiness | 5%
|
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