Question 3
Question 3 of 40
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No letter options?
Older MCQs might not have the typical A, B, C, D choices. They have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such combinations to the answer.
A 1, 2 and 3 are correct
B 1 and 2 only are correct
C 2 and 3 only are correct
D 1 only is correct
Topics Tested
1. The basic economic pro...
1.3. Opportunity cost

Decisions made by consumers, workers, producers and governments when allocating their resources.

2. The allocation of reso...
2.11. Mixed economic system

Definitions, drawing and interpretation of appropriate diagrams showing the effects of three government microeconomic policy measures: maximum and minimum prices in product, labour and foreign exchange markets; indirect taxation; and subsidies.