Question 1
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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. Basic economic ideas a...
1.3. Factors of production

division of labour and specialisation

1. Basic economic ideas a...
1.1. Scarcity, choice and opportuni...

basic questions of resource allocation: what to produce, how to produce, for whom to produce

7. The price system and t...
7.5. Types of cost, revenue and pro...

short-run production function: fixed and variable factors of production, definition and calculation of total product, average product and marginal product, law of diminishing returns (law of variable proportions)