Subsection 2.2. The role of markets in allocating resources for Economics, O Level - revisedeck

2.2. The role of markets in allocating resources

A subsection of Economics, 2281, through 2. The allocation of resources

Listing 10 of 53 questions

A government approved the construction of a new railway line connecting major cities. It would be built by a private company but be funded partly through taxation. It would create many jobs. People living on the route worried about the harm to their environment. Which concepts are directly involved in this statement?

2281_s18_qp_11

MCQ

2018

Paper 1, Variant 1

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What is the cause of scarcity in an economy?

2281_s23_qp_11

MCQ

2023

Paper 1, Variant 1

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For some illnesses, wearing a face mask has a benefit as it could prevent people from getting infected. Not all people are willing to wear face masks. Based on the statement above, why would there be an inefficient allocation of face masks in the free market?

2281_s23_qp_11

MCQ

2023

Paper 1, Variant 1

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What is part of the economic definition of scarcity?

2281_s23_qp_12

MCQ

2023

Paper 1, Variant 2

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Why will scarcity always exist?

2281_s24_qp_12

MCQ

2024

Paper 1, Variant 2

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Countries that have changed from command to market economies will expect to find an increase in A choice. B price control. C rationing. D subsidies.

2281_w06_qp_1

MCQ

2006

Paper 1, Variant 0

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A country’s farmers specialise in a single cash crop for export. What might have encouraged this policy?

2281_w06_qp_1

MCQ

2006

Paper 1, Variant 0

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What is found in a market economy but not a command economy?

2281_w07_qp_1

MCQ

2007

Paper 1, Variant 0

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Which economic question is least likely to arise as a result of scarcity?

2281_w07_qp_1

MCQ

2007

Paper 1, Variant 0

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What is not one of the basic questions in Economics?

2281_w09_qp_1

MCQ

2009

Paper 1, Variant 0

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Questions Discovered

53