A revision quiz covering core microeconomic concepts including scarcity, choice, production possibility frontiers, and specialisation. Test your knowledge…
10 questions • Zestly
• An economy produces only two goods, X and Y. If the opportunity cost of producing one additional unit of X is 4 units of Y, which of the…
• A firm decides to increase its output from 100 units to 101 units. The total cost rises from £500 to £506. What is the marginal cost of the…
• Which of the following factors would cause an outward shift of a country's production possibility frontier (PPF)?
• A country specializes in the production of wheat, while another specializes in textiles. According to the theory of comparative advantage…
• Which of the following best defines the 'economic problem'?
• In the context of the division of labour, which of the following are potential disadvantages for a firm?
• If an economy is currently producing at a point inside its production possibility frontier, what does this imply?
• Which of the following are considered 'factors of production'?
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