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    Rev Test 0-III Eco Unit 1.1-1.4

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    Huma Essa
    O level economics test regarding chapter 1 the economic problem and production possibility curve

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    Rev Test 0-III Eco Unit 1.1-1.4

    Uploaded by

    Huma Essa
    124 views1 page
    O level economics test regarding chapter 1 the economic problem and production possibility curve

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    Rev test 0-III Eco unit 1.1-1.4

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    O level economics test regarding chapter 1 the economic problem and production possibility curve

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    124 views1 page

    Rev Test 0-III Eco Unit 1.1-1.4

    Uploaded by

    Huma Essa
    O level economics test regarding chapter 1 the economic problem and production possibility curve

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    The Patriots School

    Economics 0III- Test


    Name:__________________________________ Max. Marks: 25 Marks
    Date: _____________________________ Time Allotted: 2 periods

    Section A: MCQs [04 Marks]


    1. An increase in the number of manufacturing robots in the car manufacturing industry represents an
    increase in the quantity of which factor of production?
    A capital B enterprise C labour D land

    2. Which combination of terms gives the general definition of the economic problem?
    A) bigger families, less food, starvation
    B) falling supply, rising demand, shortage
    C) higher population, fewer jobs, unemployment
    D) limited resources, unlimited wants, scarcity

    3. The following are four ways factors of production are used.


    What is likely to require the greatest use of the factor enterprise?
    A) a carpenter making wooden articles in his leisure time for sale at a monthly market
    B) a corn farmer negotiating with other farmers to hire expensive machinery
    C) a food shop owner sometimes selling flowers in the shop
    D) a householder harvesting vegetables grown at home

    4. New oil reserves are discovered. What has increased in supply?


    A capital B enterprise C labour D land

    Section B: Structured questions [21 marks]


    Q1. Bangladesh is striving to create a stable economy. It faces many challenges among which are the
    low-lying areas of Bangladesh which are prone to flooding each year. Crops are lost and thousands of
    people lose their homes. During times of severe flooding, roads and railways are damaged and farmers
    find it impossible to get their dwindled crops to the market. They find it difficult to even satisfy their
    needs. The government tries restoring the infrastructure, only to be damaged and destructed the
    following year.
    (a) Explain the concept of opportunity cost, if the government keeps on spending on the infrastructure.
    /4
    (b) Using a demand and supply curve, explain the impact of a global pandemic on price mechanism/7
    (c) Explain any three factors that may influence demand of a product. /6
    (d) Explain how some factors of production are mobile while others are not. /4

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