1. Topic 1.1: The nature of economics
5 Minute pop up quiz 1.1
Topic 1.1: The nature of economics

2. Q1 WHAT IS THE FUNDAMENTAL ECONOMIC PROBLEM?
To achieve a more equal distribution of income in the economy
To set prices that reflect the true cost of producing goods and services
(c) To provide public goods to satisfy all consumers
(d) To allocate productive resources that are scarce compared to wants

3. Q2 Consider the following table
Q2 Consider the following table. What is the opportunity cost of producing 10 tables?
Tables 10 20 30 40
Chairs
100 80 50
(a) 10 chairs
(b) 20 chairs
(c) 40 chairs
(d) 80 chairs

4. Q3 What is consumer sovereignty?
The consumer is the main factor that decides what goods and services will be produced in the economy.
The consumer is able to vote in elections to decide the government.
The consumer can buy whatever goods and services they want in the economy.
The consumer is the main factor that determines the prices of goods and services.

5. Q4 Which group in the economy is mainly responsible for deciDing how goods and services will be produced?
The consumers
The businesses
The government
The financial organisations

6. Q5 What are industrial relations?
The different types of industries in a nation
The way businesses operate with each other
The way governments behave towards businesses
The relationship between employers and employees and how they deal with each other