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1.1 Economic methodology and the economic problem

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Question 17

The fundamental economic problem of scarcity forces individuals, firms, and societies to make choices. These choices always result in an opportunity cost because:

A

resources are infinite while human wants are scarce.

B

selecting one option means sacrificing the next best alternative.

C

public goods are always underprovided by the free market.

D

economic agents always act with perfect information.

Markscheme

1.1 Economic methodology and the economic problem Questions

  1. A Level
  2. /Economics
  3. /1.1 Economic methodology and the economic problem

123 exam-style questions on AQA A Level Economics 1.1 Economic methodology and the economic problem, covering 1.1.1 Economic methodology, 1.1.2 The nature and purpose of economic activity, 1.1.3 Economic resources, 1.1.4 Scarcity, choice and the allocation of resources, and 1.1.5 Production possibility diagrams. Each one has a worked solution and a mark scheme showing where the marks go.

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