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1.1 Economic methodology and the economic problem

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Question 42

The fundamental economic problem of scarcity arises because resources are finite whereas wants are infinite. This scarcity inevitably means that:

A

all economic goods become free goods.

B

opportunity costs will always exist when choices are made.

C

prices must be set by the state to avoid market failure.

D

there is an equal distribution of income and wealth.

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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