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1.2 Resource allocation

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Question 4

One city-centre site could be used for housing or offices. Office developers are willing to pay much more for it. What is the most likely market outcome?

[1]
A

The higher offer directs the scarce land towards offices unless another influence changes the decision

B

The land is used for both projects because market prices remove scarcity

C

The lower offer automatically receives the land because housing is a product

D

The site stops being an economic resource when buyers compete for it

Markscheme

1.2 Resource allocation Questions

  1. GCSE
  2. /Economics
  3. /1.2 Resource allocation

84 exam-style questions on AQA GCSE Economics 1.2 Resource allocation, covering 1.2.1a Markets, 1.2.1b Allocation of resources, 1.2.1c Factor and product markets, 1.2.2a Primary, secondary and tertiary sectors, 1.2.2b Goods and services, 1.2.3a Specialisation and the division of labour, 1.2.3b How and why producers specialise, and 1.2.3c Costs and benefits of the division of labour. Each one has a worked solution and a mark scheme showing where the marks go.

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