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1.2 The basic economic problem

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Question 11

A country discovers new mineral deposits, but its population and demand for goods grow even faster than the resources available. What is the most likely effect on the basic economic problem?

[1]
A

It disappears because the quantity of one resource has increased

B

It remains because resources are still insufficient to satisfy all wants

C

It disappears if the minerals are used to produce consumer goods

D

It becomes an opportunity cost rather than a scarcity problem

Markscheme

1.2 The basic economic problem Questions

  1. GCSE
  2. /Economics
  3. /1.2 The basic economic problem

77 exam-style questions on OCR GCSE Economics 1.2 The basic economic problem, covering 1.2.1 Scarce resources and unlimited wants, 1.2.2 The economic problem, 1.2.3 Opportunity cost, and 1.2.4 Costs and benefits of economic choices. Each one has a worked solution and a mark scheme showing where the marks go.

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