CSEC Economics

PPO Set 1

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Q1
Which of the following are functions of money?
I. Medium of exchange
II. Store of value
III. Measure of value
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Q2
A free market economy is best described as one where
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Q3
Which advantage is most directly associated with specialisation?
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Q4
Price elasticity of demand measures the responsiveness of
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Q5
A movement along a demand curve is caused by a change in
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Q6
An outward shift of a production possibility curve most likely indicates
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Q7
The value of the next best alternative forgone when a decision is made is known as
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Q8
Which economic problem arises because resources are limited while human wants are unlimited?
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Q9
Which factor of production is rewarded with wages?
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Q10
An increase in the price of a substitute good will cause the demand for another good to
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