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Economics

Economics · Quick practice · answer shown after each question

Basic concepts

Question 1 of 10

Question 1 of 10

Positive economics deals with

Question 2 of 10

Question 2 of 10

A concave PPC shows

Question 3 of 10

Question 3 of 10

Goods that are free in supply and have no price, such as air, are

Question 4 of 10

Question 4 of 10

A country can produce 100 tonnes of rice or 50 tonnes of maize. The opportunity cost of 1 tonne of maize is

Question 5 of 10

Question 5 of 10

An outward shift of the PPC represents

Question 6 of 10

Question 6 of 10

A production possibility curve shows

Question 7 of 10

Question 7 of 10

A point inside the production possibility curve indicates

Question 8 of 10

Question 8 of 10

Which is a capital good?

Question 9 of 10

Question 9 of 10

The alternative forgone when a choice is made is the

Question 10 of 10

Question 10 of 10

The factor of production that bears risk and organises the others is the

Questions written by OtisamLMS in the style of the WASSCE. They are not WAEC past questions.