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Scarcity, Choice, and Opportunity Cost · CSEC Economics

36 past-paper questions on Scarcity, Choice, and Opportunity Cost, part of Section 1: The Nature of Economics, from every CSEC Economics paper on Quelpr.

Practise Scarcity, Choice, and Opportunity Cost
  1. 3(a)2 marks· CSEC Economics · May/June 2007 · Paper 2Define a 'production possibility curve'.
  2. 8(a)(ii)2 marks· CSEC Economics · May/June 2008 · Paper 2Define the term 'production possibility frontier'.
  3. 8(b)3 marks· CSEC Economics · May/June 2008 · Paper 2Identify THREE factors that will cause an outward shift in the production possibility frontier.
  4. 8(c)(i)2 marks· CSEC Economics · May/June 2008 · Paper 2Explain ONE factor that will cause the production possibility curve to move inward.
  5. 8(c)(ii)6 marks· CSEC Economics · May/June 2008 · Paper 2Using a production possibility frontier, explain the concepts of 'opportunity cost' and 'efficiency'.
  6. 8(d)5 marks· CSEC Economics · May/June 2008 · Paper 2Suggest TWO reasons why the concept of 'scarcity and choice' is important for individuals making economic decisions.
  7. 1(a)2 marks· CSEC Economics · May/June 2009 · Paper 2Define the term 'opportunity cost'.
  8. 6(b)5 marks· CSEC Economics · May/June 2010 · Paper 2Distinguish between the terms 'scarcity' and 'choice'.
  9. 6(c)(i)4 marks· CSEC Economics · May/June 2010 · Paper 2Explain what is taking place at Point A in the diagram.
  10. 6(c)(ii)4 marks· CSEC Economics · May/June 2010 · Paper 2Outline TWO measures that a producer can take to attain the production level indicated at Point C in the diagram.
  11. 1(c)6 marks· CSEC Economics · May/June 2012 · Paper 2Explain TWO factors that a consumer has to take into account before buying a good.
  12. 1(d)4 marks· CSEC Economics · May/June 2012 · Paper 2Using a diagram of a production possibility curve, explain how opportunity cost can be illustrated.
  13. 8(a)(i)2 marks· CSEC Economics · May/June 2013 · Paper 2Define 'efficiency'.
  14. 8(c)(i)4 marks· CSEC Economics · May/June 2013 · Paper 2Using a diagram, explain the effect of widespread unemployment on the production possibility curve of a nation producing bananas and sugar cane.
  15. 8(c)(ii)4 marks· CSEC Economics · May/June 2013 · Paper 2Using a diagram, explain the effect of government investment in a new fertilizer that benefits only banana yields on the country's production possibility curve.
  16. 8(d)5 marks· CSEC Economics · May/June 2013 · Paper 2Discuss how scarcity, choice, and opportunity cost apply to a university graduate spending their first paycheck on a shopping trip.
  17. 1(a)1 mark· CSEC Economics · May/June 2014 · Paper 2State the name of the curve commonly used to represent the production combinations shown in Table 1.
  18. 1(b)(i)1 mark· CSEC Economics · May/June 2014 · Paper 2State whether the opportunity cost is decreasing, increasing, or constant when moving from combination A through E in Table 1.
  19. 1(b)(ii)1 mark· CSEC Economics · May/June 2014 · Paper 2State the maximum amount of sugar that can be produced if 40 000 tons of bananas are produced.
  20. 1(b)(iii)2 marks· CSEC Economics · May/June 2014 · Paper 2State TWO factors that would cause the curve identified in (a) to shift inward.
  21. 1(c)(i)2 marks· CSEC Economics · May/June 2014 · Paper 2Determine whether Country X is operating efficiently or not if it produces 2 000 tons of sugar and 15 000 tons of bananas.
  22. 1(c)(ii)2 marks· CSEC Economics · May/June 2014 · Paper 2Determine whether Country X is operating efficiently or not if it produces 1 000 tons of sugar and 15 000 tons of bananas.
  23. 8(a)1 mark· CSEC Economics · May/June 2015 · Paper 2Identify the central problem in economics.
  24. 8(b)(iii)2 marks· CSEC Economics · May/June 2015 · Paper 2Opportunity cost
  25. 8(c)8 marks· CSEC Economics · May/June 2015 · Paper 2Explain TWO economic factors that will influence the decision the student makes.
  26. 8(d)(i)3 marks· CSEC Economics · May/June 2015 · Paper 2Decreasing opportunity costs
  27. 8(d)(ii)1 mark· CSEC Economics · May/June 2015 · Paper 2An efficient point
  28. 8(d)(iii)1 mark· CSEC Economics · May/June 2015 · Paper 2An unattainable point
  29. 5(a)(ii)2 marks· CSEC Economics · May/June 2016 · Paper 2Define the term 'Money cost'.
  30. 5(c)4 marks· CSEC Economics · May/June 2016 · Paper 2Explain the difference between 'increasing opportunity costs' and 'constant opportunity costs'.
  31. 5(d)(i)2 marks· CSEC Economics · May/June 2016 · Paper 2Describe the impact on the production possibility curve of a country if there is heavy unemployment.
  32. 5(d)(ii)2 marks· CSEC Economics · May/June 2016 · Paper 2Describe the impact on the production possibility curve of a country if large-scale migration occurs in developed countries.
  33. 5(e)5 marks· CSEC Economics · May/June 2016 · Paper 2Draw a diagram of the production possibility curve and label it to show increasing opportunity costs.
  34. 1(a)2 marks· CSEC Economics · May/June 2017 · Paper 2Define the term 'opportunity cost'.
  35. 1(c)6 marks· CSEC Economics · May/June 2017 · Paper 2With the aid of a diagram, explain how a production possibility frontier shows increasing opportunity cost.
  36. 1(d)4 marks· CSEC Economics · May/June 2017 · Paper 2Explain these choices.

Related topics in Section 1: The Nature of Economics