CAIE A-Level Economics AS 1.1.2 Economic Choice Questions

Practise explaining why scarcity makes choice unavoidable for consumers, firms and governments when allocating finite resources using CAIE Economics AS questions.

Exam points

Explain that scarcity forces consumers, firms and governments to make economic choices about allocating finite resources among competing wants.

[Maximum number: 1]

What is correct about scarcity?

Scarcity affects low income earners only.

Scarcity forces individuals to make choices.

Scarcity is removed by periods of falling prices.

Scarcity will be abolished by advances in technology.

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CAIE A-Level Economics AS 1.1.2 Economic Choice Questions question 1