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Opportunity cost is defined as the value of:
 
all alternative goods foregone
 
all alternative goods foregone
 
the cost of other goods and services
 
the cost imposed on a third party
Which of these is an example of a normative statement?
 
The government should raise taxes even higher on cigarettes
 
Taxes on cigarettes provide the government with tax revenue
 
The tax on cigarettes accounts for 80% of the price of cigar
 
VAT is one of the taxes charged on cigarettes
Which of these contains all the four factors of production?
 
Capital, enterprise, labour, land
 
Capital, labour, profit, rent
 
Enterprise, interest, land, wages
 
Interest, profit, rent, wages
Which of the following is a positive statement?
 
Deflation is bad for everyone
 
Low unemployment benefits everyone
 
Market economies are always the most efficient
 
The UK is a mixed economy
Which of these is a free good?
 
Sunlight
 
Fire service
 
Healthcare
 
Roads
What is the main role of firms in a market economy?
 
To provide goods and services
 
To pay subsidies
 
To provide goods and services
 
To provide labour
Which factor of production receives the reward of interest?
 
A Capital
 
B Enterprise
 
C Labour
 
D Land
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