A-LevelEconomicsBasic Economic Ideas and Resource AllocationMay/June 2022Paper 1 Q21 Mark
What is the main characteristic of a planned economy?
AAll goods and services are produced by privately-owned firms.
BAll goods and services are produced by state-owned firms.
CPrivately-owned firms produce private goods and state-owned firms produce public goods.
DThe price mechanism allocates scarce resources through the actions of buyers and sellers.
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of basic economic ideas and resource allocation within the Economicssyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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