A-LevelEconomicsBasic Economic Ideas and Resource AllocationOct/Nov 2016Paper 1 Q21 Mark
In 2014, the Hong Kong Housing Authority said the waiting time for public sector housing had increased and it would only complete 8900 flats of the 15000 planned for the year. The reasons were the shortage of workers because they were needed in other public sector projects, the difficulty of finding land, and government regulations. Which economic concepts are illustrated in this information?
Amarket economy and a lack of resources
Beconomic planning and the price mechanism
Copportunity cost of labour and excess demand
Dproduction possibility and budget deficit
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The correct answer is C. This question tests the candidate's understanding of basic economic ideas and resource allocation within the Economicssyllabus. The examiner's mark scheme requires...
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