O-LevelEconomicsThe basic economic problem2281/11 · May/June 2011 · Q11 Mark

What is meant by the economic problem?

Ahow to achieve efficiency with the existence of fixed resources and limited wants

Bhow to allocate resources between public and private sectors

Chow to balance unlimited wants against finite resources

Dhow to decide which methods to use to exploit all resources

✓ Correct answer

C: how to balance unlimited wants against finite resources

Oracle Prep sorts past-paper questions by topic, so you can drill The basic economic problem and see which topics are most likely to come up next.

Topic: The basic economic problem, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2011 Paper 1 Variant 1, question 1.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content