O-LevelEconomicsThe basic economic problem2281/12 · May/June 2020 · Q11 Mark

In 2016, 20 billion barrels of oil and 1.6 billion barrels of natural gas were discovered in Texas, US. Which factor of production has increased in the US due to this discovery?

Acapital

Benterprise

Clabour

Dland

✓ Correct answer

D: land

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Topic: The basic economic problem, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2020 Paper 1 Variant 2, question 1.

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