Question 1
What is the basic economic problem?
Correct Answer:
Unlimited wants but scarce resources
Question 2
Which of the following is the best definition of opportunity cost?
Correct Answer:
The next best alternative given up when a choice is made
Question 3
Which is NOT one of the four factors of production?
Correct Answer:
Money
Question 4
Which reward is paid to the factor of production labour?
Correct Answer:
Wages
Question 5
In a pure market economy, the main mechanism for allocating resources is:
Correct Answer:
The price mechanism
Question 1
Exam overview

About this Exam

Prepare with the National 5 Economics Practice Questions - Scottish National 5 Economics Exam practice quiz. This question bank includes 100 questions covering demand, price, government, good, and production. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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National 5 Economics Practice Questions - Scottish National 5 Economics Exam

This practice set contains 100 questions from the matching question bank and focuses on demand, price, government, good, and production. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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