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    Exam Kit Extra Practice Questions (Suggested Answers)

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    WasangLi
    This document contains sample exam questions and answers for a chapter on microeconomics and the three basic economic problems of what to produce, how to produce, and for whom to produce. It includes multiple choice questions, short answer questions, and structured essay questions about topics like a restaurant's production decisions, a laundry service's operating method, and an individual's decisions in starting a business. The answers discuss applying the three economic problems to different scenarios and define private property rights.

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    Exam Kit Extra Practice Questions (Suggested Answers)

    Uploaded by

    WasangLi
    129 views2 pages
    This document contains sample exam questions and answers for a chapter on microeconomics and the three basic economic problems of what to produce, how to produce, and for whom to produce. It includes multiple choice questions, short answer questions, and structured essay questions about topics like a restaurant's production decisions, a laundry service's operating method, and an individual's decisions in starting a business. The answers discuss applying the three economic problems to different scenarios and define private property rights.

    Original Title

    ExamKit Ch2 Answers Eng 2

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    This document contains sample exam questions and answers for a chapter on microeconomics and the three basic economic problems of what to produce, how to produce, and for whom to produce. It includes multiple choice questions, short answer questions, and structured essay questions about topics like a restaurant's production decisions, a laundry service's operating method, and an individual's decisions in starting a business. The answers discuss applying the three economic problems to different scenarios and define private property rights.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    129 views2 pages

    Exam Kit Extra Practice Questions (Suggested Answers)

    Uploaded by

    WasangLi
    This document contains sample exam questions and answers for a chapter on microeconomics and the three basic economic problems of what to produce, how to produce, and for whom to produce. It includes multiple choice questions, short answer questions, and structured essay questions about topics like a restaurant's production decisions, a laundry service's operating method, and an individual's decisions in starting a business. The answers discuss applying the three economic problems to different scenarios and define private property rights.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    HKDSE Economics in Life – Microeconomics 1

    Chapter 2 The Three Basic Economic Problems and Private Property Rights
    Exam Kit
    Extra practice questions (Suggested answers)

    Exam Kit
    Chapter 2
    Extra practice questions (Suggested answers)

    Paper 1 Multiple-choice questions


    1. C
    2. D
    3. C
    4. C
    5. B
    6. B
    7. B
    8. B
    9. C
    10. B
    11. C
    12. D
    13. A
    14. A

    Paper 2 Short questions and structured/essay-type questions


    1.
    The restaurant selling Japanese dessert is related to the “what to produce” problem,
    because this is about the kind of food the restaurant provides. (2)
    The restaurant increasing manpower during peak hours is related to the “how to
    produce” problem, because this is about the method of providing services. (2)

    2.
    (a) “How to produce”. This is about the method of providing laundry service. (2)
    (b) “What to produce”. This is about the types of courses the tutorial school offers.
    (2)
    (c) “For whom to produce”. This is about who can study in the secondary school.(2)

    © Aristo Educational Press Ltd. 1


    HKDSE Economics in Life – Microeconomics 1
    Chapter 2 The Three Basic Economic Problems and Private Property Rights
    Exam Kit
    Extra practice questions (Suggested answers)

    3.
    (a) In Country A, the government decides what to produce and the quantities to
    produce. (1)
    In Country B, market price serves as a signal to inform the producers of what to
    produce. (1)
    (b) In Country A, the government decides how to distribute output to its people. (1)
    In Country B, market price determines who can get the goods. Those who are
    willing and able to pay the market price will get the goods. (1)

    4.
    - More resources will be owned by the government.
    - More allocation of resources and goods will be guided by government planning.
    - More economic decisions will be made by the government.
    - any reasonable answers
    (Mark the FIRST THREE points only, 1 mark each)

    5.
    (a) Miss Ho has to decide what kind of products to sell (clothes or skincare
    products), and this is related to the “what to produce” problem. (2)
    Miss Ho also has to decide who the target customers are (young ladies), and this
    is related to the “for whom to produce” problem. (2)
    (b) She operates in a market economy because Miss Ho adjusts the prices according
    to the market demand and supply. (2)

    6.
    (a) She is facing the “how to produce” problem, because it is about the quantity of
    factor of production (hairstylists) to employ. (2)
    (b) (i) Private property rights refer to the exclusive right to use, the exclusive right
    to receive income from and the right to transfer a property owned by an
    individual. (1)
    (ii) No. Although Christy has the exclusive right to use the premises, she does
    not have the right to rent or sell the premises. (3)

    © Aristo Educational Press Ltd. 2

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