What this practice covers
These questions are drawn from past Edexcel IGCSE papers and filtered to the economic problem. You answer, you find out immediately whether you were right, and you get the reasoning for the correct option and for each distractor. Wrong answers go to a mistakes locker so you can come back to exactly those.
Practice is free. You need an account only so your progress and your mistakes are still there next time.
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What examiners see students get wrong here
These are the errors that cost marks on the economic problem, taken from our own topic notes. Read them before you practise and you will recognise the traps in the questions.
- Saying resources are unlimited; it is wants that are unlimited.
- Defining opportunity cost as everything given up, rather than the next best alternative.
- Saying capital means money. In economics capital means machinery and equipment.
- Mixing up the rewards, land earns rent, labour earns wages, capital earns interest, enterprise earns profit.
- Saying a point inside the PPF is impossible. It is possible but inefficient.
- Confusing a movement along the PPF with a shift of the whole curve.
Revise it first
If any of the above is unfamiliar, work through the notes before practising: The Economic Problem revision notes.