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15
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Which of these is an example of a normative statement?
The government should raise taxes even higher on cigarettes
VAT is one of the taxes charged on cigarettes
The tax on cigarettes accounts for 80% of the price of cigar
Taxes on cigarettes provide the government with tax revenue
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15
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Opportunity cost is defined as the value of:
the cost of other goods and services
all alternative goods foregone
the cost imposed on a third party
all alternative goods foregone
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15
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Which of these is a free good?
Sunlight
Roads
Healthcare
Fire service
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15
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Which of these contains all the four factors of production?
Capital, enterprise, labour, land
Interest, profit, rent, wages
Enterprise, interest, land, wages
Capital, labour, profit, rent
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trap
No points!
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star
Double points!
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fairy
Take points!
5
10
15
20
25
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baam
Lose 20 points!
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15
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Which factor of production receives the reward of interest?
C Labour
D Land
B Enterprise
A Capital
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seesaw
Swap points!
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gold
Win 50 points!
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fairy
Take points!
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15
20
25
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baam
Lose 10 points!
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heart
Other team wins 15 points!
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seesaw
Swap points!
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shark
Other team loses 25 points!
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thief
Give points!
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15
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Which of the following is a positive statement?
Low unemployment benefits everyone
Market economies are always the most efficient
Deflation is bad for everyone
The UK is a mixed economy
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15
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What is the main role of firms in a market economy?
To pay subsidies
To provide labour
To provide goods and services
To provide goods and services
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