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15
×
What is a positive statement?
Based upon fact
a statement which discourages economic growth
Based upon opinion
A statement which encourages economic growth
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baam
Lose 25 points!
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magnet
Take 25 points!
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rocket
Go to first place!
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banana
Go to last place!
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15
×
What is specialisation?
None of the above
Concentrating on numerous tasks or products
Concentrating on one particular task or product
Concentrating on no tasks or products
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15
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What is a capital good?
a good that is used in producing other goods rather than being bought
a good which is used for ones benefit
a good which is used to ones disadvantage
a good sold to the public that is consumed rather then used in production
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lifesaver
Give 25 points!
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magnet
Take 20 points!
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fairy
Take points!
5
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15
20
25
×
lifesaver
Give 20 points!
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15
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What are economic goods?
made from a non-scarce resource with opportunity cost
made from scarce resources with no opportunity cost
made from non-scarce resources with no opportunity cost
made from scarce resources with opportunity cost
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eraser
Reset score!
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seesaw
Swap points!
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shark
Other team loses 15 points!
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thief
Give points!
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25
15
×
Monetary policy is the policy of increasing productive output of a country
False
True
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15
×
What is a consumer good?
a good which is used for ones benefit
a good sold to the public that is consumed rather then used in production
a good that is used in producing other goods rather than being bought
a good which is used to ones disadvantage
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15
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What option is not an assumption made in the simple model of the circular flow of income?
firms spend all income on the FOP
that income is recieved in full
households spend all income on goods and services
there is no government intervention
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15
×
How is real GDP calculated?
Sum of{base year prices/current year quantities}
Sum of{current year prices x current year quantities}
Sum of{base year prices x current year quantities}
Sum of{current year prices/current year quantities}
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15
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Per capita income is total income divided by the number of people in a country
False
True
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eraser
Reset score!
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shark
Other team loses 15 points!
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fairy
Take points!
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10
15
20
25
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banana
Go to last place!
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15
×
What does gross national income equal?
foreigners earnings [that are sent home] + overseas investment
Overseas investment - foreigners earnings [that are sent home]
Overseas investment + foreigners earnings [that are sent home]
foreigners earnings [that are sent home] - overseas investment
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15
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What does equitable mean?
The amount of money that a firm earns over a given period
Unfair
The amount of costs that a firm incurs over a given period
Fair
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15
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What is a real value?
The value of something without fully accounting for inflation at the time
The value which accounts for both GNI and GDP per capita in a country
The value which is recorded in a shop
The value of something accounting fully for inflation at the time
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