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15
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What is the production possibility frontier?
how much an economy will develop over the next decade
how much an economy can produce giving existing resources
how much an economy grows in a year
how much a economy can produce with no resources left
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boom
Lose 50 points!
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shark
Other team loses 10 points!
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shark
Other team loses 10 points!
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thief
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25
15
×
Income = input = expenditure
True
False
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15
×
What are economic goods?
made from scarce resources with opportunity cost
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
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15
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What is a recession?
prolonged downturn in the economy
prolonged upturn in the economy
productivity is both rising and falling
productivty is staying the same
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15
×
Which option is not a factor of production?
enterprise
location
labour
capital
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15
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What is scarcity?
having alot of demand
state of being in short supply or shortage
having little demand
state of having an excess of supply
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15
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What is a positive statement?
Based upon opinion
a statement which discourages economic growth
Based upon fact
A statement which encourages economic growth
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15
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What type of economy is the United Kingdom?
a mixed economy
a command economy
a free market economy
a transition economy
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15
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What is the price relative index?
ratio of a price of a commodity at a time to its price a different time
the amount of wealth is tied up in capital goods
the overall total expenditure within a country
ratio of a countrys GDP to GNP over a given time period
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15
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Nominal GDP is calculated by - the sum of the current year prices/current year quantities
False
True
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15
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What is a intangible good?
not perceptable by touch
perceptable by touch
a good which costs alot of money
a good which costs little to no money
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15
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What is a consumer good?
a good which is used to ones disadvantage
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
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15
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What is the circular flow of income?
it is the flow of goods, FOP and the payments between households and firms
it is the flow of products between cooperation
the difference between the flow of good and that of the income that arrives
the flow of goods from one country to another with what happens to income
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seesaw
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gift
Win 5 points!
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fairy
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25
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baam
Lose 25 points!
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thief
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seesaw
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rocket
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baam
Lose 20 points!
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