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15
×
What is consumption known as?
Expenditure on consumer goods
Expenditure on capital goods
Expenditure on training
Expenditure on land
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15
×
Nominal GDP is calculated by - the sum of the current year prices/current year quantities
False
True
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15
×
What type of economy is the United Kingdom?
a command economy
a free market economy
a mixed economy
a transition economy
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15
×
How do you calculate index numbers?
by finding the ratio of two numbers that are divided by one another
by finding the ratio of current value to a base value of 100
by finding the ratio of two economic variables together
by finding the ratio of base value to current value
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trap
No points!
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×
magnet
Take 15 points!
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×
shark
Other team loses 20 points!
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thief
Give points!
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25
15
×
What is a free market economy?
the trading of goods with some involvement of others
buying/selling goods and service that are not under control from government
buying goods which come from abroad
selling goods under control from the government
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thief
Give points!
5
10
15
20
25
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shark
Other team loses 20 points!
Okay!
×
fairy
Take points!
5
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15
20
25
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baam
Lose 25 points!
Oops!
15
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What does gross national income equal?
foreigners earnings [that are sent home] - overseas investment
foreigners earnings [that are sent home] + overseas investment
Overseas investment + foreigners earnings [that are sent home]
Overseas investment - foreigners earnings [that are sent home]
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15
×
Land is a natural resource used in production
True
False
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15
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What is a recession?
prolonged upturn in the economy
productivty is staying the same
prolonged downturn in the economy
productivity is both rising and falling
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15
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What is gross national product?
the sum of only goods produced in an economy over a time
sum of all goods and services or output produced in an economy over a time
measures the final value of output or expenditure by uk owned FOP worldwide
total income added up
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15
×
What is supply-side policy?
changes to interest rates and the supply of money
changes to government taxation, government spending and borrowing
the policy of increasing productive output of a country
designed to make markets work more efficiently
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thief
Give points!
5
10
15
20
25
×
gold
Win 50 points!
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gift
Win 25 points!
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banana
Go to last place!
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trap
No points!
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fairy
Take points!
5
10
15
20
25
×
fairy
Take points!
5
10
15
20
25
×
banana
Go to last place!
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15
×
What is the economic problem?
satisfying infinite wants with limited resources
satisfying limited wants with infinite resources
satisfying resources with wants
satisfying wants with resources
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15
×
What is fiscal policy?
changes to interest rates and the supply of money
designed to make markets work more efficiently
the policy of increasing productive output of a country
changes to government taxation, government spending and borrowing
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