Share Micro unit 1
Save to Folder
Which factor of production receives the reward of interest?
C Labour
A Capital
D Land
B Enterprise
What is the main role of firms in a market economy?
To provide goods and services
To provide labour
To pay subsidies
To provide goods and services
Which of these is a free good?
Fire service
Sunlight
Healthcare
Roads
Which of the following is a positive statement?
Deflation is bad for everyone
Low unemployment benefits everyone
Market economies are always the most efficient
The UK is a mixed economy
Which of these contains all the four factors of production?
Capital, enterprise, labour, land
Interest, profit, rent, wages
Capital, labour, profit, rent
Enterprise, interest, land, wages
Which of these is an example of a normative statement?
The government should raise taxes even higher on cigarettes
The tax on cigarettes accounts for 80% of the price of cigar
VAT is one of the taxes charged on cigarettes
Taxes on cigarettes provide the government with tax revenue
Opportunity cost is defined as the value of:
the cost imposed on a third party
all alternative goods foregone
the cost of other goods and services
all alternative goods foregone
