What is a consumer good?
a good which is used to ones disadvantage
a good which is used for ones benefit
a good that is used in producing other goods rather than being bought
a good sold to the public that is consumed rather then used in production
What is investment known as?
Expenditure on land
Expenditure on consumer goods
Expenditure on capital goods
Expenditure on training
What is consumption known as?
Expenditure on capital goods
Expenditure on land
Expenditure on training
Expenditure on consumer goods
What is supply-side policy?
the policy of increasing productive output of a country
changes to interest rates and the supply of money
changes to government taxation, government spending and borrowing
designed to make markets work more efficiently
What is a capital good?
a good that is used in producing other goods rather than being bought
a good sold to the public that is consumed rather then used in production
a good which is used for ones benefit
a good which is used to ones disadvantage
What is gross domestic product?
the sum of only goods produced in an economy over a time
all of the above
measures the final value of output or expenditure by uk owned FOP worldwide
sum of all goods and services or output produced in an economy over a time
What is fiscal policy?
changes to interest rates and the supply of money
changes to government taxation, government spending and borrowing
designed to make markets work more efficiently
the policy of increasing productive output of a country
How do you calculate index numbers?
by finding the ratio of base value to current value
by finding the ratio of two economic variables together
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
What is a nominal value?
The upfront cost without accounting for inflation
The upfront cost accounting for inflation
The upfront cost accounting for the GNI per capita
The upfront cost accounting for changes in the countrys GDP
Monetary policy is the policy of increasing productive output of a country
True
False
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
How do you calculate chain base index?
previous years variable/current variable x 100
previous years variable - current variable x 100
current variable/previous years variable x 100
current variable + previous years variable x 100
Which option is not a factor of production?
labour
capital
enterprise
location
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
Nominal GDP is calculated by - the sum of the current year prices/current year quantities
False
True
What is a real value?
The value of something accounting fully for inflation at the time
The value which accounts for both GNI and GDP per capita in a country
The value of something without fully accounting for inflation at the time
The value which is recorded in a shop
