A Level AQA Economics | Baamboozle - Baamboozle | The Most Fun Classroom Games!

What type of economy is the United Kingdom?

a mixed economy

a free market economy

a transition economy

a command economy

What is specialisation?

Concentrating on one particular task or product

Concentrating on numerous tasks or products

Concentrating on no tasks or products

None of the above

Which option is finite?

water

Wind

Sunshine

Space

Land is a natural resource used in production

True

False

What is a intangible good?

not perceptable by touch

a good which costs alot of money

a good which costs little to no money

perceptable by touch

What is a free market economy?

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

the trading of goods with some involvement of others

What is the productivity gap?

difference between the productivity levels in the uk and another country

difference between the productivity between two people

difference between price levels of two countrys

difference between the GDP of two countrys

What is a positive statement?

Based upon fact

A statement which encourages economic growth

Based upon opinion

a statement which discourages economic growth

Market mechanism - forces of demand and supply determine the price and quantity of goods and services

True

False

What is the production possibility frontier?

how much an economy can produce giving existing resources

how much a economy can produce with no resources left

how much an economy grows in a year

how much an economy will develop over the next decade

What is a tangible good?

perceptable by touch

not perceptable by touch

a good which costs alot of money

a good which costs little to no money

What is a transition economy?

changing from a centrally planned economy to a market economy

changing from a market economy to a centrally planned economy

changing between economys

changing your beliefs

Capital intensive production is using large quantities of capital to make labour more productive

True

False

What is opportunity cost?

loss of other alternatives when one alternative is chosen

opportunity for loss on your investment

act of choosing between two or more possibilities

opportunity for profit

What are economic goods?

made from scarce resources with opportunity cost

made from scarce resources with no opportunity cost

made from a non-scarce resource with opportunity cost

made from non-scarce resources with no opportunity cost

What is the economic problem?

satisfying infinite wants with limited resources

satisfying limited wants with infinite resources

satisfying wants with resources

satisfying resources with wants

What is a recession?

prolonged downturn in the economy

productivty is staying the same

prolonged upturn in the economy

productivity is both rising and falling

What does equitable mean?

Fair

Unfair

The amount of money that a firm earns over a given period

The amount of costs that a firm incurs over a given period

Which option does not effect investment?

household indeptedness

Interest rates

business confidence

price of capital

What is scarcity?

state of being in short supply or shortage

state of having an excess of supply

having alot of demand

having little demand

What is a free good?

made from non-scarce resources with no opportunity cost

made from scarce resources with opportunity cost

made from scarce resources with no opportunity cost

made from a non-scarce resource with opportunity cost

A increase in Consumption, Investment and Government spending will shift the AD curve which way?

Right

Nowhere

Left

Up

What is real national GDP?

output of the economy taking into account inflation

output of the economy without taking into account inflation

output of the economy

income of the entire economy

Income = input = expenditure

False

True

If the sum of injections is less then the sum of withdrawals what is happening to national income?

It is falling

It is rising

It stays the same

It stays the same in line with inflation

Which option is not a leakage from the economy?

exports

savings

imports

taxation

How is real GDP calculated?

Sum of{base year prices x current year quantities}

Sum of{current year prices x current year quantities}

Sum of{current year prices/current year quantities}

Sum of{base year prices/current year quantities}

What is the difference between wealth and income?

wealth is a stock concept and income is a flow concept

income is earning from working and wealth is your total accumulated earning

income is accumulated income and wealth is earnings from working

wealth is a flow concept and income is a stock concept

What is aggregate demand equal to?

C + I + G + {X-M}

G + I + G + {X-M}

C + I + C + {X-M}

D + I + G + {X-M}

What option is not an assumption made in the simple model of the circular flow of income?

that income is recieved in full

households spend all income on goods and services

firms spend all income on the FOP

there is no government intervention

Which option is not a limitation of GDP to compare living standards?

takes account of what people can buy using their incomes

negative externalities

transactions without a monetary value

economic growth can cause inequality

Per capita income is total income divided by the number of people in a country

True

False

What is the price relative index?

ratio of a price of a commodity at a time to its price a different time

ratio of a countrys GDP to GNP over a given time period

the amount of wealth is tied up in capital goods

the overall total expenditure within a country

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

What is a real value?

The value of something accounting fully for inflation at the time

The value of something without fully accounting for inflation at the time

The value which is recorded in a shop

The value which accounts for both GNI and GDP per capita in a country

Nominal GDP is calculated by - the sum of the current year prices/current year quantities

False

True

What is gross national product?

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

the sum of only goods produced in an economy over a time

total income added up

Which option is not a factor of production?

location

labour

enterprise

capital

How do you calculate chain base index?

current variable/previous years variable x 100

current variable + previous years variable x 100

previous years variable/current variable x 100

previous years variable - current variable x 100

What does gross national income equal?

Overseas investment - foreigners earnings [that are sent home]

Overseas investment + foreigners earnings [that are sent home]

foreigners earnings [that are sent home] - overseas investment

foreigners earnings [that are sent home] + overseas investment

Monetary policy is the policy of increasing productive output of a country

False

True

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

How do you calculate index numbers?

by finding the ratio of current value to a base value of 100

by finding the ratio of two numbers that are divided by one another

by finding the ratio of base value to current value

by finding the ratio of two economic variables together

What is fiscal policy?

changes to government taxation, government spending and borrowing

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

What is gross domestic product?

sum of all goods and services or output produced in an economy over a time

all of the above

measures the final value of output or expenditure by uk owned FOP worldwide

the sum of only goods produced in an economy over a time

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 to ones disadvantage

a good which is used for ones benefit

What is supply-side policy?

designed to make markets work more efficiently

changes to government taxation, government spending and borrowing

the policy of increasing productive output of a country

changes to interest rates and the supply of money

What is consumption known as?

Expenditure on consumer goods

Expenditure on training

Expenditure on land

Expenditure on capital goods

What is investment known as?

Expenditure on capital goods

Expenditure on consumer goods

Expenditure on land

Expenditure on training

What is a consumer good?

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

a good which is used for ones benefit