Which of these 4 are Factors of Production

Labour, Capital, Entrepreneurship, Land

What does the Circular Flow of Income not take into account?

Bank of England intervention in setting Interest Rates, The World Economy, Supply of goods and services meeting Aggregate Demand, Consumer and Business choice

When did JM Keynes write The General Theory of Employment, Interest and Money?

1936 during the economic recession

What is an example of an Injection into the Circular Flow of Income?

Government Spending and Exports

What did JM Keynes propose that a Government should do to boost growth in the economy?

Lower taxes & Government spending on public programmes

Value of all goods/services produced in the UK economy

Pick 2 definitions of Opportunity Cost

The cost of a foregone alternative., Value of next best alternative thing you could have done

In the Circular Flow Of Income what 4 component parts make up the inner flow?

Firms, Goods/Services, Households, Factors of Production

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HND Year 1 Economics Quiz 2

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Quiz number 2

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Questions 10

Answers

1
Which of these 4 are Factors of Production
Land, Investment, Business, Labour
Labour, Capital, Entrepreneurship, Land
Capital, Investment, Business, Labour
Entrepreneurship, Government, Labour, Rent
2
What does the Circular Flow of Income not take into account?
Bank of England intervention in setting Interest Rates
The World Economy
Supply of goods and services meeting Aggregate Demand
Consumer and Business choice
3
When did JM Keynes write The General Theory of Employment, Interest and Money?
1946 during the economic recession
1946 post-war
1936 during the economic recession
1916 post-war
4
What is an example of an Injection into the Circular Flow of Income?
Government Spending and Taxation
Taxation and Exports
Imports and Government Spending
Government Spending and Exports
5
What did JM Keynes propose that a Government should do to boost growth in the economy?
Lower taxes and Export more abroad
Government spending on public programmes
Lower taxes & Government spending on public programmes
Raise taxes and Interest rates
6
Define GDP?
Value of goods produced in the UK economy
Value of goods/services produced abroad
Value of all goods/services produced in the UK economy
Gross Domestic People
7
Pick 2 definitions of Opportunity Cost
Giving Joanne Caramac chocolate on a regular basis
The cost of a foregone alternative.
Value of next best alternative thing you could have done
The cost of going to McDonald's twice a week!
8
In the Circular Flow Of Income what 4 component parts make up the inner flow?
Firms, Goods/Services, Households, Factors of Production
Factors of Production, Firms, Goods/services, Government
Households, Factors of Production, Firms, Investment
Households, Government, Business, Factors of Production
9
What is an example of a Withdrawal or Leakage?
Savings, Interest Rates, Imports
Exports, Taxation, Savings
Imports, Exports, Government Spending
Savings, Taxation, Imports
10
In the outer flow of the Circular Flow of Income, what constitutes Income for Households?
Profits, Interest, Wages
Interest, Rent, Wages, Profits
Tax reduction, Government spending, a lottery win
Imports, Wages, Profits, Interest

HND Year 1 Economics Quiz 2 Flashcards | StudBud