3.2 Economic Resources

Question 1

Public sector workers are paid by the State

Accepted Answer

True

Question 2

Which of the following are examples of leakages in a circular flow of income

Accepted Answer

Savings, Imports, Taxation

Question 3

Which of the following are examples of injections in a circular flow of income

Accepted Answer

Government Spending, Exports, Investment

Question 4

What do leakages do in a circular flow of income

Accepted Answer

Take money out of the economy

Question 5

An economic system where the Government control the production of some goods/services, the rest is private sector is

Accepted Answer

A mixed economy

Question 6

_________________ shows the movement of economic resources and wealth throughout the economy

Accepted Answer

Circular flow of income

Question 7

What do injections do in a circular flow of income

Accepted Answer

Put additional money into the economy

Question 8

In a simple circular flow of income with no leakages or injections all money earned is spent

Accepted Answer

True

Question 9

An example of a mixed economy is

Accepted Answer

Ireland

Question 10

An example of a centrally planned economy is

Accepted Answer

North Korea

Question 11

An economic system where the Government makes all decisions regarding the production of goods/services is

Accepted Answer

A centrally planned economy

Question 12

which of the following is an example of a private sector worker

Accepted Answer

farmer

Question 13

Private sector workers are paid by the State

Accepted Answer

False

Question 14

In a circular flow of income individuals spend money/expenditure in businesses in return for:

Accepted Answer

Goods/Services

Question 15

An economic system where the Government rarely interfere regarding the production of goods/services is

Accepted Answer

A free enterprise economy

Question 16

Private sector workers are paid by private businesses/organisations

Accepted Answer

True

Question 17

Which of the following is an example of a public sector worker

Accepted Answer

Nurse

Question 18

Public sector workers are paid by private businesses/organisations

Accepted Answer

False

Question 19

In a circular flow of income individuals give business what in return for an income/wage/salary

Accepted Answer

Labour

Question 20

An example of a free enterprise economy is

Accepted Answer

America

Question 21

A centrally planned economy and a controlled economy is the same thing

Accepted Answer

True

Question 22

The way a country uses its factors of production to produce goods and services is called

Accepted Answer

an economic system

Questions 22