Import Substitution involves

Buying Irish goods instead of foreign goods

Goods and services from Ireland sold abroad

Which of the following is the correct way to calculate the Balance of Trade?

Visible Exports − Visible Imports

Goods and services from abroad sold in Ireland

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Economics and Foreign Trade

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Test your Economics and Foreign Trade knowledge based on the Junior Certificate Business Studies course.

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Questions 22

Answers

1
What is the source of income for Capital?
Interest
Profits
Rent
Wages
2
Which country is not a member of the European Union?
Slovenia
France
Malta
Norway
3
Which of the following is an example of Government Expenditure?
Lottery Receipts
Value Added Tax
Nurses Wages
Corporation Tax
4
Which of the following is an example of an Invisible Export?
Irish families holidaying in Spain
Tiger Woods winning the Irish Open
Irish people flying with British Airways
Westlife performing in France
5
Economics is a .......... science because it is a study of human behaviours
behavioural
socail
equine
social
6
Import Substitution involves
Buying British goods instead of Irish goods
Buying Irish goods instead of foreign goods
Buying Foreign goods instead of British goods
Buying foreign goods instead of Irish goods
7
Which of the following is a form of Government Income?
Social Welfare Payments
Daily education costs
Value Added Tax
Civil Servants Wages
8
China is an example of which form of Economic System?
Mixed Economy System
Centrally Planned System
Free Enterprise System
Single Enterprise System
9
What does it mean if you have a Surplus Budget?
Expenditure > Income
Income > Expenditure
Income > Expenditure
Expenditure = Income
10
America's Economy is an example of which type of Economic System?
Internally Planned System
Mixed Economy
Free Enterprise System
Centrally Planned System
11
Ireland's economy is an example of which type of Economic Systems?
Mixed Economy
Restricted Enterprise System
Free Enterprise System
Centrally Planned System
12
Exports are..
Goods and services from Ireland sold in Ireland
Goods and services from Ireland sold abroad
Goods and services from abroad sold in other countries
Goods and services from abroad sold in Ireland
13
How many countries are part of the European Union?
29
28
30
26
14
Which of the following is an example of an Invisible Import?
Rory Mc Ilroy winning a British golf tournament
Rhianna performing in Ireland
U2 playing a concert in Spain
Aer Lingus flying Americans to Ireland
15
Which of the following is the correct way to calculate the Balance of Trade?
Visible Exports − Visible Imports
Visible Imports + Visible Exports
Visible Imports − Visible Exports
Visible Exports + Visible Imports
16
Imports are..
Goods and services from Ireland sold in Ireland
Goods and services from abroad sold in Ireland
Goods and services from Ireland sold abroad
Goods and services from abroad sold outside Ireland
17
Which of the following is NOT a Factor of Production?
Land
Interest
Capital
Labour
18
The total quantity of goods and services produced in a country in 1 year is called..
Gross Domestic Profile
Gross National Productivity
Gross National Product
Gross Domestic Product
19
What is the measure of inflation called?
Consumer Price Index
Consumer Public Index
Consumer Pick Index
Consumer Price Intex
20
What is the source of income for Land?
Rent
Wages
Interest
Profits
21
What is the source of income for Labour?
Profits
Rent
Capital
Wages
22
What is the source of income for Enterprise?
Interest
Profits
Wages
Rent

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