Distribution of Economic Resources revision quiz

Question 1

An example of a country with a mixed economy is:

Accepted Answer

Ireland

Question 2

Which of the following is a disadvantage of a centrally planned economy?

Accepted Answer

Inefficiency

Question 3

An economy refers to the way in which goods and services are made, sold and used in a country

Accepted Answer

True

Question 4

What is the primary function of households in the circular flow of income model?

Accepted Answer

To provide factors of production

Question 5

In which type of economy are decisions made based on supply and demand?

Accepted Answer

Free enterprise economy

Question 6

What is a key role of the public sector in the economy?

Accepted Answer

Providing essential services

Question 7

Which economy type typically experiences higher economic growth due to entrepreneurial activities?

Accepted Answer

Free enterprise economy

Question 8

The goal of an economy is to make the least effective use of available resources

Accepted Answer

False

Question 9

Firms provide goods and services to households in exchange for money

Accepted Answer

True

Question 10

Which country is an example of a centrally planned economy?

Accepted Answer

North Korea

Question 11

This is the part of the economy that is owned and controlled by the government

Accepted Answer

Private sector

Question 12

This refers to the part of the economy which is businesses owned by individuals

Accepted Answer

Private sector

Question 13

The primary goal of the private sector is to generate profit for the owners

Accepted Answer

True

Question 14

A major disadvantage of a centrally planned economy is:

Accepted Answer

Lack of innovation

Question 15

What is a common role of the private sector in the economy?

Accepted Answer

Creating jobs and driving innovation

Question 16

The circular flow of income model demonstrates the movement of money, goods, and services in an economy

Accepted Answer

True

Question 17

Which of the following sectors is primarily driven by profit?

Accepted Answer

Private sector

Question 18

Which of the following is a characteristic of a free enterprise economy?

Accepted Answer

Private ownership and profit motive

Question 19

In the circular flow of income households are only consumers of goods & services and don't provide factors of production

Accepted Answer

False

Question 20

What is a key disadvantage of the private sector in terms of economic resource allocation?

Accepted Answer

Income inequality

Question 21

One advantage of a centrally planned economy is the high level of consumer choice

Accepted Answer

False

Question 22

An economic systems is the method countries use to distribute economic resources and trade goods and services

Accepted Answer

True

Question 23

A example of a state-owned organisation involved in communication is:

Accepted Answer

An Post

Question 24

A example of a state-owned organisation involved in transport is:

Accepted Answer

Irish Rail

Question 25

An economic systems makes choices about:

Accepted Answer

All of the above

Question 26

A mixed economy combines elements of both free enterprise and centrally planned economies

Accepted Answer

True

Question 27

The third sector includes organisations such as:

Accepted Answer

Charities and voluntary organisations

Question 28

One advantage of a mixed economy is:

Accepted Answer

Balanced approach between public and private sectors

Question 29

This consists of social enterprises and not-for-profit organisations such as charities and voluntary organisations

Accepted Answer

Third sector

Question 30

Which sector is responsible for the regulation of industries and ensuring fairness and safety?

Accepted Answer

Public sector

Question 31

In the expanded circular flow model, what additional sectors are included beyond households and firms?

Accepted Answer

Government and foreign sectors

Question 32

A example of a state-owned organisation involved in energy is:

Accepted Answer

Ervia

Question 33

In a free enterprise economy, the government owns all the means of production

Accepted Answer

False

Question 34

An advantage of a free enterprise economy is:

Accepted Answer

High consumer choice

Question 35

In a free enterprise economy, what drives the allocation of resources?

Accepted Answer

Supply and demand

Question 36

In a mixed economy, only the government is involved in economic decision-making

Accepted Answer

False

Question 37

North Korea is an example of a centrally planned economy

Accepted Answer

True

Question 38

Economic resources is another name for the factors of production, i.e. land, labour, capital and enterprise

Accepted Answer

True

Question 39

In a centrally planned economy, the government makes all decisions about production and distribution

Accepted Answer

True

Distribution of Economic Resources revision quiz

Questions 39

Distribution of Economic Resources revision quiz

Questions 39