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The Basics of Economics
What does GDP stand for?
A positive statement is...
The Basics of Economics
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1
A positive statement is...
We would see a rise in university applicants if income taxes were reduced
We should increase spending in public services to decrease crime rates
If we increased spending to the military, we would see a rise in employment
The government introduced a smoking ban and the average life span increased
2
What does GDP stand for?
Gross Domestic Product
Government Derived Production
Government Delegation of Production
Government Domestic Prohibition
3
Which point shows allocative efficiency?
A
D
C
F
4
What are the 3 key economic agents?
Households, firms & consumers
Households, firms, government
Government, firms & employees
Firms, government & students
5
Scarcity is where an economy has unlimited resources and limited wants.
True
False
