3.2 Economic Resources

Question 1

What do injections do in a circular flow of income

Accepted Answer

Put additional money into the economy

Question 2

An example of a mixed economy is

Accepted Answer

Ireland

Question 3

Private sector workers are paid by private businesses/organisations

Accepted Answer

True

Question 4

An example of a free enterprise economy is

Accepted Answer

America

Question 5

An example of a centrally planned economy is

Accepted Answer

North Korea

Question 6

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

Accepted Answer

True

Question 7

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

Accepted Answer

Goods/Services

Question 8

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

Accepted Answer

an economic system

Question 9

What do leakages do in a circular flow of income

Accepted Answer

Take money out of the economy

Question 10

Public sector workers are paid by the State

Accepted Answer

True

Question 11

Private sector workers are paid by the State

Accepted Answer

False

Question 12

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

Accepted Answer

True

Question 13

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

Accepted Answer

Labour

Question 14

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

Accepted Answer

A free enterprise economy

Question 15

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

Accepted Answer

Circular flow of income

Question 16

Public sector workers are paid by private businesses/organisations

Accepted Answer

False

Question 17

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 18

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

Accepted Answer

Savings, Imports, Taxation

Question 19

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

Accepted Answer

A centrally planned economy

Question 20

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

Accepted Answer

farmer

Question 21

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

Accepted Answer

Nurse

Question 22

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

Accepted Answer

Government Spending, Exports, Investment

Questions 22