Year 10 Economics - Wk 3

Which of the following is not a phase of the Business Cycle?

• Boom/Peak

• Upswing/Expansion

• Pit/Trench

• Downswing/Contraction

The Business Cycle is an economic model modelling which economic indicator?

• Economic Growth

• Living Standards

• Inflation Rate

• Unemployment Rate

Which of the following IS a characteristic of the Boom/Peak phase of the Business Cycle?

• Rising Unemployment

• Decreasing Inflation

• Low Demand

• Full Employment

What is GDP per capita?

• GDP divided by the number of businesses

• The GDP of a nation

• GDP divided by the population

• The GDP accounting for inflation

Which of the following does GDP not account for?

(Select all that apply)

• Environmental Quality

• Level of Healthcare

• Consumption of Goods and Services

• Inequality

What does QoL stand for?

• Quality of Living

• Quality of Life

• Quality of Livestock

• Quality of Learning

What does HDI stand for?

• Highly Developed Industry

• Human Developing Interestingly

• Human Development Index

• Highly Developed Investment

During an economic contraction, we would expect the quality of life of a nation to:

• Increase

• Decrease

• Stay the same

• What's a contraction?

In the circular flow of income model, the government sector serves as a link between what:

• Savings and Investment

• Imports and Exports

• Consumption and Output

• Taxation and Government Spending

What is meant by the term equilibrium?

• Leakages more than injections

• Injections more than leakages

• Leakages equal injections

• There are no leakages and injections