Year 10 Exam Revision

What is the most commonly used measure of economic growth?

• GDP

• CPI

• GNI

• PPP

What is a recession technically defined as

• Any negative economic growth

• A quarter of negative economic growth

• Two consecutive quarters of negative economic growth

• A year of negative economic growth

What do living standards measure?

• The standard of housing in a country

• The standard of material and non-material conditions in a country

• The lvel of income per person in a country

• The way citizens feel about their lives in a country

Generally speaking, what happens to the value of a car as it gets older?

• It appreciates

• It depreciates

• It stays the same

• It appreciates, but only if you have added extras

Which of these strategies would not create a competitive advantage?

• Offering a higher cost product

• Achieving improved productivity through research and development

• Differentiating the product and achieving higher productivity

• Implementing efficient internal operations strategies

Classical economic theorists believe that the market would be controlled by

• The dynamic lever

• The spirit level

• The invisible hand

• The central bank

Which of the following is a financial measure of an economy?

• Quality of life

• Environmental conservation

• Health and education outcomes

• Inflation levels

An expansiion in the economy during the business cycle benefits the economy by...

• Providing employment for people

• Reducing taxation revenue to the government

• Increasing unemployment leves

• Reducing the amount of goods and services avaliable

Which of the following does not happen when high employment levels are present in an economy?

• Income tax revenue falls as a result of fewer people earning income

• Government expenses decrease

• Decreased rates of crime, family breakdown and regional decay

• Individuals have the opportunity to change jobs whenever they choose

Which of the following is not a benefit associated with increased economic growth?

• Increased consumption

• Greater public revenue

• Reduced poverty level

• Deflation