Economics Year 1 - Weeks 1-6

Opportunity cost of a decision is the next best alternative forgone

• True

• False

Economic Agents are

Macroeconomic indicators provide information from current economic performance for judging the success or failure of a particular type of government policy

• True

• False

Answer explanation

recent instead of current :-)

Consumer and business confidence surveys are...

• Lead indicators

• Lag indicators

Examples of lag indicators are?

• employment/unemployment figures

• use of statistics

• investment intentions: feel-good or feel-bad?

• current/recent GDP level

economic welfare is not the economic well-being of an individual, a group within society, or an economy

• True

• False

A good which is consumed by individuals or households to satisfy their needs or wants.

• is a capital good

• is disposable income

• is a consumer good

The set of institutions within which a community decides what, how and for whom to produce is called

Land, Labour, Capital and Enterprise are...

• Input and output factors of production

• Factors of production

• Output factors of production

Economic growth that does not compromise the economy’s ability to grow in the future is called ... growth