SLEPT - Legal and Economic

What is a 'Boom' in economic terms?

• A period of economic stagnation with no change in spending, output, and confidence.

• A period of economic decline with decreasing spending, output, and confidence.

• A period of high economic growth with high levels of spending, output, and confidence.

• A period of low economic growth with low levels of spending, output, and confidence.

What signifies a 'Recession'?

• One quarter of negative economic growth.

• Two quarters of negative economic growth.

• Three quarters of negative economic growth.

• Four quarters of negative economic growth.

What does GDP stand for?

• General Development Product

• Gross Development Product

• General Domestic Product

• Gross Domestic Product

What is the main measure of economic growth within a country?

• GDP

• CPI

• Unemployment Rate

• Interest Rate

What does 'Equal opportunities' ensure?

• Everyone receives the same salary regardless of their job role.

• Everyone is treated the same regardless of gender, race, age, disability, and sexual orientation.

• Everyone has the same job responsibilities.

• Everyone works the same number of hours.

When do national minimum wages change?

• Each July

• Each January

• Each October

• Each April

What do health and safety laws protect?

• Intellectual property

• Businesses from competition

• Employees within the working environment

• Consumers buying products

What do consumer rights protect?

• Shareholders from financial loss

• Employees from unfair dismissal

• Businesses from lawsuits

• Customers who purchase goods and services

What is the purpose of product labelling and packaging information?

• To ensure customers are aware of the full risks and benefits of the items they are consuming.

• To make products look more attractive.

• To increase the price of the product.

• To reduce the cost of production.

What do product safety laws ensure?

• Products are environmentally friendly.

• Products are available in all stores.

• Products are sold at a fair price.

• Products sold will not cause harm to consumers.