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Gillespie: Foundations of Economics

Unit 22

Instructions

Choose your answers from a-d by clicking the radio button next to each choice and then press 'Submit' to get your score.

Question 1

Economic growth can be measured by:

a) The CPI

b) The CBI

c) GDP

d) MPC

Question 2

In a boom:

a) Unemployment is likely to fall

b) Prices are likely to fall

c) Demand is likely to fall

d) Imports are likely to grow

Question 3

In a recession, GDP:

a) Grows negatively

b) Grows slowly

c) Grows by 0%

d) Grows rapidly

Question 4

If labour productivity per week is 200 units and there are 5 employees what is the total output?

a) 40 units

b) 195 units

c) 1000 units

d) 200 units

Question 5

Labour productivity measures:

a) The output per worker

b) The output per machine

c) Total output

d) Marginal output

Question 6

Potential growth measures:

a) The growth of the fastest economy in the world

b) The fastest growth an economy has ever achieved

c) The present rate of growth of an economy

d) The rate of growth that could be achieved if resources were fully employed

Question 7

Economic growth can be seen by an outward shift of:

a) The Production Possibility Frontier

b) The Gross Domestic Barrier

c) The Marginal Consumption Frontier

d) The Minimum Efficient Scale

Question 8

The socially optimal rate of growth is:

a) Zero

b) Negative

c) Where the marginal social benefit = the marginal social cost

d) Total social costs are minimised

Question 9

To anticipate what the economy is going to do next the government will look at:

a) Lagging indicators

b) Flashing indicators

c) Coincidental indicators

d) Leading indicators

Question 10

When an economy first begins to grow more slowly:

a) GDP increases

b) Inflation is likely to increase

c) Stock levels are likely to increase

d) Investment in equipment is likely to increase

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Oxford University Press, Online Resource Centre, Unit 22.