Year 10 Economics Revision

The economic problem states 

• wants are unlimited but resources are limited
• wants are unlimited but resources are unlimited
• resources are not scarce

In return for labour, households earn

• wages
• profit
• interest

A shift outwards in a PPF shows 

• an improvement in productive capacity
• inefficient resource use
• waste

A need is 

• necessary for survival
• anything you require on a daily basis
• the same as a want

Which of the following is not a leakage from the circular flow?

• Taxation
• Savings
• Exports

Which of the following is not an injection to the circular flow?

• Taxation
• Government spending
• Investment
• Exports

Aggregate demand is equal to

• C + I + G + (X-M)
• C + Y + G + (X-M)
• C + P + G + (X-M)
• C + I + G + (M-X)

What does GDP stand for?

• Gross Domestic Product
• Gross Demand Product
• Great Domestic Push

The four factors of production are

• land, labour, capital and enterprise
• land, labour, capital and equity
• land, labour, consumption and enterprise

Which of the following is not a phase in the business cycle?

• boom / peak
• bust / trough
• recovery
• down