N5 Economics: Government Aims and Finance Revision Quiz!

Label 1:

• Consumption Spending

• Factors of Production

• Goods and Services

• Factor Incomes

Label 2:

• Consumption Spending

• Factors of Production

• Goods and Services

• Factor Incomes

Label 3:

(a)  

Label 4:

(a)  

Total value of the output of goods and services produced within the borders of a country is known as:

• Economic Growth

• The Circular Economy

• Gross Domestic Product

• Factors of Production

Standard of Living only measures how much income an individual has

• True

• False

GDP per capita is usually used to calculate

• Unemployment

• Inflation

• Government Finance

• Standard of Living

Which of the following would NOT usually be used a method to increase economic growth?

• Promoting Entrepreneurial Activity

• Increasing Taxes

• Improving attainment at school

• Increasing immigration

Which of the following would NOT usually be used a method to increase economic growth?

• Subsidising Research and Development

• Improving Healthcare

• Building new Infrastructure

• Raising Interest Rates

This type of government spending is on the day-to-day expenditure of government such as pay of public sector workers.

• Capital Spending

• Current Spending

• Transfer Payments