| 1 |
An outward shift of the production possibility frontier may be caused by:
|
An increase in demand <br>
More government spending <br>
Better training of employees<br>
Productive inefficiency <br>
|
| 2 |
The free market involves:
|
The free provision of products <br>
The subsidising of products by the government <br>
Market forces of supply and demand <br>
All trad via barter <br>
|
| 3 |
Who introduced the concept of 'Permanent Income Hypothesis'?
|
Irving Fisher <br>
Adam smith <br>
Milton Friedman <br>
Franco <br>
|
| 4 |
What theory explains why deflation may actually lead to an increase in GDP?
|
Solow effect <br>
Rational expectations <br>
Pigou effect <br>
Adaptive expectations <br>
|
| 5 |
What theory explains why deflation may actually leads to an increase in GDP?
|
Solow Effect <br>
rational Expectations <br>
Pigou effect <br>
Adaptive Expectations <br>
|
| 6 |
Market where goods and services are offered for sale?
|
Factor market <br>
product market <br>
productivity <br>
service <br>
|
| 7 |
Total revenues neither increase nor decrease When price changes?
|
unit elastic <br>
Marginal utility <br>
diminishing marginal utility <br>
Traditional economy <br>
|
| 8 |
What is inflation?
|
Reduces the cost of living <br>
Reduces the standard of living <br>
Reduces the price of Products <br>
Reduces the purchasing power of a pound<br>
|
| 9 |
A voluntary association of people formed to carry on some kind of economic activity that will benefit its members?
|
Revenues <br>
Cooperative <br>
Horizontal merger <br>
Labour union <br>
|
| 10 |
Products that increase the usefulness or value fo other products?
|
substitutes
complements <br>
income effects <br>
Goods
|
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