Economics as a Way of Thinking (Leaving Cert Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What does economics study?
What does economics study?
Decisions about scarce resources
What is the core economic problem?
What is the core economic problem?
Scarcity vs unlimited wants
What are economic models?
What are economic models?
Simplified frameworks to understand reality
What is a key limitation of economic models?
What is a key limitation of economic models?
They rely on assumptions that may not hold
What is opportunity cost?
What is opportunity cost?
Benefit of next best alternative forgone
What is inflation?
What is inflation?
Sustained rise in general price level
Which statement is positive?
Which statement is positive?
Ireland's GDP contracted by 3.5% in 2020
What does Keynesian economics support?
What does Keynesian economics support?
Government spending & intervention in recessions
How do Scandinavian economic policies differ from the US?
How do Scandinavian economic policies differ from the US?
Higher taxes & stronger social welfare
What did the Great Depression lead to?
What did the Great Depression lead to?
Development of Keynesian economics
How did Ireland respond to 1950s economic stagnation?
How did Ireland respond to 1950s economic stagnation?
Trade liberalisation & foreign investment
What did Irish unemployment peak at during the Great Recession?
What did Irish unemployment peak at during the Great Recession?
Approximately 15%