National Income (Leaving Cert Economics): Quizzes
📚Quizzes
Practise the questions
13 questions from this quiz
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Practise the questions
13 questions from this quiz
In the circular flow model, what do households supply to firms?
In the circular flow model, what do households supply to firms?
Factors of production
Which of these is a leakage from the circular flow of income?
Which of these is a leakage from the circular flow of income?
Imports
What is the equilibrium condition for the circular flow of income?
What is the equilibrium condition for the circular flow of income?
What does GDP measure?
What does GDP measure?
Value produced within country's borders
How is GNP calculated from GDP?
How is GNP calculated from GDP?
GDP plus net factor income from abroad
Which measure is most reliable for assessing Ireland's true domestic income?
Which measure is most reliable for assessing Ireland's true domestic income?
(modified GNI)
Which is a key limitation of national income measures?
Which is a key limitation of national income measures?
They ignore quality of life factors
What economic impact does the hidden economy have?
What economic impact does the hidden economy have?
Creates unfair competition for legal firms
What is the multiplier formula for a closed economy?
What is the multiplier formula for a closed economy?
If MPC is 0.8, what is the multiplier value in a closed economy?
If MPC is 0.8, what is the multiplier value in a closed economy?
5
Which characteristic describes the boom phase of a business cycle?
Which characteristic describes the boom phase of a business cycle?
Strong growth with high employment
When was Ireland's Celtic Tiger boom period?
When was Ireland's Celtic Tiger boom period?
1995-2007
When is the multiplier effect larger?
When is the multiplier effect larger?
When economy has high MPC & unused resources