IGCSE Economics 0455 Practice Questions and Answers (2023)
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Economic Growth Correct Answer The increase in output of the value of the goods and services produced in a country over a period of time Supply-side Policy Correct Answer A government action which ... leads to an increase in aggregate supply in an economy by improving either the quality or the quantity of resources Aggregate Supply (AS) Correct Answer The total supply of goods and services in an economy Productive Capacity/Productive Potential Correct Answer The ability of an economy to produce goods and services if all factors of production are fully employed Production Possibility Curve (PPC) Correct Answer - Shows the maximum combined output of two or more products a firm or an entire economy can produce with its available resources - Resources are being used efficiently if they are producing their maximum output - But, because resources are scarce, producing more of one product means producing less of another -Useful, for showing the opportunity cost of producing more of one product in terms of how much of another you are giving up Opportunity Cost Correct Answer The next best alternative given up when a decision is made Deruglation Correct Answer The removal of laws, rules and regulations, making it easier for a business to enter or operate in an industry Grant Correct Answer A sum of money that is given by the government which does not have to be repaid Subsidies Correct Answer - An amount of money given to a firm to lower the cost of supplying the good or service to the market [Show More]
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