Construction and Property Economics 0.0 / 5 ? OtherEconomicsUniversityNone Created by: lahibbert99Created on: 01-11-21 22:52 What are the two main strands of construction economics? The impact of construction on the larger economy, and project level economics 1 of 41 The construction industry turnover for 2018 was approximately: £113,127 Million 2 of 41 Which is the largest wealth generator for the UK nationals? Property and Land 3 of 41 What is the ONS's estimated employment rates of construction? 1.36 million workers 4 of 41 Economics is best defined as the study of .... How society manages its scarce resources 5 of 41 A marginal change is one that Incrementally alters an existing plan 6 of 41 Adam Smith's "invisible hand" refers to ... the ability of free markets to reach desirable outcomes 7 of 41 Governments may intervene in a market economy in order to... all 8 of 41 If a nation has a high persistent inflation, the most likely explanation is... the central bank creates excessive amount of money 9 of 41 Why is it important to study origins of economics? All 10 of 41 Who is the father of economics? Adam Smith 11 of 41 The phenomenon of scarcity stems from the fact that Resources are limited 12 of 41 The opportunity cost of going to college is ... The value of the best opportunity a student gives up to attend college 13 of 41 The opportunity cost of an item is What you give up to get that item 14 of 41 In a market economy, economic activity is guided by Households and firms interacting in markets are guided by "invisible hand" 15 of 41 An increase in productivity means... Economic Growth 16 of 41 The 'productivity' of a nation shows ... How much production takes place with the existing resources 17 of 41 All of the following can be considered a student's costs of going to college, EXCEPT: Room and board (costs the same as it was paying before entering college) 18 of 41 When two persons trade goods... Both persons usually gain from the exchange 19 of 41 In a market economy, the decisions of what and how much to produce are made by: all producers and consumers 20 of 41 Even though markets do a great job in organising economic activity, governments need to do all of the following except... Decide what and how much should be produced 21 of 41 Living standards in the United States have risen tremendously over the years, mainly due to ... Relentless increase in the productivity of labour over the years 22 of 41 A government that implements a policy designed to reduce inflation can expect unemployment to Increase in the short run 23 of 41 What best describes a competitive market? There are many buyers and sellers of the same good 24 of 41 If air travel to Croatia becomes less expensive, what is likely to happen in the market for hotel rooms in Croatia? The demand curve for hotel rooms will shift to the right 25 of 41 What happens when face masks production becomes less costly through the use of new technology? The supply curve for masks will shift to the right 26 of 41 A price above the equilibrium price will Result in quantity supplied being greater than the quantity demanded 27 of 41 When O2, offer reduced rates for long distanced calls on weekend, its volume of weekend calling increased sharply This would result in a movement along the demand curve 28 of 41 When people buy flowers on Valentines' day This results in a shift to the right in the demand curve 29 of 41 A shop owner finds that customers are willing to pay more for umbrellas on rainy days This results in a shift of the demand curve 30 of 41 If the demand for houses in a location is high and the supply is low: House prices will increase 31 of 41 If demand for construction is low and there are many builders in this particular market: Tender prices will reduce 32 of 41 The money supply is the Total value of financial assets that can be used to purchase goods and services 33 of 41 The size of the U.K. money supply is determined: Jointly by the treasury and the Bank of England. 34 of 41 The money supply expands when: Banks make loans against the excess reserves they hold 35 of 41 The monetary base is: The sum of currency in circulation and bank reserves 36 of 41 When the Bank of England purchases Government Bonds on the open market, the monetary base: Increases, allowing the money supply to expand 37 of 41 The liquidity ratio of a bank refers to: The ratio of liquid assets to total liabilities 38 of 41 What is the UKs current national debt £2,224.5 Billion 39 of 41 What is the current UK percentage of national debt in relation to GDP? 106% 40 of 41 How much annually does the UK current pay to service national debt? £41.6 Billion 41 of 41
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