Government and the Economic Crisis

Question 1

Some economists believe cutting VAT will help stimulate the UK economy. What is the current (%) rate of VAT?

Accepted Answer

20%

Question 2

What is the tax (duty) on a pint of 5% strength beer in the UK?

Accepted Answer

54 pence

Question 3

Who was Chancellor of the Exchequer immediately before Rishi Sunak?

Accepted Answer

Sajid Javid

Question 4

The FTSE-100 Stock Index includes the 100 largest companies in the UK measured by total profit

Accepted Answer

False

Question 5

The last financial crisis was in part caused by an excess of high risk loans in the US housing market. They were called?

Accepted Answer

Sub Prime Loans

Question 6

Which of the following are are VAT-free?

Accepted Answer

Falkland Islands, Guernsey

Question 7

What subject did John Maynard Keynes KS OE study at Cambridge University?

Accepted Answer

Mathematics

Question 8

Which EU country in 10 years has had three debt defaults, price deflation and youth unemployment above 60 percent

Accepted Answer

Greece

Question 9

Which of these countries has no income tax?

Accepted Answer

United Arab Emirates, Andorra, The Bahamas

Question 10

What % rate of income tax would be paid in the UK on any extra income if you earn £500,000 a year?

Accepted Answer

45 per cent

Question 11

The UK Bank of England sets official interest rates. What is their current level? (June 2020)

Accepted Answer

0.1 per cent

Question 12

What is the biggest source of tax revenue for the UK government each year?

Accepted Answer

Income Tax

Question 13

The UK government will cover 80% of the salary of furloughed workers up £4,000 a month until October

Accepted Answer

False

Question 14

What subject did Chancellor Rishi Sunak study at university?

Accepted Answer

Philosophy, Politics and Economics

Question 15

The Bank of England is also known as a

Accepted Answer

Central Bank

Question 16

Which is the largest item of UK government (state) spending each year?

Accepted Answer

State welfare benefits

Question 17

What is taxed at £217 per 1,000 plus 16.5% of the retail price

Accepted Answer

Cigarettes

Question 18

How much tax do you pay on each litre of petrol / diesel bought in the UK?

Accepted Answer

58 pence per litre

Question 19

In which decade was the bulk of the Great Depression in the USA?

Accepted Answer

1930s

Questions 19