Which statement is true?

When prices are low, demand is relatively high

Which statement best describes an export for a UK firm:

A good or service they sell overseas

If interest rates fall:

It becomes cheaper for firms to borrow money

The price of chocolate falls. Which statement best describes the reason why this has happened

More manufacturers are making chocolate

If the interest rate rises:

Consumers will save more, and borrow and spend less

Selling price - cost of goods sold

What is the basic economic problem?

Unlimited wants and limited resources create scarcity

If firms can correctly forecast future economic conditions:

They are less likely to need to borrow money from a bank

Exports become cheaper, imports become more expensive

The price of petrol rises, which statement best describes the effect on a small delivery firm:

The firm's costs rise and so might prices

If the £ becomes stronger:

UK manufacturers may experience a fall in overseas sales

What are the factors of production?

Land, labour, capital and enterprise

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Business

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Questions 25

Answers

1
What is the largest stock exchange in the world in terms of market capitalisation?
Hong Kong Stock Exchange
Nasdaq Stock Market
New York Stock Exchange
Tokyo Stock Exchange
2
If £1 = $1.50, then a $450 weekend break in New York will cost a UK customer:
£225
£600
$600
£300
3
If £1 = $1.80, then a £1,000 order of British cheese will sell in the USA for:
$100
$1000
$180
$1800
4
Which statement is true?
When prices are low, demand is relatively high
When demand is high, supply is low
When prices are low, supply is high
When supply is high, prices are high
5
Which statement best describes an export for a UK firm:
Raw materials they purchase from Germany
French cheese
A good or service they sell overseas
A service purchased from a local supplier
6
What does FIFO stand for?
Financial Information For Organisations
Factor Inexorably Firm Osmosis
Forced Import For Outsourcing
First-in, First-out
7
Which is NOT a business objective?
Survive
Make profits
Increase sales
Scam customers
8
What year did NAFTA enter into force?
2002
1990
1998
1994
9
If interest rates fall:
Consumers safe more of their income
A firm's costs rise
It becomes cheaper for firms to borrow money
A currency becomes stronger
10
Which of the following is NOT a commodity:
Nike trainers
Money
Gold
Coffee
11
The price of chocolate falls. Which statement best describes the reason why this has happened
Supply of chocolate has fallen
More manufacturers are making chocolate
The cost of sugar has risen
Demand for chocolate has risen
12
If the interest rate rises:
Consumers will save more, and borrow and spend less
Consumers will borrow more money
Firms can borrow money more cheaply
Small firms can sell goods more cheaply
13
Value added is...
Cost of goods sold - selling price
Selling price - cost of goods sold
Selling price + cost of goods sold
Cost of goods sold + selling price
14
What is the basic economic problem?
There aren’t enough needs and wants
Unlimited wants and limited resources create scarcity
Resources are available in infinite supply
Unlimited needs and limited resources creates scarcity
15
Which country is the biggest producer of natural gas?
The United States
Russia
Iran
Qatar
16
Which of the following is the most expensive currency?
Euro (EUR)
British Pound Sterling (BPS)
Canadian Dollar (CAD)
Kuwaiti Dinar (KWD)
17
Which city has the highest cost of living?
Luanda (Angola)
Tokyo (Japan)
New York (The United States)
Hong Kong
18
If firms can correctly forecast future economic conditions:
They are less likely to experience falling revenues
They are more likely to achieve growth over time
They are more likely to survive a recession
They are less likely to need to borrow money from a bank
19
What country had the highest crude oil production in 2014?
Russia
The United States
Saudi Arabia
China
20
Which nation is not a member of the Asia-Pacific Economic Cooperation (APEC)?
Mexico
Russia
Panama
China
21
Which of the following countries is not one of the three largest trade partners of the USA?
Mexico
Japan
Canada
China
22
If the £ is weaker:
Exports and imports become more expensive
Import and export prices are unaffected
Exports become cheaper, imports become more expensive
Exports become cheaper, imports become cheaper
23
The price of petrol rises, which statement best describes the effect on a small delivery firm:
The firm's costs rise and so might prices
The firm's prices will fall
The firm's costs rise but the prices will not
The firm will go bankrupt
24
If the £ becomes stronger:
Importers to the UK will find it harder to generate UK sales
UK manufacturers may experience a fall in overseas sales
Costs of imported goods and raw materials rise
UK holiday makers may choose to holiday at home
25
What are the factors of production?
Land, labour, capital and enterprise
Employment, ethics, age and gender
There are no factors of production
Land, labour and enterprise

Business Flashcards | StudBud