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The UK Economy unit 41 review quiz Flashcards | StudBud
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The UK Economy unit 41 review quiz
The UK Economy unit 41 review quiz
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1
The UK government has the power to lower interest rates
False
True
2
Which Energy company was hit with a £11.1m penalty for failing to meet efficiency targets?
SSE
Npower
SSE
British Gas
3
Which of the following has inelastic demand?
Alcohol
Chocolate
Heinz beans
luxury hoilday
4
Which of the following is a feature of a monopoly market?
Consumer Choice
Low set up costs
Competitive prices
Firm controls price or output/supply
5
The UK Government measure inflation using which method
The Consumer Price Index
The Government Price Index
The Customer Price Index
The Retail Price Index
6
The UK economy moves between boom and recession over time. This is better known as...........
The boom and recession Cycle
The external cycle
The demand and supply cycle
The economic cycle
7
The following are examples of firms operating in an oligopolistic market with the exception of
Mars
Morrisons
Toby Carvery
British Gas
8
Price elasticity of demand (PED) is calculated by
% change in Quantity Demanded / % change in Price
% change in Price / % change in Quantity Demanded
9
The UK population has risen over the past 10 years
False
True
10
Which of the following is
not
a feature of monopolistic competition?
Firm has some control over price
Many buyers and sellers
Products identical
Relatively free entry and exit from the industry
11
The indicator that is used to measure how much is being made in the UK is known as......
Net Domestic Profit
Gross Domestic Pay
Gross Domestic Product
Gross Domestic Profit
12
The Economic system of the North Korea is best described as..................
Free Market
Command
Mixed
Planned
13
Which one of the following is
not
a feature of a perfectly competitive market?
Free entry and exit to the industry
Homogenous
Large number of buyers and sellers
Price Makers
14
The Tertiary sector consists of all of the following with the exception of....
Childcare
Tourism
Insurance
Farming
15
Currently the UK is in the ________ stage of the economic cycle
Slowdown
Boom
Recession
Growth
16
A general election must be held in the UK at least every
4 years
6 years
3 years
5 years
17
Average rail fares will rise by ____ from 2 January,2015
3.2%
2.2%
2.5%
1.1%
18
The demand curve slopes downwards from left to right
True
False
19
The supply curve shows how much firms of producers plan to supply at different prices
True
Flase
20
Which of the following is
not
a condition of supply?
Advertising
Indirect taxation
Cost of production
New technology
21
The price of a barrel of crude oil hit a five year low of ____ yesterday
$77
$87
$67
$57
22
Which of the following does
not
cause a shift in the demand curve?
Substitutes
Income
Price
Fashion
23
In the UK, there are more people employed in the private sector than the public sector
False
True
24
Inflation is NOT a rise in the price of goods and services we buy
True
False
25
The UK government has the power to lower stamp duty
False
True
