NEC preparation 9
Quiz
•
Business
•
10th Grade
•
Practice Problem
•
Medium
JieYing Xiao
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10 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A firm produces 1000 units and has a total cost of $50 000. The variable cost per unit produced is $40.
What is the total fixed cost of the firm?
$1000
$4000
$10000
$40000
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
When is the budget described as balanced?
when direct taxes and indirect taxes are equal
when exports and imports are equal
when government spending and government revenue are equal
when the demand for money and the supply of money are equal
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the main aim of supply-side policy?
increasing economic growth by raising productivity
increasing the balance of payments surplus by restricting free trade
reducing the government’s budget deficit by increasing taxation
reducing the money supply by increasing the rate of interest
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A government has a contractionary fiscal policy to reduce inflation. What will the government increase?
expenditure on infrastructure
income tax rates
personal tax allowances
unemployment benefits
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What would not be required in the construction of an index of consumer prices?
the selection of a base year
the selection of a representative range of items
the calculation of average wage levels
the weighting of each item in the index
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
In recent years some low-income countries have achieved higher rates of economic growth than high-income countries.
What is most likely to explain this accelerated economic growth?
ease of transfer of modern technology to increase productivity
falling agricultural prices
higher ratios of labour to capital in manufacturing industries
increased trade barriers by high-income countries
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A perfectly inelastic supply curve represents
a product supply that is extremely responsive to a price change.
a product with a constant price, regardless of the quantity offered for sale.
a product in abundant in supply.
a fixed supply of a good.
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