Economics is amazing

If I earn 50,000 AED this year, as last year I had a pay rise of 10%. How much was I earning?

• 45,454.55

• 45,000

• 40,000

• 46,169.43

What is the acronym for how much the government needs to borrow to fund their fiscal budget?

• GCR

• PCM

• PSNB

• BOE

Which of the following is not a true reason why someone would be refused job seekers allowance?

• They are 17 years old

• They were not born in the UK

• The have a large amount of savings

• They have a rich partner

If unemployment in 2015 was 1.2.million and now in 2022 it is 3.1. million. Setting 2015 as the base year, what is the index number for 2022

• 38.7

• 163.2

• 188.4

• 258.3

When is the UK budget announced each year?

• December

• January

• February

• March

If MPS = 0.25, MPT = 0.25 and MPT 0.25. What impact would a $200million injection create in output?

• $266.67m

• $800m

• $356.9m

• $145m

How much tax was paid in total by the consumers?

• 4800

• 1600

• 800

• 1000

If cars and chickens have an XED of -0.1. What does this mean?

• Close compliments

• Loosely complimentary

• Loosely seen as substitutes

• Close substitutes

What is true about an elasticity being -0.5

• Inelastic PED/Compliment XED/Inferior good YED

• Inelastic PED/Substitute XED/Inelastic PES

• Elastic PED/Normal good YED/Compliment XED

• Luxury YED/inferior good YED/Substitute XED

If inflation is 4% and I earn a 6% pay rise, what is my nominal % pay increase?

• 2%

• 6%

• 10%

• -2%