Mock quiz

An economy with few resources is encouraged to improve the quality of its human resources.

Which policy will lead to such an improvement?

• Protect more natural resources

• limit immigration of skilled labor

• more education and training

• reduce the use of machines in production

The price of shares 分享 in a large UK supermarket firm fell

on the London Stock Exchange 股票 in 2014

They need to reduce 减少 costs by, for example, reducing wages 工资 and increasing some workers’ working hours.

Explain why short-term survival is a goal for some firms?

解释为什么短期生存是一些公司的目标？

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OFF

Answer explanation

They may have debts, or face competition and need time to develop new products or services. They want to survive until conditions improve.

他们可能有债务，或面临竞争，需要时间来开发新产品或服务。他们想活下去，直到情况好转。

Only 1.6% of the US labour force was employed in agriculture, in contrast to India’s 45% in 2013.

While agricultural subsidies have decreased in the US, they remain high in India. The Indian

Government considers that help for its farmers is important for its national security and that foodsubsidies help reduce poverty.

Using this information, identify two examples of the factor of production ‘land’.

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OFF

Define a stock exchange.

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OFF

A product has a totally inelastic price.

What will happen to total revenue if the price of the product falls by 25%?

• It will fall by 25%.

• It will fall by zero

• it won't change

• rise by 25%

In a market there is a shortage of a goods.

What change would cause the market to come to an equilibrium?

• A decrease in supply

• a fall in price

• an increase in price

• a rise in price

A country raises the school leaving age from 15 to 17 years. What is the opportunity cost of this increased period of school education to the young people affected?

• costs of training and employing more teachers

• financial help necessary for school leavers who go to university

• government expenditure on building extra classrooms

• lost income from paid employment because of school attendance

Answer explanation

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Choose the correct answer ( click the image to make it bigger )

• P to Q

• Q to R

• R to S

• S to P