A Level: 7 - External Economic Influences

A Level: 7 - External Economic Influences

12th Grade

25 Qs

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A Level: 7 - External Economic Influences

A Level: 7 - External Economic Influences

Assessment

Quiz

Business

12th Grade

Practice Problem

Easy

Created by

Niall Clark

Used 3+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

What is meant by 'inflation' in an economy?

An increase in unemployment
A fall in consumer demand
A general increase in prices
A decrease in wages

Answer explanation

Inflation means a general rise in prices, reducing purchasing power.

2.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Which policy involves government spending and taxation?

Monetary policy
Fiscal policy
Supply-side policy
Exchange rate policy

Answer explanation

Fiscal policy focuses on taxation and government spending.

3.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

What happens during the 'boom' phase of the business cycle?

Rising unemployment and low demand
Falling prices and increased investment
High demand, rising prices, and low unemployment
Stable GDP and low inflation

Answer explanation

A boom is characterised by strong growth, low unemployment, and rising prices.

4.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

How does a rise in interest rates typically affect consumers?

Encourages more borrowing
Makes saving less attractive
Discourages borrowing and reduces spending
Leads to lower inflation immediately

Answer explanation

Higher interest rates discourage borrowing, reducing consumer demand.

5.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Which of these is an example of a supply-side policy?

Increasing VAT
Cutting interest rates
Subsidising worker training
Printing more money

Answer explanation

Subsidising training improves labour skills – a supply-side strategy.

6.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

What is the main goal of monetary policy?

Managing exports
Controlling inflation through interest rates
Providing government subsidies
Changing tax brackets

Answer explanation

Monetary policy uses interest rates to target inflation and economic stability.

7.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Which policy tool is directly controlled by the central bank?

Corporate tax levels
Welfare payments
Interest rates
Minimum wage laws

Answer explanation

Central banks set base interest rates to influence borrowing and inflation.

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