WorksheetsMacro 3-5-19
Total questions: 17
Worksheet time: 9mins
What is meant by scarcity
Unlimited wants greater than limited resources
Demand greater than supply
An economy is producing within its PPF
All resources are sustainable
What is Globalisation?
Process by which countries have become more and more interconnected making it easier for businesses to trade internationally.
Made the EU one territory without borders or regulations allowing the free movement of people, goods and services.
The annual difference between a country's exports and imports is called what?
Net Exports
High Exports
Low Exports
What is the difference between nations exports and imports?
Balance of Trade
Real GDP
Comparative Advantage
Absolute Advantage
The W T O works as:
The referee on trade
The bank for countries
The voice of corporations
The association of transnational companies
Countries usually impose restrictions on free foreign trade to...
Protect Foreign Producers
Protect Foreign Consumers
Protect Domestic Producers
Protect Domestic Consumers
Which is not a protectionist policy?
Quota
Tariff
Subsidies
Decreased VAT
What happens to the overall demand for goods when a tariff is introduced?
Increases
Decreases
Stays the same
Will fluctuate
What happens to the average price of goods when a tariff is imposed?
Increase
Decrease
Stay the same
Fluctuate
Who is a quota designed to restrict?
Domestic consumer
Foreign consumer
Foreign producer
Domestic producer
Who benefits most from the increase in level of tariffs?
Domestic producers
Foreign producers
Domestic consumers
Foreign consumers
Which is not found on the balance sheet?
Current assets
Net profit
Retained profit
Total equity
Which item will always appear at the end of a balance sheet?
Net assets
Current assets
Long term liabilities
Total equity
Who is responsible for ensuring financial firms do not pose systemic risk?
FCA
PRA
FPC
CMA
This firm ensures the interests of consumers of financial products are protected.
FCA
PRA
FPC
CMA
Who was the previous regulator of the financial services industry?
OFT
Bank of England
FSA
FOS
