Font size
WorksheetsEconomics ECA - Baseline Quiz
Total questions: 31
Worksheet time: 46mins
Match the Microeconomic Terms with their Definitions
Demand
A
Factors of Production
E
Economies of Scale
D
Price Elasticity of Demand
B
Supply
C
Match the Macroeconomic Terms with their Definition
Inflation
A
Globalisation
E
Unemployment
B
GDP
D
Fiscal Policy
E
Using all available resources an economy produces different combinations 组合 of two types of good, clothes and food, shown on the production possibility curve (PPC) 生产可能性曲线 diagram. What does the PPC show?
It is more efficient 高效 to produce more of clothes than food.
It is only possible to increase the output 输出 of clothes by reducing the output of food.
The best situation is to produce equal units of clothes and food.
The cost of producing a unit of clothes is always higher than the cost of producing a unit of food.
A government subsidised 补贴的 a new factory in a rural area 农村地区 to create jobs. It also provided training courses at a college. Objectors 反对者 claimed the development would destroy an area of natural beauty.
economic growth, resource allocation, free market equilibrium
government intervention, monetary policy, opportunity cost
public good, market prices, fiscal policy
supply-side policy, negative externalities, factors of production
Reena makes a living by selling paintings of the town in which she lives. She sells them in an open-air market 露天市场 once a week. In order to be able to sell more pictures in a week she decides to buy a studio 工作室, pay someone to help in the studio and try to increase demand by advertising 广告 in the local paper 报纸. Which factors of production were changed?
capital only
labour and capital
labour and land
labour only
A market consists of 10 individuals with different demand curves in a given period. What is a calculation that could be used as part of the process to determine the market equilibrium 市场均衡 in that period?
at each price add the quantities demanded by each individual
at each quantity average the price that each individual is prepared to pay
combine the price elasticity of demand (PED) and the price elasticity of supply (PES) at each price
determine the PED and multiply it by the quantity demanded
The diagram shows the market for a good. The equilibrium is at point X. The government fixes a minimum price for the good at P2. What will happen in the market as a result?
The market equilibrium will remain the same.
The quantity demanded will rise to Q2.
The quantity supplied will fall to Q3.
There will be an excess supply.
How might the concept of price elasticity of demand (PED) be useful for a government?
to determine the effect on employment 就业 of a change in income tax 所得税
to determine the effect on government revenue of a rise in the rate of interest 利率
to determine the effect of providing a public good
to determine the result of imposing 庄严的 a tariff 关税 on imports 进口
Governments sometimes intervene 干预 in the economy when the market fails. What is the most likely reason why government intervention may make the situation worse?
Government decisions can take a long time to have an effect.
Governments consider the views of both consumers 消费者 and producers 制片人.
Governments have more resources to calculate costs and benefits than private firms.
Governments may take decisions to reduce negative externalities. 负外部性
Which function 函数 do central banks 中央银行 and commercial banks 商业银行 have in common?
acting as a banker’s bank
controlling monetary policy 货币政策
dealing with foreign exchange 外汇
supervising 监督 the banking system
What may cause an individual to save a higher proportion 比例 of their income?
a belief that the price of goods will rise in the future
a fall in the rate of interest 利率 paid by the country’s banks
a fear that income will fall in the future
a rise in the individual’s wish to enjoy higher consumption immediately
When might a trade union 工会 be most likely to achieve a good pay deal for its members?
when labour costs are a high percentage of the firm’s total costs
when rival firms successfully introduce an alternative product 替代产品
when the firm is introducing capital-intensive 资本密集型
production
when the firm is making large profits
What is found in a competitive market?
Every firm earns large profits.
Firms with limited capital can enter the market.
The costs of production are always lower than in a monopoly.
There is limited choice for consumers.
What benefit is likely to result from the extension of specialisation 专业化 within manufacturing 制造业?
For a consumer, there are more individually made goods available.
For a consumer, there could be a lower cost of living.
For an employee, job satisfaction will increase.
For an employee, the nature of work is more varied 多样化的.
Which level of output gives maximum profit?
A
B
C
D
A large pizza chain in the US decided to sell sandwiches 三明治 as well to try to increase its revenue. Which term describes this change?
A diversification 多元化
B externalities 外部性
C horizontal merger 横向合并
D vertical merger 垂直合并
Why might a government encourage a monopoly 垄断?
It can compete against foreign firms.
It can have high average costs.
It can make excessive 过度的 profits.
It can prevent innovation 创新
What is the most likely result of an increase in interest rates 利率?
a fall in consumer spending
a fall in productivity 生产力
a rise in borrowing 借款
a rise in investment 投资支持
投资支出
What is the total amount of revenue raised by direct taxes 直接税?
$280m
$700m
$730m
$950m
Which combination of government policies is most likely to increase the rate of growth of domestic 国内 production in an economy?
an increase in expenditure 支出 on infrastructure 基础设施 and an increase in income tax 所得税
an increase in interest rates 利率 and an increase in quotas 配额 on imported goods 进口商品
an increase in sales tax销售税 and an increase in education expenditure
an increase in subsidies 补贴 to domestic industry and an increase in tariffs 关税
The managers 经理们 of a firm 公司 have to discuss the following topics. Which topic is least likely to be directly affected by the government's influence on the firm?
A health and safety laws 健康与安全法规
B replacing one of its managers
C the interest 利率 it pays on borrowed money 借来的钱
D the minimum wage 最低工资 it must pay its workers
The table shows unemployment and inflation statistics for the US, Japan and Sweden 瑞典 for year 1 and year 2. Which conclusion can be made from the table?
In year 1, the cost of living rose in the US.
In year 1, the same number of people were unemployed in Sweden and Japan.
The number of unemployed people decreased in all three countries.
Unemployment and inflation moved in the same direction in Japan.
Why is the Human Development Index (HDI) 人类发展指数 a better indicator of comparative living standards than Gross Domestic Product (GDP) per head 人均国内生产总值?
It includes international trade. 国际贸易
It includes more measures of living standards.
It is measured in money terms.
It is more directly linked to economic growth.
What might have caused these changes in prices?
an increase in government subsidies 补贴 to house builders
an increase in income
an increase in the supply of houses
an increase in unemployment
What is meant by an optimum 最优 population for a country?
a population that balances its birth rate and its death rate
a population that maximises output per head
a population that results in fewest negative externalities 负外部性
a population that uses all resources available
What does a population pyramid 人口金字塔 of a country show?
its age and sex distribution
its employment pattern
its income distribution
its migration pattern 迁徙模式
What is usually found in a developed country 发达国家?
a high GDP per head 人均国内生产总值 with a low level of employment
a high level of labour skills with a low level of car ownership 汽车拥有量
a high rate of adult literacy 识字率 with a low level of poverty 贫困
a high rate of population growth with a low level of labour productivity 劳动生产率
What is the least likely feature of globalisation 全球化?
integration of trade
贸易一体化
international capital flows
国际资本流动
the spread of multinational companies
跨国公司的扩张
unrestricted movement of labour
劳动力自由流动
The diagrams show the composition 成分 of exports 出口 and imports 进口 of a country. What is true for this country?
There is a deficit 赤字 in the balance of trade in goods 货物贸易差额.
There is a deficit in the balance of trade in services 服务贸易差额
There is a surplus 盈余 in the balance of trade in goods.
There is a surplus in the balance of trade in services.
Countries in Europe were in a recession 经济衰退 in 2012. World oil prices 世界油价 were expected to fall. In fact in 2012, oil prices rose. Which international events might explain this? Select the option that best explains the rise in oil prices in 2012.
A. European industrial production 欧洲工业生产 declined / China increased its car production
B. India invested huge amounts in road building / Japan’s economy had negative growth
C. Middle East 中东 conflicts made oil supplies uncertain / Saudi Arabia 沙特阿拉伯 increased oil production
D. new oil exploration in Poland 波兰 was successful / demand for alternative fuels 替代燃料 increased
The chart shows China's GDP per capita growth. Explain the possible reasons for this economic growth.
Gross Domestic Product (GDP) (国内生产总值): 在一段时间内（通常一年），一个国家生产的商品和服务的总值
GDP per capita (人均国内生产总值): 一种将国家经济产出分解为人均分配的经济指标。
