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The Economic Environment

Quiz by Ed Adams

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10 questions
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  • Q1
    Which of the following best describes fiscal policy
    The use of government spending & taxation
    Setting interest rates
    Providing business with incentives to make profits
    Allocating government spending to priorities
    30s
  • Q2
    What is the term used to describe the situation when total government expenditure exceeds total tax revenue?
    Fiscal problem
    Monetary Expansion
    Budget deficit
    Recession
    30s
  • Q3
    Which of the following is a direct tax?
    Excise Duty
    Sugar tax
    Income tax
    VAT
    30s
  • Q4
    During a recession the fiscal policy of a government would normally be:
    Expansionary
    Neutral
    Out of control
    Contractionary
    30s
  • Q5
    Which department has the highest annual government spending in the UK
    Transport
    Business Support
    Health
    Education
    30s
  • Q6
    Which tax generates the greatest revenue for the UK government each year?
    Corporation Tax
    Capital Gains Tax
    VAT
    Income Tax
    30s
  • Q7
    Which decision would be part of an expansionary fiscal policy?
    A freeze on public sector pay
    An increase in income tax allowances
    A cut in unemployment benefits
    A cut in regional development grants
    30s
  • Q8
    How does a government normally finance a budget deficit?
    By cutting taxes
    Cutting interest rates
    By borrowing
    By increasing government spending
    30s
  • Q9
    Deflation describes a period in the economy when
    The average level of prices are falling
    The value of the exchange rate is falling
    Economic growth is falling
    The rate in growth of prices is slowing
    30s
  • Q10
    If the consumer price index rises it shows
    All prices in the economy have risen
    On average, prices of consumer products are rising
    The economy is growing
    The value of the currency has increased
    30s

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