
The Economic Environment
Quiz by Ed Adams
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10 questions
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- Q1Which of the following best describes fiscal policyThe use of government spending & taxationSetting interest ratesProviding business with incentives to make profitsAllocating government spending to priorities30s
- Q2What is the term used to describe the situation when total government expenditure exceeds total tax revenue?Fiscal problemMonetary ExpansionBudget deficitRecession30s
- Q3Which of the following is a direct tax?Excise DutySugar taxIncome taxVAT30s
- Q4During a recession the fiscal policy of a government would normally be:ExpansionaryNeutralOut of controlContractionary30s
- Q5Which department has the highest annual government spending in the UKTransportBusiness SupportHealthEducation30s
- Q6Which tax generates the greatest revenue for the UK government each year?Corporation TaxCapital Gains TaxVATIncome Tax30s
- Q7Which decision would be part of an expansionary fiscal policy?A freeze on public sector payAn increase in income tax allowancesA cut in unemployment benefitsA cut in regional development grants30s
- Q8How does a government normally finance a budget deficit?By cutting taxesCutting interest ratesBy borrowingBy increasing government spending30s
- Q9Deflation describes a period in the economy whenThe average level of prices are fallingThe value of the exchange rate is fallingEconomic growth is fallingThe rate in growth of prices is slowing30s
- Q10If the consumer price index rises it showsAll prices in the economy have risenOn average, prices of consumer products are risingThe economy is growingThe value of the currency has increased30s