|
1
|
Changes made to fiscal
policy would involve changes in
d. Taxation
and government spending
|
|
2
|
Decreasing government
spending while increasing the tax rate would be the best policy for combating
b. Inflation
|
|
3
|
What will most likely
result if the deprive of apples decreases?
a.
The quantity of
apples demanded will increase
|
|
4
|
Robin wants to buy an
Xbox. According to the laws of economics Robin will buy the Xbox if
b. The
marginal benefit is greater than the marginal cost
|
|
5
|
The best advantage of
using money rather than a barter system is its use as a
b. Medium
of exchange
|
|
6
|
If you wanted to
understand the relationship between households, businesses and resources, you
would study
a.
The circular
flow model
|
|
7
|
Zack wants to buy a new
drum set for his band. He visits two music stores over the weekend to compare
prices. For Zack, money is functioning as
a.
A unit of
account
|
|
8
|
The most significant difference
between gross domestic product and gross national product would be
c. Net
income from foreign assets
|
9
|
How would advancements in
technology affect the labour demand curve?
c. It
would shift to the right
|
|
10
|
If Michelle’s annual
incomes has increased and it is observed that her demand for fish has
increased, then fish must be considered
b. A
normal good
|
|
11
|
Suppose it is necessary
for tin to be used in the production of guitar strings. If the price of tin
decreases and all other variables are constant, what will most likely happen?
d. The
supply of guitar strings will increase
|
|
12
|
If the U.S. government
lowered taxes to aid the recovery from a recession, that is an example of
c. Discretionary
fiscal policy
|
|
13
|
Changes made in monetary
policy would involve changes in
a.
Interest rates
|
|
14
|
All of the following
influence a nation’s rate of growth EXCEPT
d. An
increase in the rate of inflation
|
|
15
|
The unemployment rate is
currently at 9% is a
b. Normative statement
|
|
16
|
The unemployment rate is
too high is a
a. Normative
statement
|
|
17
|
The water-diamond paradox is
also known as
b. The paradox of value
|
|
18
|
One of factor of
production has a backward bending supply curve. Which one of the following?
b. Labour
|
|
19
|
Economics distinguishes
between needs and wants.
a.
True
|
|
20
|
A centrally planned
economy is a command economy.
a.
True
|
Top scorers: 17/20 : Anam Merchant, Sherlyn Pereira,
16/20 : Avril Lewis, Emilia Fernandes, Fatima Khan, Gaurav Malik, Navin Mittal, Vaishnavi Kedia,
15/20 : Alisha Ahmed, Jaqueline Simon, Racheal DSouza, Sera Gonsalves, Shonil Furtado, Wilma D'Souza.
CONGRATULATIONS TO ALL PARTICIPANTS AND TOP SCORERS
