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Economics Quiz 29.03.2021

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15 questions

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  • 1. Multiple Choice
    2 minutes
    1 pt

    In 2012 the local government of a city decided to increase parking charges for motorists. It was intended to raise money to correct a deficit in the local government’s budget. The local government said if they did not increase charges they would not be able to provide all their current services. Businesses complained about the likely loss of revenue if parking charges were increased. Which concepts does this statement involve?

    A inflation and the private sector

    B opportunity cost and public expenditure

    C private benefit and the free market

    D unlimited resources and a centrally planned economy

    A

    B

    C

    D

  • 2. Multiple Choice
    1 minute
    1 pt

    What is a factor of production?

    A a semi-skilled, young worker

    B direct taxes received by a government

    C shares in a manufacturing company

    D stocks of money held a bank

    A

    B

    C

    D

  • 3. Multiple Choice
    1 minute
    1 pt

    How is an immediate effect of an increase in unemployment illustrated on a production possibility curve diagram?

    A a movement of the production point closer to the curve

    B a movement of the production point further inside the curve

    C a shift of the production possibility curve inwards

    D a shift of the production possibility curve outwards

    A

    B

    C

    D

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