[{"id":213089,"question":"Which of the following is not likely to be a government objective.","choices":[{"text":"Increasing employment","value":"A"},{"text":"Increasing economic growth","value":"B"},{"text":"Increasing government spending","value":"C"},{"text":"Increasing the level of exports","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213088,"question":"Which of the following is a possible government objective as opposed to a policy.","choices":[{"text":"Lower interest rates","value":"A"},{"text":"Lower taxation rates","value":"B"},{"text":"Lower government spending","value":"C"},{"text":"Lower inflection","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213087,"question":"Which of the following is a policy instrument .as opposed to a government objective.","choices":[{"text":"Lower interest rates","value":"A"},{"text":"A better balance of trade position","value":"B"},{"text":"Faster economic growth","value":"C"},{"text":"Lower un employment","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213086,"question":"Which of the following can the government not use directly to control the economy.","choices":[{"text":"Pay rates within the privates sector","value":"A"},{"text":"Pay rates in the public sector","value":"B"},{"text":"Investment in education","value":"C"},{"text":"Benefits available for the un employed and sick","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213085,"question":"Which of the following is not a macro economic issue.","choices":[{"text":"Unempolyment","value":"A"},{"text":"Inflaction","value":"B"},{"text":"The wages paid to footballers","value":"C"},{"text":"Economic growth","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213084,"question":"Which does the government not control directly.","choices":[{"text":"Spending on health","value":"A"},{"text":"spending on defense","value":"B"},{"text":"Firm's investment decisions","value":"C"},{"text":"spending on education","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213083,"question":"Which of the following is not involved with fiscal policy.","choices":[{"text":"Income tax","value":"A"},{"text":"National insurance","value":"B"},{"text":"VAT","value":"C"},{"text":"Interest rates","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213082,"question":"If employees cannot accept a job because of the costs of moving this is known as.","choices":[{"text":"Occupational immobility","value":"A"},{"text":"Cyclical unemployment","value":"B"},{"text":"Structural immobility","value":"C"},{"text":"Geographical immobility","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213081,"question":"In a perfectly competitive labour market firms are wage takers and the marginal cost of labour equals.","choices":[{"text":"the average cost of labour","value":"A"},{"text":"The marginal product","value":"B"},{"text":"The marginal revenue","value":"C"},{"text":"The total cost of labour","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213080,"question":"A profit maximizing firm will employ labour up to the point where.","choices":[{"text":"Marginal revenue = Marginal product","value":"A"},{"text":"Margial cost = Marginal product","value":"B"},{"text":"Marginal revenue product = Average cost of labour","value":"C"},{"text":"Marginal revenue product = Marginal cost of labour","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213079,"question":"Demand for labour is more likely to be wage inelastic if.","choices":[{"text":"Wages are a small proportion of total costs","value":"A"},{"text":"Demand for the final product is price elastic","value":"B"},{"text":"It is easy to replace labour","value":"C"},{"text":"Capital is a good substitute forlabour","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213078,"question":"The marginal Revenue product is.","choices":[{"text":"Upward sloping due to the law of demand","value":"A"},{"text":"Upward sloping due to the law of marginal utility","value":"B"},{"text":"Downward sloping due to the law of diminishing returns.","value":"C"},{"text":"Downward sloping due to the law of supply","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213077,"question":"An increase in the wage rate.","choices":[{"text":"Will usually lead to more people employed","value":"A"},{"text":"Will decrease total earnings if the demand for labour is wage elastic","value":"B"},{"text":"Is illegal in a free market","value":"C"},{"text":"Will cause a shift in the demand for labour","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213076,"question":"An independent assessment of the impact of firm's activities on society is called a.","choices":[{"text":"Financial audit","value":"A"},{"text":"Balance sheet","value":"B"},{"text":"Profit and uses account","value":"C"},{"text":"Social audit","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213075,"question":"Companies in the private sector are owned by","choices":[{"text":"The government","value":"A"},{"text":"Shareholders","value":"B"},{"text":"Employees","value":"C"},{"text":"The community","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213074,"question":"If the marginal revenue is positive","choices":[{"text":"Selling another unit will increase total revenue","value":"A"},{"text":"Selling another unit will increase profits","value":"B"},{"text":"Selling another unit will increase cost","value":"C"},{"text":"Selling another unit will increase average revenue","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213073,"question":"Normal profit occurs when","choices":[{"text":"Average revenue equals average variable cost","value":"A"},{"text":"Marginal revenue equals marginal cost","value":"B"},{"text":"Average revenue equals marginal cost","value":"C"},{"text":"Average revenue equals average cost","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213072,"question":"To be productively efficient a firm must produce where","choices":[{"text":"Marginal costs are maximized","value":"A"},{"text":"Marginal costs are minimized","value":"B"},{"text":"Average costs are minimized","value":"C"},{"text":"Average revenue is maximized","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213071,"question":"To be allocatively efficient ta firm must produce where","choices":[{"text":"the total cost equals demand","value":"A"},{"text":"the average revenue equals the marginal revenue","value":"B"},{"text":"The price equals the average cost","value":"C"},{"text":"The price equals the marginal cost","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213070,"question":"When marginal revenue equals marginal cost","choices":[{"text":"Total revenue equal total cost","value":"A"},{"text":"There is the biggest positive difference between total revenue and total cost","value":"B"},{"text":"there is the biggest negative difference between total revenue and total cost.","value":"C"},{"text":"Profits are zero","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213069,"question":"Profit is measured by","choices":[{"text":"Revenue - Fixed costs","value":"A"},{"text":"Fixed cost + revenue","value":"B"},{"text":"Revenue - sales","value":"C"},{"text":"Revenues - total costs","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213068,"question":"To maximize sales revenue a firm should produce where","choices":[{"text":"Marginal cost is zero","value":"A"},{"text":"Marginal revenue is maximized","value":"B"},{"text":"Marginal revenue is zero","value":"C"},{"text":"Marginal revenue equals marginal cost","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213067,"question":"If firms join together to set prices and quantities this is known as what.","choices":[{"text":"Interaction","value":"A"},{"text":"Conglomerate","value":"B"},{"text":"Collusion","value":"C"},{"text":"Integration","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213066,"question":"Unfair competition does not include","choices":[{"text":"Price cutting","value":"A"},{"text":"predatory pricing","value":"B"},{"text":"Cartels","value":"C"},{"text":"Price fixing","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213065,"question":"Acquisition and merger are examples of.","choices":[{"text":"Internal growth","value":"A"},{"text":"External growth","value":"B"},{"text":"Organic growth","value":"C"},{"text":"Underlying growth","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213064,"question":"Horizontal integration may lead to internal economics of scale. Which of the following is not a type of internal economy of scale.","choices":[{"text":"Purchasing","value":"A"},{"text":"Technical","value":"B"},{"text":"Financial","value":"C"},{"text":"Safety","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213063,"question":"If one car company takes over another car company this is an example of which type of integration.","choices":[{"text":"Vertical","value":"A"},{"text":"Horizontal","value":"B"},{"text":"Conglomerate","value":"C"},{"text":"Literal","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213062,"question":"If the price elasticity is -0.3 this means.","choices":[{"text":"Demand is upward sloping","value":"A"},{"text":"Demand is price elastic","value":"B"},{"text":"A price fall would increase revenue","value":"C"},{"text":"Demand is price inelastic","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213061,"question":"A benefit to consumers of price discrimination is that","choices":[{"text":"Some products are produced that would not other wise be produced","value":"A"},{"text":"Producer surplus increases","value":"B"},{"text":"Consumer surplus decreases","value":"C"},{"text":"Firms profits increase","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213060,"question":"In perfect price discrimination","choices":[{"text":"Consumer surplus is maximized","value":"A"},{"text":"Produce surplus is zero","value":"B"},{"text":"Community surplus is maximized","value":"C"},{"text":"Consumer surplus is zero","value":"D"},{"value":"E"}],"correctAnswer":4}]