Terminology Online Test With Answers

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Terminology Online Test

Sr. # Questions Answers Choice
1 To anticipate what the economy is going to do next the government will look at:
 Lagging indicators <br> Flashing indicators <br> Coincidental indicators <br> Leading indicators<br>
2 Which of the following is not a macroeconomic issue?
 Unemployment<br> Inflation <br> The wages paid to footballers <br> Economic growth<br>
3 Which does the government not control directly?
 Spending on health<br> Spending on defence <br> Firms investment decisions <br> Spending on education <br>
4 Which of the following is not involved with fiscal policy?
 Income tax<br> VAT <br> National insurance<br> Interest rates<br>
5 Normal profit occurs when:
 Average revenue equals average variable cost<br> Marginal revenue equals marginal cost<br> Average revenue equals marginal cost <br> Average revenue equals average cost <br>
6 Barriers to entry do not include:
 Patents <br> Internal economies of scale <br> Mobility of resources<br> High investment costs <br>
7 In monopoly when abnormal profits are made:
 The price set is greater than the marginal cost<br> The price is less than the average cost <br> The average revenue equals the marginal cost <br> Revenue equals total cost <br>
8 Which factor is not related to economic development?
 Continuous process <br> Increase in real national income <br> Long run and continuous increase <br> Compulsory change in economic walfare<br>
9 A market with few  entry barriers and with many firms that sell different product is:
 Purely competitive<br> A monopoly <br> Monopolistically competitive<br> Oligopolistic <br>
10 A monopolisitically competitive firm in short run equilibrium:
 Will make negative profit (loss money)<br> Will make zero profit (break-even)<br> Will make positive profit <br> Any of the given are possible<br>
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