Economics Quiz
A quiz on Economics, Foreign Trade and Currencies for Junior Certificate Business Studies. This quiz is a revision of Chapters 18, 19 & 20 from your textbook.
- 1.
Which one of the following is a need?
- A.
Car
- B.
Mobile Phone
- C.
Food
- D.
Insurance
Correct Answer
C. Food -
- 2.
Seán had €15 to spend. He could have purchased a DVD or a football shirt. He decided to buy the DVD. What is the financial cost of his decision?
- A.
Not buying the football shirt
- B.
€15
- C.
The Opportunity Cost
- D.
The DVD
Correct Answer
B. €15 -
- 3.
Profit is one of the factors of production.
- A.
True
- B.
False
Correct Answer
B. False -
- 4.
There are different types of economic systems. What type of economic system do we have in Ireland?
- A.
Closed
- B.
Free-market
- C.
Centrally-planned
- D.
Mixed
Correct Answer
D. Mixed -
- 5.
The increase in the production of goods and services from one year to the next is known as..?
- A.
Inflation
- B.
Economic growth
- C.
Unemployment
- D.
None of the above
Correct Answer
B. Economic growth -
- 6.
Which one of the following factors of production would machinery belong to?
- A.
Land
- B.
Labour
- C.
Capital
- D.
Enterprise
Correct Answer
C. Capital -
- 7.
GDP stands for "General Domestic Product".
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
GDP stands for Gross Domestic Product.Rate this question:
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- 8.
If something cost €200 last year and is now priced at €210, what is the rate of inflation?
- A.
5%
- B.
10%
- C.
€10
- D.
None of the above
Correct Answer
A. 5%Explanation
The price has increased by €10.
€10/€200 x 100 = 5%Rate this question:
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- 9.
What is used to measure the inflation rate in Ireland?
- A.
GNP
- B.
CPI
Correct Answer
B. CPIExplanation
Consumer Price IndexRate this question:
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- 10.
Which one of the following companies was privatised by the government?
- A.
AIB
- B.
Irish Nationwide
- C.
EBS
- D.
Aer Lingus
Correct Answer
D. Aer Lingus -
- 11.
The current National Budget is which one of the following?
- A.
Budget Deficit
- B.
Budget Surplus
- C.
Balanced Budget
Correct Answer
A. Budget Deficit -
- 12.
Debt Servicing is an example of capital expenditure by the government.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Debt Servicing is where the government is paying interest on the National Debt each year. This is an example of current expenditure.Rate this question:
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- 13.
IMF stands for..?
- A.
Irish Monetary Facility
- B.
International Money Fund
- C.
International Monetary Fee
- D.
International Monetary Fund
Correct Answer
D. International Monetary Fund -
- 14.
The Balance of Trade only records the imports and exports of services.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The Balance of Trade only records the imports and exports of goods.Rate this question:
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- 15.
Visible imports = €40bn Visible exports = €100bn Invisible imports = €60bn Invisible exports = €130bn Calculate the Balance of Payments?
- A.
Surplus €100bn
- B.
Deficit €10bn
- C.
Surplus €130bn
- D.
Deficit €130bn
Correct Answer
C. Surplus €130bn -
- 16.
Which one of the following countries is not a member of the Euro?
- A.
Malta
- B.
Slovenia
- C.
Denmark
- D.
Italy
Correct Answer
C. Denmark -
- 17.
The European Central Bank is based in Luxembourg.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
It's based in Frankfurt.Rate this question:
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- 18.
€1 = $1.32 You have €500. How much will you get in dollars from the Bureau de Change in your bank?
- A.
$500
- B.
$378.79
- C.
€660
- D.
$660
Correct Answer
D. $660Explanation
500 x 1.32 = $660Rate this question:
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- 19.
Dollar is the currency of India?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The currency of India is the rupee.Rate this question:
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- 20.
€1 = YEN125 You have YEN450 left over from a school tour. How much in Euro will you get for your YEN?
- A.
€5,625
- B.
€3.60
- C.
€360
- D.
€56,250
Correct Answer
B. €3.60Explanation
450 / 125 = 3.60Rate this question:
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Current Version
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Mar 21, 2022Quiz Edited by
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Feb 16, 2012Quiz Created by
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