Economics Quiz

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1/20 Questions

Which one of the following is a need?
- Car
- Mobile Phone
- Food
- Insurance

About This 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.

2.

Dollar is the currency of India?
- True
- False
Correct Answer

A. False

Explanation

The currency of India is the rupee.

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3.

There are different types of economic systems. What type of economic system do we have in Ireland?
- Closed
- Free-market
- Centrally-planned
- Mixed
Correct Answer

A. Mixed
4.

The increase in the production of goods and services from one year to the next is known as..?
- Inflation
- Economic growth
- Unemployment
- None of the above
Correct Answer

A. Economic growth
5.

€1 = YEN125 You have YEN450 left over from a school tour. How much in Euro will you get for your YEN?
- €5,625
- €3.60
- €360
- €56,250
Correct Answer

A. €3.60

Explanation

450 / 125 = 3.60

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6.

Profit is one of the factors of production.
- True
- False
Correct Answer

A. False
7.

Which one of the following factors of production would machinery belong to?
- Land
- Labour
- Capital
- Enterprise
Correct Answer

A. Capital
8.

If something cost €200 last year and is now priced at €210, what is the rate of inflation?
- 5%
- 10%
- €10
- None of the above
Correct Answer

A. 5%

Explanation

The price has increased by €10.

€10/€200 x 100 = 5%

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9.

What is used to measure the inflation rate in Ireland?
- GNP
- CPI
Correct Answer

A. CPI

Explanation

Consumer Price Index

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10.

€1 = $1.32 You have €500. How much will you get in dollars from the Bureau de Change in your bank?
- $500
- $378.79
- €660
- $660
Correct Answer

A. $660

Explanation

500 x 1.32 = $660

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11.

GDP stands for "General Domestic Product".
- True
- False
Correct Answer

A. False

Explanation

GDP stands for Gross Domestic Product.

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12.

IMF stands for..?
- Irish Monetary Facility
- International Money Fund
- International Monetary Fee
- International Monetary Fund
Correct Answer

A. International Monetary Fund
13.

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?
- Not buying the football shirt
- €15
- The Opportunity Cost
- The DVD
Correct Answer

A. €15
14.

The current National Budget is which one of the following?
- Budget Deficit
- Budget Surplus
- Balanced Budget
Correct Answer

A. Budget Deficit
15.

Visible imports = €40bn Visible exports = €100bn Invisible imports = €60bn Invisible exports = €130bn Calculate the Balance of Payments?
- Surplus €100bn
- Deficit €10bn
- Surplus €130bn
- Deficit €130bn
Correct Answer

A. Surplus €130bn
16.

The Balance of Trade only records the imports and exports of services.
- True
- False
Correct Answer

A. False

Explanation

The Balance of Trade only records the imports and exports of goods.

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17.

The European Central Bank is based in Luxembourg.
- True
- False
Correct Answer

A. False

Explanation

It's based in Frankfurt.

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18.

Debt Servicing is an example of capital expenditure by the government.
- True
- False
Correct Answer

A. False

Explanation

Debt Servicing is where the government is paying interest on the National Debt each year. This is an example of current expenditure.

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19.

Which one of the following companies was privatised by the government?
- AIB
- Irish Nationwide
- EBS
- Aer Lingus
Correct Answer

A. Aer Lingus
20.

Which one of the following countries is not a member of the Euro?
- Malta
- Slovenia
- Denmark
- Italy
Correct Answer

A. Denmark

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Current Version
Mar 21, 2022

Quiz Edited by
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Feb 16, 2012

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Economics Quiz

Which one of the following is a need?

Quiz Preview

Dollar is the currency of India?

There are different types of economic systems. What type of economic system do we have in Ireland?

The increase in the production of goods and services from one year to the next is known as..?

€1 = YEN125 You have YEN450 left over from a school tour. How much in Euro will you get for your YEN?

Profit is one of the factors of production.

Which one of the following factors of production would machinery belong to?

If something cost €200 last year and is now priced at €210, what is the rate of inflation?

What is used to measure the inflation rate in Ireland?

€1 = $1.32 You have €500. How much will you get in dollars from the Bureau de Change in your bank?

GDP stands for "General Domestic Product".

IMF stands for..?

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?

The current National Budget is which one of the following?

Visible imports = €40bn Visible exports = €100bn Invisible imports = €60bn Invisible exports = €130bn Calculate the Balance of Payments?

The Balance of Trade only records the imports and exports of services.

The European Central Bank is based in Luxembourg.

Debt Servicing is an example of capital expenditure by the government.

Which one of the following companies was privatised by the government?

Which one of the following countries is not a member of the Euro?