Mini-quiz 1
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National Economics and Finance Management Quiz 2009 - Mini-quiz 1
- 1.Goods that are produced this year, stored in inventories, and then sold to consumers next year
- A.
Count in both this year's and next year's GDP.
- B.
Are not counted as a part of GDP.
- C.
Count in this year's GDP.
- D.
Count in next year's GDP.
- 2.Adam and Eve are painting some railings together. Eve can strip the old paint from 15 metres of railing per hour or paint 7.5 metres of railing per hour. Adam can strip 20 metres or paint 5 metres per hour. Which of the following is true?
- A.
Adam has an absolute advantage in both activities
- B.
Eve has a comparative advantage in paint stripping
- C.
For Adam, the opportunity cost of stripping the paint from 1 metre of railings is painting 4 metres of railings
- D.
For Eve, the opportunity cost of painting 1 metre of railings is stripping 2 metres of railings
- 3.What is the role of International Monetary Fund (IMF)?
- A.
To help poorer countries with their economic development
- B.
To maintain international financial stability in global financial markets
- C.
To settle industrial and trade disputes between members
- D.
To implement and advance global trade agreements
- 4.The G20 is a group of the world's most powerful countries that together represent 85% of the world's economy. Which of the following is not one of the G20 countries?
- A.
South Africa
- B.
Saudi Arabia
- C.
Indonesia
- D.
None of the above
- 5.How does the impact of a tariff differ from that of an import quota?
- A.
A tariff always generates tax revenues to the government while a quota does not
- B.
A tariff affects the domestic price of a commodity while a quota does not
- C.
A tariff disadvantages consumers while a quota does not
- D.
A tariff encourages increased domestic production, while a quota does not
- 6.An old factory is forced by the government to install anti-pollution devices. Which of the following outcomes is a result of this action?
- A.
An increase in social costs and a reduction in negative externalities
- B.
An increase in private costs and a reduction in negative externalities
- C.
An increase in both social costs and negative externalities
- D.
An increase in both private costs and negative externalities
- 7.Unit trusts are suitable for _______________.
- A.
Long-term investors
- B.
Short-term investors
- C.
High-risk takers
- D.
Low-risk takers
- 8.Which of the following should you NOT consider before investing?
- A.
- 9.CPF Ordinary Account can be use for the following except:-
- A.
Investment
- B.
Funding for children’s education
- C.
Buying a house
- D.
Buying medical insurance
- 10.Which of the following is NOT an example of a scam?
- A.
Boiler-Room scam
- B.
Ponzi scam
- C.
Pump and Dump scam
- D.
Pascal scam
- 11.The motor insurer takes into account which of the following risk factors when setting the motorist’s premium:-
- A.
Make, Model and Age of Vehicle
- B.
Age, Gender and Occupation of motorist
- C.
Claims history of motorist
- D.
All of the above
- 12.Which of the following regarding bankruptcy is false?
- A.
The bankrupt cannot leave the country without permission from the Official Assignee
- B.
The bankrupt cannot incur credit exceeding $500 without disclosing his bankruptcy
- C.
The bankrupt cannot be a director of a company under all circumstances
- D.
There is no automatic discharge from bankruptcy
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