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A government might increase its budget deficit in order to reduce

A.

Demand-deficient or cyclical unemployment

B.

Frictional unemployment

C.

Technological unemployment

D.

Classical or real-wage unemployment

All of the following are supply side policies to promote economic growth except which one?

A.

Reduction of marginal rates of income tax.

B.

Tariffs to encourage domestic suppliers of goods.

C.

Deregulation of the financial sector.

D.

Tax relief for business expenditure on research and development.

On an aggregate demand and aggregate supply diagram, cost-push inflation is shown by

A.

A leftward shift of the short-run aggregate supply curve

B.

A rightward shift of the aggregate demand curve

C.

A rightward shift of the long-run aggregate supply curve

D.

A leftward shift of the aggregate demand curve

As the process of globalization increases, typical businesses will

A.

Depend more and more on their domestic markets.

B.

Have to raise more capital from internal sources.

C.

Have less need to increase their international competitiveness.

D.

Be more and more affected by changes in exchange rates.

A business was selling 20,000 units of its product per month at a price of $10. When it lowers its price to $9 it finds that its sales rise to 24,000 units per month.

The price elasticity of demand for this firm's product is

All of the following are objectives of not-for-profit organizations except one. Which ONE is the exception?

A.

Value for money

B.

Maximization of financial surpluses

C.

Serving the public interest effectively

D.

Efficient use of physical and human resources

At which stage of the trade cycle should management anticipate a rise in interest rates?

A.

Recession

B.

Depression

C.

Recovery

D.

Boom

Which global institution is concerned with enforcing the GATT?

A.

The IMF

B.

The World Bank

C.

The World Trade Organization

D.

The G20

A business would benefit most from an appreciation in the currency of the country in which it is based if:

A.

it exports to other countries a significant proportion of its output

B.

it imports a high proportion of the raw materials and components it uses

C.

in its domestic market it faces competition from imports

D.

its production costs are largely domestic labor costs

Which of the following best defines “aggregate supply”?

A.

The stock of output available for sale in an economy

B.

The full employment level of output of the economy

C.

The flow of goods and services produced by an economy during the year

D.

The level of prices at which output can be sold in an economy