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6. Market structure refers to the level of competition in a market

  • True
  • False

7. An increase in productivity means...

  • More consumption
  • More equality
  • Economic Growth
  • Increased size of government

8. What are the two main strands of construction economics?

  • The impact of construction on the larger economy, and project level economics
  • The impact of construction employment on the economy, and the impact of exports on the economy

9. When people buy flowers on Valentines' day

  • This results in a shift to the right in the demand curve
  • This results in a movement along the demand curve

10. Economic theory suggests 3 different market structures

  • False
  • True

11. Collusion ALWAYS takes place in an oligopolistic market

  • False
  • True

12. The money supply is the

  • Annual sum of gains from trade
  • Total value of financial assets that can be used to purchase goods and services
  • Total value of stock market holdings
  • Total value of the nation's store of gold

13. The BoE is lender of last resort to the banking system

  • True
  • False

14. Which of the following do not operate in a competitive market?

  • Site Cleaners
  • Dry Stone Wallers
  • Site Labourers
  • Painters and Decorators

15. If a nation has a high persistent inflation, the most likely explanation is...

  • the government imposing excessive levels of taxation
  • the central bank creates excessive amount of money
  • unions bargaining for excessively high wages
  • firms using their monopoly power to enforce excessive price hikes

16. The UK grocery retailing industry is an example of a 'natural monopoly'

  • False
  • True

17. When the Bank of England purchases Government Bonds on the open market, the monetary base:

  • Increases, allowing the money supply to expand
  • Decreases, forcing the money supply to contract
  • Increases, forcing the money supply to contract
  • Decreases, allowing the money supply to expand

18. The demand curve is defined as a graph showing the demand for a commodity or service varies with changes in its price

  • True
  • False

19. Which of the following is the least competitive market structure?

  • Perfect Competition
  • Monopolistic Competition
  • Monopoly
  • Oligopoly

20. Who is the father of economics?

  • Adam Smith
  • Martin Friedman
  • Aristotle
  • Ibn-i Khaldun