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6. Market structure refers to the level of competition in a market
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
11. Collusion ALWAYS takes place in an oligopolistic market
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
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'
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
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