Internal Auditor

Topics: Economics, Supply and demand, Multiple choice Pages: 4 (1092 words) Published: March 29, 2013
Business Economic
Assessment item-1
Multiple Choice Quiz

(NOTE there are 20 multiple choice questions. You should allocate yourself 1.5 minutes per multiple choice question (i.e. a total of 30 minutes). This is NOT an open book exam. Choose the best answer from a), b), c), d) or e). Q1 Economics is the study of

a) the share market and its effect on consumers and businesses b) money and how it is used by society
* c) unlimited wants and limited resources
d) unlimited resources and limited wants

Q2 Which of the following does not illustrate opportunity cost? * a) If I study I must give up my sport and hobbies.
b) If I purchase a new computer I must give up spoiling myself with “goodies”. c) The more I spend now the more I will be likely to spend in the future. d) If I spend more on my car the less I will have to spend on other luxuries. Q3 The opportunity cost of going to university is

a) the money spent at university including all fees * b) the benefit gained from having a university degree
c) dollar value of all alternatives
d) the next best alternative of the money spent
Q4 Which of the following is NOT a factor of production?
a) land
b) labour
* c) a financial asset
d) capital
Q5 An economic model indicates that a rise in income will result in consumers purchasing fewer fast food meals, ceteris paribus. “Ceteris paribus” means a) other relevant factors like consumer incomes must be held constant b) consumers need for food remains the same regardless of price * c) the theory is widely accepted but cannot be accurately tested d) food prices must first be...
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