1. If the government were to try and implement an expenditure reducing strategy, out of the courses of action possible, which course of action would be best undertaken?
2. Is the following statement true or false?
A change in the demand conditions of a product is what is responsible for the shift in the demand curve.
3. In regards to Fiscal Policy, out of the elements mentioned, which does not apply here?
4. Characteristics of a perfect market will include which of the following?
(i) Large numbers of customers and suppliers
(ii) There are no entry or exit barriers to the market
(iii) There is perfect information for customers and suppliers
5. Is the following statement true or false?
An increasing demand for imports may be a result of rapid economic growth.
6. When looking at monopolisitic competition, which of the following would be included as a feature?
7. When looking at KP’s normal consumer products, which two of these statements would be correct?
(i) The fall in price of a subsitute product will lead to a rise in demand of KP’s product
(ii) The rise in price of a substitute product will lead to a rise in demand of KP’s product
(iii) Demand for the product of KP will rise if its complementary products price falls
8. The market in which KP operates only has two other major competitors that are approximately of similar size to KP, the market in this instance would be classified as?
9. Is the following statement true or false?
Frictional unemployment is unemployment that arises due to an aggregate of demand in the economy being too small to create employment opportunities for all.
10. Considering the statements below, which of these would cause the demand curve to shift to the right?