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Year 11 Exam  >  Year 11 Tests  >  Business Studies for GCSE/IGCSE  >  Test: Economic Issues - Year 11 MCQ

Test: Economic Issues - Year 11 MCQ


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10 Questions MCQ Test Business Studies for GCSE/IGCSE - Test: Economic Issues

Test: Economic Issues for Year 11 2024 is part of Business Studies for GCSE/IGCSE preparation. The Test: Economic Issues questions and answers have been prepared according to the Year 11 exam syllabus.The Test: Economic Issues MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Economic Issues below.
Solutions of Test: Economic Issues questions in English are available as part of our Business Studies for GCSE/IGCSE for Year 11 & Test: Economic Issues solutions in Hindi for Business Studies for GCSE/IGCSE course. Download more important topics, notes, lectures and mock test series for Year 11 Exam by signing up for free. Attempt Test: Economic Issues | 10 questions in 20 minutes | Mock test for Year 11 preparation | Free important questions MCQ to study Business Studies for GCSE/IGCSE for Year 11 Exam | Download free PDF with solutions
Test: Economic Issues - Question 1
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What is a characteristic feature of a recession in the business cycle?

Detailed Solution for Test: Economic Issues - Question 1
A recession is characterized by reduced levels of business investment due to lower consumer demand and economic uncertainty.
Test: Economic Issues - Question 2
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How does the government aim to control inflation as part of its economic objectives?

Detailed Solution for Test: Economic Issues - Question 2
Decreasing government spending can help reduce the money supply in the economy, thereby helping to control inflation.
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Test: Economic Issues - Question 3
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Which phase of the business cycle is characterized by a decline in economic activity and increased unemployment?

Detailed Solution for Test: Economic Issues - Question 3
The contraction phase of the business cycle is marked by a decline in economic activity and rising unemployment rates.
Test: Economic Issues - Question 4
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How does an increase in interest rates affect consumer spending?
Detailed Solution for Test: Economic Issues - Question 4
Higher interest rates make borrowing more expensive, which discourages consumer spending and borrowing.
Test: Economic Issues - Question 5
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What is a possible consequence of high government spending during an economic downturn?
Detailed Solution for Test: Economic Issues - Question 5
High government spending during an economic downturn can stimulate economic growth by boosting demand for goods and services.
Test: Economic Issues - Question 6
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Which of the following taxes is typically considered regressive?
Detailed Solution for Test: Economic Issues - Question 6
Value-added tax (VAT) is considered regressive because it takes a larger percentage of income from low-income earners than from high-income earners.
Test: Economic Issues - Question 7
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How can the government use fiscal policy to reduce unemployment?
Detailed Solution for Test: Economic Issues - Question 7
Increasing public spending can create jobs and reduce unemployment by stimulating demand in the economy.
Test: Economic Issues - Question 8
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What is the impact of high-interest rates on business expansion plans?
Detailed Solution for Test: Economic Issues - Question 8
High-interest rates discourage borrowing as the cost of loans becomes more expensive, which can negatively impact business expansion plans.
Test: Economic Issues - Question 9
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How does the government aim to reduce the budget deficit?
Detailed Solution for Test: Economic Issues - Question 9
Increasing tax revenue can help reduce the budget deficit by providing more funds for the government to cover its expenditures.
Test: Economic Issues - Question 10
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What role does monetary policy play in controlling inflation?
Detailed Solution for Test: Economic Issues - Question 10
Monetary policy involves modifying interest rates to control inflation by influencing the amount of money circulating in the economy.
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