TEST Economics Year 10

Which of the following characteristics is essential for money to be regarded as good?

• It is generally acceptable

• It is not easily divisible

• Its value never changes

• There is unlimited supply

Which function of money is most appropriate for buying on credit?

• A measure of value

• A means of deferred payment

• A medium of exchange

• A store of value

Which of the following is a function of a central bank?

• Act as a lender of last resort

• Buys and sell equities

• Offers savings accounts

• Provides customers with a current account

Which of the following is a function of commercial bank?

• Making advances

• Manages payments to and from the government

• Manages the national debt

• Operates the government's monetary policy

Which of the following is a wage factor?

• Level of experience

• Hours of work

• Job security

• Piece rate

Which of the following is likely to increase the power of a trade union in wage negotiations with employers?

• The demand for labour in that occupation is declining

• The rate of inflation in the economy is very low

• The supply of labour in that occupation is declining

• The supply of labour in that occupation is rising

The extent to which workers specialize is dependent upon the:

• division of labour

• hours of work

• proportion of workers in a trade union

• size of the market for a product

The savings ratio in an economy will fall if:

• borrowing declines

• income tax is lowered

• interest rates are increased

• spending by consumers rises.

Which of the following represents workers from many different occupations and industries?

• Industrial union

• General union

• Craft union

• Professional association

Which of the following is expressed as an annual figure?

• Wage

• Salary

• Commission

• Piece rate