Micro Economics MCQ (GK Set-1) with Answers

Unemployed people aged 16-17 who have left school

Unemployed people aged 60 or more

People who work part-time but want to work full-time

Unemployed people who have not worked long enough to be entitled to Job-Seekers’ Allowance

Even in the worst recorded cases of hyperinflation, the price level always took at last a week to double

Some people lose out if actual inflation turns out to be below the rate they expected

Some people lose out if actual inflation turns out to be above the rate they expected

Some people lose out if actual inflation turns out to be equal the rate they expected

The GDP deflator is a price index that covers all goods and services included in GDP

The RPI is a price index that covers a wide range of goods and services bought by households

The CPI is a price index that covers a wide range of goods and services bought by households

The CPI generally rises more quickly than the RPI

The aggregate demand and aggregate supply curves both shifted up by the same amount

The aggregate demand and aggregate supply curves both shifted right by the same amount.

The aggregate demand curve stayed put but aggregate supply shifted right

The aggregate demand curve shifted right but the aggregate supply curve stayed put

Between 1990 and 2010, the UK had a higher average rate of economic growth than any other G7 country

Between 1990 and 2010, the UK had a lower average rate of unemployment than any other G7 country

Since 1855, the average rate of economic growth in the UK has been about 2%

Since 1855, the average rate of unemployment in the UK has been about 6%