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Question 1

A wireless phone manufacturer currently sells 2,000 units per quarter at a price of $400 The estimated price elasticity of demand is -2.5.

The manufacturer is considering an increase in the price to $440

What will this raise (+) or reduce (-) total revenue by? Give your answer in whole numbers.

Options :

A : $-140000

B : $-130000

C : $-120000

D : $-110000

Answer: A

Question 2

Every year a household allows its bank account to become overdrawn for 3 months to pay for its annual holiday. Which one of the following statements correctly describes this?

Options :

A : A short term lack of synchronization between payments and receipts

B : Long term borrowing

C : Medium term borrowing

D : Maturity transformation

Answer: C

Question 3

Which of the following are the likely consequences, in the domestic of a county, of an increase in interest rates?

1. A rise in demand for capital goods

2. A fall in demand for consumer good.

3. A fall in demand for housing

4. A rise in the exchange rate.

Options :

A : 2,3 and 4

B : 1, 3 and 4

C : 1, 2 and 4

D : 1, 2 and 3

Answer: D

Question 4

Mrjohnson, the managing director of Brilliant Buys, wants to plot the cumulative sales figures for each store nationwide over the course of a year on a graph. The sales by store are shown below:

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If these figures were plotted on an ogive, what would the line of cumulative frequency look like?

Options :

A : Rises until it reaches sales of 900,000 or less on the x axis, then declines

B : Rises until it reaches halfway between sales of 700,000 and 900,000 on the x axis, then declines

C : Rises until it reaches 43 stores on they axis, then declines

D : Rises until it reaches 43 stores on the x axis, then declines

Answer: A

Question 5

Which one of the following policies to correct a balance of payments current account deficit is an example of an expenditure reducing policy?

Options :

A : Depreciation of the currency.

B : The imposition of an import tax.

C : Increased income tax.

D : The use of import quotas.

Answer: C