The quantity of goods and services consumed by an individual or a household is called:
(a) Standard of living-✔️
(b) Standard of success
(c) Gross Domestic Product (d) Gross National Product
What is the name given to companies legally controlled by other companies?
(a) Franchise
(b) Consortium
(c) Subsidiaries-✔️
(d) Merger
Government grants to suppliers of goods and services is called:
(a) Subsidy-✔️
(b) Support
(c) Tax
(d) Grant
The notion that economic development should proceed at a pace and in a manner that will conserve the environment and depletible natural resources is called:
(a) Sustainable development-✔️
(b) Rural development
(c) Social development
(d) None of the above
Arranging one’s financial affairs within the law so as to minimize taxation liabilities is known as
(a) Tax evasion
(b) Tax avoidance-✔️
(c) Tax burden
(d) Tax expenditures
The compulsory transfer of money from private individuals, institutions or groups to the government is called:
(a) Tax burden
(b) Tax evasion
(c) Taxation-✔️
(d) Tax yield
A trade barrier is any government limitation on the free international exchange of merchandise. Which of these is an instance of trade barrier?
(a) Tariffs
(b) Quotas
(c) Import deposit
(d) All of the above-✔️
The excess of the value of imports of goods and services over the value of exports of goods and services is called:
(a) Trade Cycle
(b) Trade Credit
(c) Trade Gap-✔️
(d) Trade investment
In UK, who is the first Lord of the Treasury?
(a) Queen
(b) King
(c) Prime Minister-✔️
(d) Finance Minister
Instruments for short-term borrowing by the government are called:
(a) Treasury Bills-✔️
(b) Treasury Notes
(c) Credit Line
(d) Promissory Notes
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