Economics

Question 1

1The body responsible for official statistics in Ghana is the

Easy

A. Ministry of Health B. Ghana Statistical Service C. Bank of Ghana D. Ghana Revenue Authority

Question 2

2A major weakness of the command economy is

Hard

A. unemployment always B. excessive consumer choice C. inefficiency due to lack of price signals D. too much competition

Question 3

3A mixed economy combines

Easy

A. only state ownership B. private enterprise and government involvement C. only private ownership D. barter only

Question 4

4The four main macroeconomic objectives include low inflation, low unemployment, economic growth and

Easy

A. high taxes B. more imports only C. a favourable balance of payments D. fewer firms

Question 5

5In a traditional economy, decisions are based mainly on

Easy

A. customs and traditions B. stock markets C. prices only D. government plans

Question 6

6Unemployment that happens when workers are between jobs is

Easy

A. cyclical unemployment B. structural unemployment C. frictional unemployment D. seasonal unemployment

Question 7

7Ghana's economy, with both private businesses and state enterprises, is best described as

Easy

A. a traditional economy B. a command economy C. a mixed economy D. a pure market economy

Question 8

8The unemployment rate measures

Easy

A. the number of children B. the percentage of the labour force without jobs C. the inflation rate D. total population

Question 9

9Inflation in Ghana is usually measured with the

Easy

A. exchange rate only B. Consumer Price Index (CPI) C. stock market index D. population census

Question 10

10A key feature of the free market economy is

Easy

A. state ownership of all firms B. the price mechanism allocates resources C. central planning D. no private property