Chat GPT answers to the MCQ of Economics Workshops, Semester 6, Group 1
Incorrect answers in red

Sure, here are the answers:

  1. The tax burden of France is about: Answer: b. 45% GDP

  2. Why is GDP considered to be a poor measurement? Answer: c. It only accounts for economic measurements

  3. A socialist country is likely to have: Answer: a. A high Gini score

  4. In fiscal terms, 'Boiling the Frog' means: Answer: b. Increasing taxes gradually

  5. At the Bretton Woods conference: Answer: a. The dollar was fixed to gold

  6. Who has a high marginal propensity to save? Answer: a. A rich person

  7. Positive Elasticity occurs when: Answer: b. Price and demand move in the same direction

  8. If tobacco tax is high, and people buy cheaper cigarettes in another country, this is called: Answer: b. Tax avoidance

  9. A government will get more money back from investment when: Answer: b. The multiplier effect is high

  10. To see who is lobbying in Europe, I would look at: Answer: a. The Lobbying Transparency Register

  11. The current French government debt is about: Answer: b. 90% GDP

  12. Purchasing Power Parity compares: Answer: a. The purchasing value of a dollar in different countries

  13. 'Income in kind' means: Answer: b. Advantages such as a company car

  14. Income tax is: Answer: a. Direct and Progressive

  15. People bricked up their windows to: Answer: b. Avoid paying tax

  16. Geographical inequality is high in: Answer: b. The USA

  17. The Tax Burden measures: Answer: a. The percentage of national income from tax receipts

  18. Which crash occurred in 1929? Answer: c. The Wall Street Crash

  19. If the government increases the Interest Rate: Answer: a. Unemployment increases

  20. If the currency value increases: Answer: a. Exports go down

  21. At the Bretton Woods conference: Answer: a. The International Monetary Fund was created

  22. If the Interest Rate increases: Answer: a. Currency value decreases

  23. Sales are 200. Elasticity is -2. I increase the price by 10%. What are my new sales? Answer: b. 160

  24. HDI means: Answer: a. The Human Development Index

  25. Which of these is a direct tax? Answer: a. Corporation tax

  26. The two major cities where lobbying takes place are: Answer: c. Brussels and Washington

  27. The three main pillars in EU decision-making are: Answer: b. The Parliament, the Council and the Commission

  28. The Gini score for France is about: Answer: b. 45

  29. The International Monetary Fund has helped: Answer: c. Poorer countries get out of debt

  30. VAT is: Answer: b. Indirect and Regressive

  31. Alcohol Duty is: Answer: c. Indirect and Regressive

  32. People under the poverty line: Answer: a. Don't pay taxes

  33. The poverty level in Europe is: Answer: b. Under 60% of the median income

  34. France 'borrows' money by: Answer: c. Issuing 10 year bonds

  35. The rate of interest on government borrowing depends on: Answer: a. The degree of risk

  36. If the government increases the Interest Rate: Answer: c. Consumer consumption decreases

  37. At the Bretton Woods conference: Answer: b. There was disagreement about creating the World Bank

  38. To stimulate the economy, it is better to provide more money to: Answer: c. Citizens with a high marginal propensity to spend

  39. If citizens buy imported goods, the multiplier effect is: Answer: a. Low

  40. A floating loan is when: Answer: b. The Interest Rate goes up or down according to the level of inflation

  41. In which product do we 'tax taxes'? Answer: b. Petrol

  42. If the elasticity of petrol consumption is -0.3 and the government increases fuel duty: Answer: b. Government revenue will increase

  43. IMF restructuring does not include: Answer: c. Providing aid for public services

  44. A government calculates next year's budget by: Answer: a. Taking last year's tax revenue data and adding on the effect of future growth

  45. The top 1% of Americans has about: Answer: b. 40% of US wealth

  46. In-house lobbying is when: Answer: b. You use your own staff to do your lobbying

  47. The PPP of France is about: Answer: c. 1

  48. Sales are 200. Elasticity is -1.5. I decrease the price by 10%. My new sales are: Answer: b. 230

  49. Cross-elasticity is when: Answer: b. When a change in price of one product changes demand for another product

  50. Green GDP measures: Answer: a. GDP minus environmental degradation