Month: October 2017

Economics Multiple Choice Question – 1 October 2017

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

The charts below show forecast UK government revenue and government spending for the financial year 2013/2014.

Diagram 02

Which ONE of the following can be inferred from the charts above? The UK government forecast that for the financial year 2013/2014……….

Select ONE answer:

  1. It would earn five times as much revenue from income tax as from corporation tax
  2. It would spend more on health, than on education and defence added together
  3. More than one-quarter of its revenue would come from VAT
  4. Spending on social protection would comprise more than 30% of its total spending
  5. Other sources of income contribute more than VAT and NI added together.

Using the data in the two charts, calculate the size of the UK government’s forecast budget deficit for the financial year 2013/2014. You are advised to show your workings:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 4 – Total forecast spending in 2013 / 2014 is £720 bn. Social protection spending equals £220 bn / £720 bn or 30.5%

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