F1 (BT) – Chapter 4 MCQ’s (Micro-economic factors) – ACCA

This is ACCA F1 (BT/FBT) Business and Technology multiple-choice questions (MCQs).

These multiple-choice questions (MCQs) are designed to help ACCA F1 students to better understand the exam format. We aim to instill in students the habit of practicing online for their CBE exams. By doing so, students can reduce exam stress and prepare more effectively.

Please note:

  • Students should not attempt these MCQs until they have finished the entire chapter.
  • All questions are compulsory, so please do not skip any.

We hope that these MCQs will be a valuable resource for students preparing for the ACCA F1 (BT/FBT) exam.

INFORMATION ABOUT THESE MCQs Test

Course: ACCA
Fundamental Level: Knowledge, FIA
Subject: Business And Technology
Paper: F1 – BT/FBT
Chapter: The macro-economic environment
Chapter Number: 04 of the Practice and Exam Kit; and 8 of the Study Text
Syllabus Area: A – The business organization, its stakeholders, and the external environment
Questions Type: MCQs
Exam Section: Section A

Number of the Questions

There are 24 Questions in this Online F1 MCQ Test that cover Chapter 4, The macro-economic environment of ACCA F1 (BT/FBT) Business and Technology Module.

Time

These MCQs are not time-bound. Take your time and solve them without stress. Pay proper attention and focus. Do not rush or hesitate.

Result

Students will get their F1 CBE MCQs Test results after they finish the entire test. They will also be able to see the correct and incorrect answers, as well as explanations for the incorrect questions.

Types of Questions

MCQs: Choose one from the given options.
Multiple choice: Choose all answers that seem correct or incorrect, as per the requirement of the question. Keep your eye on the wording “(select all those which are correct/ or incorrect)”.
Dropdown: Select from the list provided.
Type numbers: Type your answer in numbers as per the requirement of the question.


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F1 - Chapter 4 - Micro-economic factors

Course: ACCA (The Associations Of Chartered Certified Accountants)
Module: F1 - Business and Technology (BT/FBT)
Chapter: Micro-Economic Factors
Syllabus Area: (A) - The Business Organisation, Its Stakeholders, and The External Environment
Exam Section: A
Questions: Chapter 04 Questions
Number Of Questions: 24
Time Limit: No Time Limit
Result: You will able to see at the end of the quiz along with the Correct and Incorrect Answers.

Types of Questions

MCQs: Choose one from the given options.
Multiple choice: Choose all those options that seem correct or incorrect to you as per the requirements of the question. (Wording: select all those that are correct.)
Dropdown: Select from the list provided.
Type: Type your answer in numbers as per the requirement of the question.

1 / 24

ABC produces a variety of soft drink. It has two competitors but all three producers use product differentiation to distinguish themselves from each other.

What type of market is this?

2 / 24

The summer demand for hotel accommodation in London comes mainly from foreign tourists. Demand for hotel rooms in London in summer could be reduced by a fall in the price or value of which of the following?

  1. US dollars
  2. Aeroplane tickets
  3. Sterling

3 / 24

According to the theory of the firm, which of the following statements describes an oligopoly?

4 / 24

Using the point method, what is the price elasticity of demand of product X as price falls from its current price of $20 to $15?

5 / 24

In a free market economy, the price mechanism:

6 / 24

Which combination of demand and supply curves would be appropriate for a firm attempting to increase its profits by increasing its market share?

7 / 24

If the price of coffee falls, which the following outcomes should be expected to occur?

8 / 24

In a certain advanced industrialised country, the government has applied price controls over rents of both public and private rented accommodation for a number of years, and a serious problem of widespread homelessness has built up. Just recently, the rent price controls have been eased.

Which TWO of the following consequences should now occur?

9 / 24

Mr. Smith has a limited income which restricts the number of different goods he can buy.

Which of the following describes the position at which Mr Smith's utility from purchasing different goods is maximised?

10 / 24

Which of the following is NOT a substitute for carpets?

11 / 24

The supply curve of a firm operating in a competitive market is its

12 / 24

Consumer surplus is:

13 / 24

If the absolute value of the price elasticity of demand for dry white wine is greater than one, a decrease in the price of all wine would result in:

14 / 24

Which of the following would NOT lead directly to a shift in the demand curve for overseas holidays?

15 / 24

When the price of a good is held above the equilibrium price, the result will be

16 / 24

Consider the price and demand for tickets to travel by sea ferry. The price of travelling by hovercraft (a substitute form of travel) goes up.

Which of the following should happen?

17 / 24

A legal minimum price is set which is below the equilibrium price. What will be the impact of this?

18 / 24

What is an inferior good?

19 / 24

Consider the price and demand for flower vases. The price of cut flowers goes up sharply.

Which of the following should happen?

20 / 24

Which of the following would cause the supply curve for a good to shift to the right (outwards from the origin)?

21 / 24

Which of the following would lead to a fall in the price of good Q which is a normal good?

22 / 24

The income elasticity of demand for a product is high. This means that:

23 / 24

The demand for fashion goods is NOT influenced by:

24 / 24

Which of the following is NOT a complement to cars?

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