Free CeMAP 1 Quiz Test Unit 1 Topic 2

Unit 1 Topic 2

1 / 7

Under what circumstances, if any, can a nation state opt out of a regulation laid down by the European Council and Council of Ministers?

Only if an alternative approach has been agreed

Only if the member has joined within the previous three years

None

Only if specific dispensation has been granted

2 / 7

Which policy or policies, if any, do governments employ to achieve their long-term economic objectives?

Fiscal policy exclusively

Neither monetary nor fiscal policies

Both monetary and fiscal policies

Monetary policy exclusively

3 / 7

The European Union has issued a new DIRECTIVE. This means that each member state:

Has the choice of how to meet the Directive’s objectives.

Can choose whether or not to adopt the Directive.

Must implement the Directive in its entirety within the specified timescale.

Must implement the Directive, provided the member state is part of the Eurozone.

4 / 7

What does gross domestic product (GDP) represent? A measure of the value of:

Money supply within a country over a specified period of time.

National average earnings within a country over a specified period of time.

Demand within a country over a specified period.

Goods and services within a country over a specified period of time.

5 / 7

What is the target range of inflation that the government is hoping to achieve as measured by the Consumer Price Index?

6 / 7

Which index does the government use to assess the inflation rate?

FTSE 100 index

Construction and building prices index

Consumer prices index

Retail prices index

7 / 7

Within the UK's regulatory framework for the financial services industry, which entity has assumed the responsibilities of the third tier?

The Building Societies Commission

The Lenders Code

The PRA (Prudential Regulation Authority) and FCA (Financial Conduct Authority)

The Financial Ombudsman Service

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