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1be Answer Sheet. Failure to do may wu11 in
di9quallfication. L
TEST CODE 000851
FORM TP 22151 Signature MAY/JUNE 2002
2. Each item in this test has four suggested answers lettered (A), (B), (C), (D). Read each item you
are about to answer and decide which choice is best.
3. On your answer sheet, find the number which corresponds to your item and blacken the space
having the same letter as the answer you have chose'!. Look at the sample item below.
Sample Item
The money a business receives from the sale
-
of goods or services is called its Sample Answer
(A)
(B)
assets
capital
0®•@
(C) income
-
I
(D) resources
The best answer to this item is "income", so answer space (C) has been blackened.
4. If you want to change your answer, be sure to erase your old answer completely and fill in your
new ,choice.
5. When you are told to begi,n, turn the page and work as quickly and as carefully as you can. 1f you
cannot answer an item, omit it and go on to the next one. You can come back to the harder item
later. Your score will be the total number of correct answers.
.
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1. The fact that more than one type of eco- Item 5 refers to the following information.
nomic· system exists in the world today is
attributable MAINLY to the fact that A joint stock company issued ten thousand
$2,six percent shares at a premium of 12Y,
{A) there are numerous countries in the percent, all of which were fully subscribed·
world and duly paid up.
(B) people of different countries have
different religious and political 5. How much money will be recorded as
ideologies share capital?
(C) each system is modeled to cope
with a different type of economic (A) $10 000
problem (B) $20 000
(D) different methods can be used to (C) $21 200
solve the same economic problem (D) $22 500
2. Which of the following changes will NOT 6. Broad policies for Public and Private Com-
necessarily result from a decision to have panies in the Private Sector are formulated
employc;es specialize? by the
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9. Which of the following is LEAST likely to 13. Which of the following management prac-
result from growth in an organization? tices would contribute to the success of a
business?
(A) Increased capital investment
(B) More division of labour I. Pricing at maximum mark-up
(C) Greater productivity II. Paying attention to the quality of
(D) Increased communication goods or services sold
Ill. Communicating with employees
IV. Earning maximum profits for
10. A major role of a trade union is to encourage owners
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16. Ifthe opening stock figure was overstated 20. Which of the following practices may be
by $1500, the effect on the net profit figure MOST appropriate in solving the
would be unemployment problem in developing
cou"ntries where the labour force is large?
(A) a decrease of $3 000.
(B) an increase of $1 500. I. Greater production through increased
(C) a decrease of $1 500. labour
(D) an increase of $3 000. II. Increased mechanisation
III. Increase in vocational training
programmes
17. Which of the following contracts MUST IV. Increase in salaries
be evidenced in writing?
(A) !only
(A) Purchase of a bus-ticket (B) I and III only
(B) Purchase of a radio (C) II and III only
(C) Purcha5e of a lot of land (D) II and IV only
(D) Purchase of a car for cash
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Items. 23 - 24 refer to the following infor- 28. Which of the following practices does NOT
mation. result from mechanization?
For each phrase, select one heading which (A) Production is increased.
is MOST closely related to it. Each head- (B) Goods are produced to ··a standard
ing may be used once, more than once, or pattern.
not at all. (C) People may be needed for manual
work.
(A) Unemployment (D) The specialist becomes more
(B) Migration skilled in his work.
(C) Underemployment
(D) Brain drain
29. The advantages which a finn may achieve
by significantly increasing the size of its
23. The movement of educated, skilled people output are known as
to settle in other industrialised countries?
(A) effects of large scale production
(B) economies of scale
24. The holtling of jobs for which employees (C) risk-bearing economies
are overqualified? (D) economies of concentration
25. Which of the following is the simplest form 30. Which of the following describes capital-
of production? intensive industry?
32. A company wishes to introduce a new break- 35. Which of the following is responsible for
fast cereal aimed particularly at small chil- 'breaking bulk'?
dren. Which techniques of advertising are
LIKELY to make the children ask their par- (A) Manufacturer
ents to buy the cereal? (B) Wholesaler
(C) Retailer
I. Emphasize the nutritional value. (0) Consumer
II. Package it in a brightly coloured
box.
Ill. Enclose free gifts of toys and puz- 36. Before exporter B sent goods to importer A
zles. he insured the consignment and paid the
IV. Compose attractive jingles and have captain of the vessel the charge for car-
them played regularly on the radio. nage. Goods were shipped
33. Which of the following activities carried 37. If an exporter quotes prices CIF, it means
out in a firm will NOT be under the super- that the
vision of the marketing manager?
(A) e\'porter pays the freight
(A) Packaging (B) importer pays the freight
(B) Advertising (C) exporter pays insurance and freight
(C) Distribution (D) importer pays insurance and freight
(0) Purchasing
40. Mr. Fray, in the document, is referred to as Items 45 - 47 refer to the following:
the
The group below consists of four lettered
(A) payee headings followed by a list of numbered
(B) endorsee phrases. Select one heading which is most
(C) drawee closely related to it. Each heading may be
(D) payer used once, more than once or not at all.
(A) dividends.
(B) profits. 45. Tax paid on wages and salaries
(C) interest.
(D) revenue. 46. Tax paid by companies
(A) garnishment.
(B) demand.
(C) withdrawal.
{D) [evenue.
Item 48 is based on the following infonnation. Items 50-52 refer to the following.
Loleen lives in a country where the follow- for each numbered statement select the one
ing tax structure exists. heading which is most closely related to itand
mark the corresponding letter on the answer
sheet. Each heading may be used once, more
TYPE OF TAX % than once, or not at all.
48. What percentage of tax is paid by Loleen if 50. Price is unaffected by the behaviour of the
she sells a building for a profit of$ l .Sm? individual buyer or seller and is established
for the entire industry.
(A) 10%
(B) 12% 51. The price allows the firm abnonnal profit
(C) 25% though its marginal cost equals its marginal
(D) ~0% revenue.
56. Which of the following is the distinguish- (A) Profits remain in the country.
ing characteristic of a low standard of (B) Jobs are provided for more people.
living? (C) Losses are met by the taxpayers.
(Q) Essential services are provided at
(A) Primary school education lower prices.
(B) Short life expectancy
(C) Persistent ill health
(D) Living in unhealthy conditions 60. Which of the following are MAJOR eco-
nomic problems facing many Caribbean
countries today?
57. Most English speaking Caribbean tcrrito-
ries are members of all the following or- L High levels of unemployment
ganizations EXCEPT IL Adverse balance of payments
Ill. Low productivity in manufactur-
(A) CDB v ing
(B) OPEC .; IV. Lack of capital for investment
(C) CARICOM ~
(D) 'ACP (A) I and II only
(B) II and Ill only
(C) I, II, lil and IV
(D) I, Ill, and IV only
IF YOU FINISH BEFORE TIME IS CALLED, CHECK YOUR WORK ON THIS TEST.
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