1) In a Boom, Consumer spending is high which means Businesses produce lots and make high profits. ​​ a) True b) False 2) In a Recession, many small businesses may close because they cannot compete with bigger businesses. ​ a) True b) False 3) In a Recession, people have lots of money so consumer spending is high.​​​ a) True b) False 4) In Slump, Unemployment is at it’s all time lowest. ​​ a) True b) False 5) To get the economy growing again, the government may reduce TAXES and VAT to encourage Customers to spend more money.​​ a) True b) False 6) If interest rates are high this would make borrowing easier and cheaper for businesses to get a loan and therefore can expand their business by borrowing money. ​ a) True b) False 7) During times of High Unemployment, Businesses won’t suffer because people will spend more on luxury items. ​​ a) True b) False 8) To survive a recession, Businesses should consider selling a range of products to cater for more people.​ a) True b) False

PESTEC: Economic Factor

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