Mr Counsel's Year 8 Economics Revision Quiz

What is the Law of Demand?

• How would I know?

• When price goes up, demand goes up.

• When price goes up, demand goes down.

• When price goes down, demand goes down.

Supply goes to the ___________, demand goes to the __________

• seeds, drums

• sky, drums

• seeds, dirt

• sky, dirt

When is the HASS test?

• Monday

• Thursday

• What test?

• Tuesday

What is an example of Land?

• Soil

• Wheat

• Trees

• All of the above

Which of the following is not 1 of the 3 Basic Economic Questions?

• What to produce?

• When to produce?

• How to produce?

• Who to produce for?

The ability to combine all other factors of production

• Land

• Enterprise

• Capital

• Labour

In reference to the CFI model, what is a leakage?

• When money leaves the circular flow of income.

• When money leaks from your roof.

• When money is eaten.

• When your juice box gets a hole in it.

What is a surplus?

• Demand

• Supply

• Demand > Supply

• Supply > Demand

What does the ACCC stand for?

• Australian Colombian Crime Commission

• Australian Colombian Communist Convention

• Australian Competition and Consumer Commission

• Austrian Consumer and Competition Communism

In the CFI model, investment is considered to be an ......

• Injection

• Potato

• Leakage

• Income