VCE Economics Unit 1 AOS1

VCE Economics Unit 1 AOS1

11th Grade

24 Qs

quiz-placeholder

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VCE Economics Unit 1 AOS1

VCE Economics Unit 1 AOS1

Assessment

Quiz

Social Studies

11th Grade

Medium

Used 131+ times

FREE Resource

24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is the definition of economics?

Making, providing, purchasing, or selling goods or services.

The study of how to use our limited resources wisely and in ways to make individuals and society better off materially to increase living standards.

The study of how to use our unlimited resources in ways to make individuals and society better off to increase living standards.

The branch of biology that deals with the relations of organisms to one another and to their physical surroundings.

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Select the two branches of economics:

Microeconomics

Relative scarcity

Opportunity cost

Macroeconomics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is microeconomics?

A branch of economics that looks at the factors that influence the various parts (i.e operations, profitability) that make up the overall Australian economy.

The inputs used in production or supply of goods and services.

The branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.

The study of economics during junior high school years.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is macroeconomics?

The value of the next best alternative foregone.

The branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.

The expenditure of consumers on goods and services.

Economic claims that are opinion-based.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or false: Normative economics is fact-based and can be verified using factual information.

False

True

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or false: Normative economics is opinion-based and cannot be verified.

False

True

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Select the two factors that limit/determine GDP:

Volume or quantity of resources available for use.

PPF's

How efficiently available resources are being employed.

Crime rates

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