Y9 Economics Revision Quiz

In the circular flow of money exports are represented by the letter ...?

• X

• E

• P

• M

A balanced economy is represented by which equation?

• S+T+M = I+G+X

• S+M+X = I+G+T

• T+M+G = X+S+I

• T+G+I = X+M+S

What does the letter Y represent in the circular flow of money model?

• Income

• Investment

• Imports

• Industry

In the circular flow model what goes from the government to households?

• Taxes

• Welfare

• Savings

• Investment

Which of the following are listed as leakages in the circular flow model? [You need to select three]

• Savings

• Taxes

• Imports

• Investment

• Exports

Which of the following are listed as injections in the circular flow model? [You need to select three]

• Savings

• Taxes

• Government Spending

• Investment

• Exports

Imports can best be described as ...?

• Goods and services produced overseas and sold in Australia

• Goods and services produced in Australia that are sent overseas

• Goods and services produced in Australia and sold in Australia

• Goods and services made overseas and sold overseas

What two things go from households to businesses in the circular flow model? [You need to select two options]

• Consumer expenditure

• Labour

• Income

• Goods and Services

Which of these statements is correct about a planned economy?

• The government controls every aspect of the economy

• Businesses are free to operate how they want

• You can make a profit and keep the money for yourself

• The government only controls some aspects of the economy

Australia is best described as which type of economic system?

• Mixed economy

• Free market economy

• Planned eocnomy

• Subsistence economy