Firms provided goods & services

Firms pay for labour in the form of income

Households buy goods & services

Households provide labour to Firms

Households buy goods & services with their income

Firms pay for labour in the form of income

Firms provided goods & services

Households provide labour to Firms

Households save part of their income (deposit it banks)

Firms borrow money from the bank to expand (investment)

Households pay tax to the Government

Government spends money on public works

Government spends money on public works such as roads

Households save part of their income (deposit it banks)

Firms borrow money from the bank to expand (investment)

Households pay tax to the Government

Which of the following is an injection in the circular flow of income?

An increase in the level of investment

An increase in the level of household savings

A reduction in government expenditure on infrastructure

An increase in taxes (with government expenditure held constant)

Saving is best defined as...

that part of current income which is not spent on consumer goods and services

undertaken by those who make investment decisions

that part of current income which is spent on goods to be used immediately

the difference between income and taxation

Saving is best defined as...

that part of current income which is not spent on consumer goods and services

undertaken by those who make investment decisions

that part of current income which is spent on goods to be used immediately

the difference between income and taxation

Which of the following is an injection in the circular flow of income?

An increase in the level of investment

An increase in the level of household savings

A reduction in government expenditure on infrastructure

An increase in taxes (with government expenditure held constant)

Imports and Exports are:

the injection and leakage of the Financial sector, respectively

If an employee collects his/her wages which flow is this?

Providing an income to Households

Providing of economic resources: labour

A car manufacturer installs a new welder. Which flow is this?

Production of goods and services

Purchasing of economic resources from Households

A teacher gets charged income tax. Which flow does this belong to?

Providing an income to Households

The Government decides to reduce the income tax rate by 10% due to COVID-19. What effect will this have on the economy?

Cause the leakage of taxation to decrease therefore an expansion

Cause the leakage of taxation to increase therefore a contraction

Cause an injection of government expenditure to increase therefore an expansion

Cause an injection of government expenditure to decrease therefore a contraction

Commonwealth Bank decides to fund improvements to Beatty Park sport stadium, renaming it Commonwealth Beatty Park. What effect will this have on the economy?

Cause an injection of Investment to increase therefore an expansion

Cause the leakage of Taxation to decrease therefore an expansion

Cause an injection of Government Expenditure to increase therefore an expansion

Cause an injection of Investment to decrease therefore an expansion

300 Chinese students enrol at the University of Western Australia. What effect will this have on the economy?

Cause the injection of exports to increase, leading to an expansion

Cause the leakage of imports to increase, leading to a contraction

Cause the injection of exports to decrease, leading to an expansion

Cause the leakage of imports to decrease, leading to an expansion

Year 10 Economics: Week 3 Quiz

Authored by James LAWRENCE

Social Studies

10th - 12th Grade

Used 40+ times

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29 questions

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MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The missing label in the CFI diagram is...?

Government Sector

Financial Sector

Households

Firms

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The missing label in the CFI diagram is...?

Government Sector

Financial Sector

Households

Firms

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The missing label in the CFI diagram is...?

Government Sector

Financial Sector

Households

Firms

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The missing label in the CFI diagram is...?

Government Sector

Financial Sector

Households

Firms

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The missing label in the CFI diagram is...?

Investments

Financial Sector

Savings

Taxes

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The missing label in the CFI diagram is...?

Investments

Financial Sector

Savings

Taxes

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The missing label in the CFI diagram is...?

Investments

Financial Sector

Savings

Taxes

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Year 10 Economics: Week 3 Quiz

The missing label in the CFI diagram is...?

The missing label in the CFI diagram is...?

The missing label in the CFI diagram is...?

The missing label in the CFI diagram is...?

The missing label in the CFI diagram is...?

The missing label in the CFI diagram is...?

The missing label in the CFI diagram is...?

Explain the arrow

Explain the arrow

Explain the arrow

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