NAISHK YR11 ECON QUIZ

Which sector uses the materials to make a product (Factories, Manufacture)

• Primary sector

• Secondary sector

• Tertiary sector

• Quaternary sector

Which sector extracts raw materials (Mining, logging, fishing)

• Secondary sector

• Tertiary sector

• Quaternary sector

• Primary sector

Define "Variable costs"

• Cost that do not change depending on levels of production.

• Cost of the product.

• Cost of operating to produce output.

• Costs which do change depending on levels of output.

Which takes place in tertiary sector?

• assembling computers

• selling computers

• building computers

• making computers

What's the opportunity cost of building an airport in the city?

• Spending more money on building public hospitals.

• Higher tax in bañaña industry.

• Higher employment rate.

• lower income on the workers in the country.

Define "International trade"

• The exchange of goods and services within the national borders - imports and exports.

• Allowing trades to occur without any barriers to trade.

• The exchange of goods and services beyond national borders - imports and exports.

• banana

Define "Merit goods"

• Something that have negative effects in an economy.

• Something that have social benefits.

• Goods provided by the government

• production or consumption of products causes a positive/negative effects on someone who's not involved in the economic activity.

Which type of unemployment depends on reduced levels of consumer demand?

• Youth unemployment

• Frictional unemployment

• Structural unemployment

• Seasonal unemployment

How to identify the lowest optimum level of production?

• Hookey stick

• The highest point on the axes

• The turning point of the axes

• The lowest point on the axes

GDP stands for?

• Gross Domestic Production

• Good Dominos Pizzas

• Gross Domestic Product

• Growth Domestic Product