ECONOMICS Semester 2 Year 10 Exam Prep 2021

What do you need to produce other goods and services?

• consumer goods
• capital goods
• nondurable goods
• Gross Domestic Product (GDP)

How will scarcity of a capital good impact price?

• Price would go up
• Price would go down
• Price would stay the same
• You wouldn't sell any

Which of these jobs is involved in production?

• Secretary
• Factory worker
• Truck driver
• Zoo keeper

Quantity means

• best item
• the amount

The thing that you give up (the next best alternative) when you make a decision is known as

• Opportunity Cost
• Scarcity
• Incentive
• Choice

Competition and profit motive are important characteristics of a:

• command economy

• traditional economy

• market economy

• socialist economy

An economic system in which individuals and businesses make decisions about what to produce.

• Market economy

• Mixed economy

• Communism

• Command economy

the government is responsible for ...sector provision

• private

• public

• foreign

• financial

The total remuneration that the owners of production factors receive is called national...

• production

• expenditure

• exports

• income

An indication of long-term growth in the economy is referred to as the.........

• trend line

• amplitude

• length

• trough