7 ECB Criterion A key terminology

When defining economics, which of the following words would NOT be used

• Needs

• Government

• Resources

• Scarcity

Which sequence of words accurately represents the economic problem?

• Wants - Resources - Scarcity - Choice - Opportunity Cost

• Needs - Wants - Scarcity - Resources - Choice - Opportunity Cost

• Scarcity - Resources - Choice - Opportunity Cost

• Economic goods - Needs and Wants - Scarcity - Choice

Interest is a payment from which factor of production?

• Land

• Labour

• Capital

• Enterprise

An individual paying taxation to the government would represent what on the circular flow of income model?

• Consumption expenditure

• Income

• Injections

• Leakages

The following is the description of what type of work?

◦Ongoing employment

◦Number of hours per week is fewer than 35

◦Number of hours may be fixed or variable

• Casual

• Full Time

• Part Time

• Seasonal

Which factor is regarded as having the biggest impact on the future of work?

• Decline of some industries and growth of others

• Globalization

• Health of the economy

• Technology

Which of the following is NOT a motivation of why you should save?

• Gives independence and security

• Helps pay for unexpected expenses

• Helps plan for big items

• Helps stimulate the economy

The most likely reason a 55 year old will have different financial goals to a 25 year old is?

• Different level of income

• Different needs and wants

• More likely to struggle with advances in technology

• Different level of risk

Australia has what type of tax system "the more you earn the more you pay".

• Fair

• Percentage

• Progressive

• Fixed

If your employer had to reduce your hours and you now earnt 20% less. Which of the following would you most likely try to reduce?

• Savings

• Tax

• Food & Groceries

• Leisure activities