COMMERCE REVISION

1. Which court hears cases concerning interpretations of the Australian Constitution?

• local

• district

• supreme

• high

2. What type of law is based on the previous decisions of judges?

• common law

• STATUTE LAW

• LEGISLATION

• summary offence

3. What is the name given to a legal decision that sets a pattern for future similar cases?

• jurisdiction

• precedent

• statue

• amnesty

5. How many jurors are required for a criminal case?

• 10

• 6

• 12

• 8

7. What is the name of a law that has been passed by Parliament?

• tort

• precedent

• statute

• common law

8. Jason’s lawyers have appealed the decision handed down in the District Court. Which court would hear his appeal?

• local

• district

• supreme

• federal

2. Which sector of the five-sector circular flow model of the economy involves imports and exports?

• consumer

• business

• overseas

• government

3. Which of the following is an example of a financial intermediary?

• bank

• producer

• accountant

• government organisation

7. Which of the following are examples of leakages from the circular flow model?

• Expenditure, savings, taxation

• Exports, taxations, investment

• Savings, taxation, imports

• Exports, savings, investment

8. What does the law of demand state?

• A. As the price of a product increases, the demand for that product increases.

• B. As the price of a product increases, the demand for that product decreases.

• As the price of a product decreases, the demand for that product decreases.

• D. As the price of a product increases, the demand for that product does not change.