Economics and Business Quiz

What sector is represented by the letter 'A' on the Circular Flow Model?

• Education Sector

• Health Sector

• Business Sector

• Financial Sector

Globalisation results in...

• lesser competition among producers

• greater competition among producers

• no change in competition among producers

• none of the above

What was the most common consumer payment method in 2010?

• Card

• Other

• Cash

• None of the payment methods

What occurs when people rely on others to provide the goods and services required for supporting their lives or for convenience?

• Economic Interdependence

• Transnational Corporations (TNCs)

• Globalisation

• Corporate Social Responsibility

The circular flow model of a market economy shows...

• how many firms can support the needs of how many households

• the interactions between households and  firms in the free market

• what inputs are required for what outputs

• how profits are made

According to the graph, approximately what percentage of the population was aged 15–64 years in 2010?

• 66%

• 62%

• 67%

• 64%

What is the fundamental role of fiscal policy?

• controlling the budget deficit

• establishing automatic stabilisers

• reducing government regulations

• making revenue and expenditure decisions

According to the circular flow model, which of the following is TRUE?

• Firms supply resources and households demand outputs

• Households supply resources and firms supply output

• Firms supply both the resources and output used in production

• Households demand both resources and outputs

At the start of 2020, how many males were in full-time employment?

• 150

• 300

• 99

• 205

According to the Circular Flow Model, the ____ sector is sector is made up of all businesses in the economy who produce output (goods and services), which they

sell to consumers for a price. They receive revenue

from the Household sector.