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 (a)   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.