Economics Year 9 2023

What did Australia export the largest amount of in 2010?

• Water

• B. Kidneys

• Squirrels

• Iron ore, coal and LNG

3.Which of the following answer is incorrect of the three basic economic questions?

• D. for whom to produce for

• A. when to produce

• C how to produce.

• B.what to produce

Who is Australia's largest trade partner?

• China

• Germany

• New Zealand

• USA

Define scarcity:

• A. not much of something 

• B. the demand for a good or service is greater than the availability of the good or service.

• C. a situation where the price at which quantities demanded and supplied are equal.

• D. Money is not in anyone's bank account.

1. What economic system does Australia use?

• Traditional

• Market

• Command

• Mixed

What are the 4 sectors, in the 4-sector circular flow of income?

• Financial, Home, Business, Overseas

• Overseas, Money, Business, Economic

• Household, Business, Financial, Government

• Income, Savings, Exports, Taxation

China is an example of a command economy

• True

• False

Which best defines Economic Problem?

• Means that the demand for a good or service is greater than the availability of the good or service

• Amount of goods and services available to people.

• An economic system, or economic order, is a system of production, resource allocation, and distribution of goods and services.

• The main economic problem is scarcity, where we have unlimited needs and wants, but limited resources to satisfy them

What is China's relationship with Australia called

• business relationship

• two-way investment relationship

• common market relationship

• economic and monetary union relationship

Australia is an open economy.

• False

• True