Semester 1: Economics Quiz

Which of the following terms refers to the money borrowed from a lender?

• Borrow

• Capital

• Investment

• Mortgage Loan

Identify three areas that are funded by the Australian government using tax money.

• Healthcare, Education, and Infrastructure

• Healthcare, Education, and Space Exploration

• Education, Infrastructure, and Space Exploration

• Healthcare, Space Exploration, and Infrastructure

Identify the four factors that can influence markets.

• Supply and demand, interest rates, inflation, and government policies

• Weather conditions, stock prices, company profits, and consumer preferences

• Technological advancements, political stability, global trade, and market speculation

• Cultural trends, media influence, celebrity endorsements, and social media

Opportunity Cost is:

• The cost of the next best alternative foregone

• The total cost of all alternatives

• The cost of the chosen option

• The sum of all possible costs

Identify three countries that were Australia’s top three sources of imports in 2017–18:

• China, Japan, United States

• China, Japan, Germany

• China, United States, Germany

• Japan, United States, Germany

Identify two reasons that Australia imports goods and services from overseas.

• To access products not available domestically and to benefit from competitive pricing

• To support local businesses and to reduce environmental impact

• To increase export opportunities and to promote cultural exchange

• To avoid trade deficits and to comply with international regulations

Globalisation is defined as:

• The process of increasing interdependence and connectivity of global economies, cultures, and populations

• The isolation of countries from international trade and communication

• The reduction of global trade and investment

• The process of de-globalisation and nationalisation

Which of the following is an economic issue of globalisation?

• Income inequality

• Technological advancement

• Cultural exchange

• Environmental sustainability

Which of the following is an economic benefit of globalisation?

• Increased trade and investment

• Cultural homogenization

• Environmental degradation

• Loss of local jobs

Identify what TNC stands for and explain what it is.

• Transnational Corporation

• Technical National Committee

• Telecommunication Network Center

• Transport Navigation Control