Year 8 Business Revision Quiz 1

What is the main role of a market in an economy?

• To set prices and distribute resources according to supply and demand 

• To provide equal income to all individuals 

• To remove all forms of competition 

• To ensure uniform production of all goods 

What is a positive approach a company can take to enhance employee satisfaction in the workplace?

• Extend working hours without compensation

• Encourage open communication and reward achievements

• Disregard employee feedback

• Concentrate only on output, neglecting staff welfare

What is the typical effect on the price of a product when its demand decreases?

• The price increases to compensate for lower sales

• The price remains the same regardless of demand

• The price decreases, which can lead to less resources being allocated to its production

• The price increases, making it less affordable

What role does the taxation system play in supporting Australia's economy?

• It provides essential revenue for services and infrastructure projects for the public good.

• It allows the government to take over private enterprises.

• It ensures equal tax rates for all citizens.

• It removes the necessity for private sector involvement.

The workplace is evolving due to technology, globalisation, and changing employee expectations. What are two (2) ways that businesses respond to this changing nature of work?

• By offering remote work options and recognising the importance of good mental health in the workplace.

• By reducing salaries and increasing work hours.

• By limiting technology use and maintaining traditional workspaces.

• By focusing on local markets and ignoring global trends.

Australia’s taxation system is important because:

• It allows the government to collect money for its own profit.

• It is primarily used to fund private businesses and their operations.

• It only affects wealthy individuals and has no impact on the rest of the population.

• It funds public services, redistributes wealth and promotes a strong and stable economy.

What can be described as "How markets direct resources towards high-demand products, like the shift to produce electric cars due to demand"?

• Labour Market

• Goods Market

• Resource Allocation

• Price Signals

Which market involves the buying and selling of physical items like food and electronics?

• Labour Market

• Goods Market

• Services Market

• Financial Market

What are indicators through prices that tell producers to increase or decrease production based on demand?

• Supply and Demand

• Labour Market

• Price Signals

• Resource Allocation

How does tax affect people's (individual) decision-making?

• Tax has no effect on individual decision-making, it only influences the decisions of businesses.

• Tax encourages individuals to make riskier financial decisions.

• Tax impacts how much money people have to spend or save (disposable income)

• Tax makes individuals avoid any form of savings or investment.