PRE TEST: Australian Economy Quiz

Why do producers and consumers have an important relationship within the Australian economy?

• Consumers only buy foreign-made goods.

• Consumers must get government permission before shopping.

• Both groups want to trade with each other.

• Producers rely on consumers to purchase the goods and services they are providing.

Within the Australian economy, a market can best be described as

• A place where only wealthy consumers can shop.

• The total of all businesses that operate between 9am and 5pm.

• Any organised exchange of goods and services for money.

• A large shopping centre that only sells holiday decorations.

When do markets work most effectively?

• When consumers can only use bartering to exchange goods

• When all shops close at exactly the same time

• When consumers have information about all the alternative goods and services that are available

• When only a few businesses are allowed to sell each type of product

Businesses can determine their prices using a number of methods. Which TWO of the following are examples of those methods?

• Using percentage mark-ups

• Asking customers to guess the correct price

• Drawing random numbers from a hat each morning

• Following price leaders

• Using ancient astrological charts to set prices

The amount remaining after all business expenses have been deducted from the money that has been collected from selling goods or services is known as ______.

In Australia, you are part of the labour force if you are

• Over 15 and able to run 500 metres.

• Under 15 years of age and playing computer games.

• Over 15 and either employed or unemployed and looking for work.

• Someone who is unemployed and has no plans to work.

The Australian Bureau of Statistics (ABS), defines a person as being employed if

• They are engaged in some form of work for at least one hour a week.

• They are engaged in some form of work during school holidays.

• They think about working but never actually start.

• They help their neighbour's pet dog once a month.

Which of the following factors is not an attributing factor to the changing nature of work?

• Advances in technology

• Women's movement into the workforce

• Shifts in society's values and attitudes

• The increasing popularity of medieval jousting games

Which THREE of the following are financial benefits for why people work?

• Earning an income

• Exchanging money for goods and services

• Getting to wear fancy clothes on casual Fridays

• Having the ability to buy what you need and want

• Having somewhere to store your lunch collection

What is the retirement age in Australia as of July 2019?

• 100 years of age for men and 95 for women

• When your birthday falls on a Tuesday

• There is no official retirement age

• After working exactly 42 years and 6 months