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WorksheetsYear 10 Economics Quiz 2024
Total questions: 37
Worksheet time: 22mins
Unemployed (Looking for job) = 20
Retired = 5 Prison = 2
School = 10 Employed = 180
Unemployed (not looking for job) = 20
Total population 1000
Full time workers 500
Part time workers 200
Discouraged workers 10
Unemployed 70
What is the unemployment rate?
the federal government
It leads to uncertainty and makes investment more risky
What does GDP measure?
The total value of services produced in a country
The total value of goods produced in a country
The total value of goods and services produced in a country
The total amount of goods and services produced in an economy
How is GDP per capita different to GDP?
GDP per capita takes into account inflation
GDP per capita takes into account the value of output
GDP per capita takes into account the population of a country
GDP per capita takes into account demographics
What is our preferred rate of economic growth in Australia?
2-3%
3-4%
4-5%
5-6%
Which cause of economic growth would involve the least cost for present and future generations of a country’s population?
increased exploitation of a country’s mineral resources
investment financed by borrowing from abroad
investment financed by high rates of domestic savings
technological innovations in productive processes
Possible side effects of rapid economic growth are
increased underemployment and reduced investment
increased inflation and increased environmental damage
reduced inflation and increased environmental damage
increased inflation and reduced consumption of material goods
When a company buys new equipment for their business, this is an example of
Consumption
Investment
Imports
Exports
TRUE OR FALSE: High productivity is a cause of economic growth.
True
False
Which of the following represents an investment in capital resources used to produce other goods?
providing free healthcare
modernising machinery
providing skills training
subsidising the cost of attending university
Saving is best defined as...
that part of current income which is not spent on consumer goods and services
undertaken by those who make investment decisions
that part of current income which is spent on goods to be used immediately
the difference between income and taxation
The Government decides to reduce the income tax rate by 10% due to COVID-19. What effect will this have on the economy?
Cause the leakage of taxation to increase therefore a contraction
Cause the leakage of taxation to decrease therefore an expansion
Cause an injection of government expenditure to increase therefore an expansion
Cause an injection of government expenditure to decrease therefore a contraction
Which of the following is an injection in the circular flow of income?
An increase in the level of household savings
An increase in the level of investment
A reduction in government expenditure on infrastructure
An increase in taxes (with government expenditure held constant)
The injection for the Overseas sector is:
Investment
Exports
Imports
Government Expenditure
The leakage for the Government Sector is:
Savings
Imports
Government Expenditure
Taxation
300 Chinese students enrol at the University of Western Australia. What effect will this have on the economy?
Cause the leakage of imports to increase, leading to a contraction
Cause the injection of exports to increase, leading to an expansion
Cause the injection of exports to decrease, leading to an expansion
Cause the leakage of imports to decrease, leading to an expansion
What are governments MOST LIKELY attempting to do when they increase unemployment benefits, implement more welfare programs, and rearrange tax brackets?
resolve market failures
redistribute income
invest in technology
protect property rights
Opportunity Cost is best defined as
the real cost of the next best alternative foregone
The price you pay to purchase something
What you give up by making a decision
The cost of making a decision
