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WorksheetsEconomics Quiz 1
Total questions: 10
Worksheet time: 5mins
How many sectors are in the Australian economy?
4
5
6
7
Which of the following is not a sector of the Australian economy?
Finance
Household
Government
Banking
If something is scarce it is
in short supply
overstocked
gone
in high demand
the opposite of scarcity is
happiness
too much
abundance
massive
The objective of the economy is to
satisfy limited needs and wants with unlimited resources
satisfy unlimited needs and wants with limited resources
satisfy unlimited needs and wants with unlimited resources
satisfy limited needs and wants with limited resources
GDP stands for
Gross Domestic Product
Gross Domestic Pieces
Great Dormant Process
Gross Domestic Process
What is GDP
measure of the value of all the money spent by an economy in a period of time
amount of all the goods and services produced by an economy in a period of time
measure of the value of all the goods and services produced by random people in a period of time
measure of the value of all the goods and services produced by an economy in a period of time
What are leakages?
When a household spends on imported goods and services their money is injected into the financial sector
When a household spends on imported goods and services their money is injected into another economy. Household spending on Imports is a leakage from the basic money flow between households and businesses.
When a household spends on local goods their money is injected into another economy. Household spending on Imports is a leakage from the basic money flow between households and businesses.
When a business spends on imported goods their money is injected into the bank. Household spending on Imports is a leakage from the basic money flow between banks and businesses.
What is an injection?
The export of goods and services produced in Australia to the rest of the world is an injection into the basic money flow between finance and businesses
The import of goods and services produced in Australia to the rest of the world is an injection into the basic money flow between households and businesses
The export of goods and services produced overseas to the rest of the world is an injection into the basic money flow between banks and businesses
The export of goods and services produced in Australia to the rest of the world is an injection into the basic money flow between households and businesses
When total leakages = total injections, the 5 sector model is said to be in
centred
equal
equilibrium
centralisation
