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9 Business - Economics revision

Total questions: 20

Worksheet time: 12mins

Name
Class
Date
1.

The economy is the total of all activities for the purpose of...

a)

producing, marketing and selling goods and services in a country

b)

creating, designing and exploring goods and services in a country

c)

producing, distributing and consuming goods and services in a country

d)

producing, distributing and selling foods and services in a country

2.

Supply represents...

a)

how much of a product or service the market has to offer

b)

how much of a product that the customer wants to buy

c)

how many goods are available for purchase

d)

how much of a product or service that buyers want to sell

3.

Land refers to...

a)

all the raw materials that mined and used in difference resources to create goods and services for the consumer

b)

all the raw materials and other natural resources that go into the production of goods and services

c)

all the raw materials that are offered to producers as goods and services for the consumer

d)

all the raw materials that are mined in minecraft

4.

Exports are...

a)

goods and services that are purchased from overseas businesses

b)

goods and services that are exported to overseas governments

c)

goods and services that are sold domestically to the household sector

d)

goods and services sold by local businesses to overseas consumers

5.

Capital is...

a)

the money or cash on hand that a business has at their disposal

b)

all the equipment used by human labour in the process of production

c)

all the equipment used when to create goods and services for the consumers

d)

the resources required to produce goods and services for consumers

6.

Goods are...

a)

goods are sold at supermarkets for consumption

b)

goods are intangible items that cannot be seen or touched

c)

goods are actions done by businesses for consumers

d)

goods are physical, tangible products that can be seen and touched

7.

A service is...

a)

are the products offered by businesses

b)

are companies that offer business to consumers

c)

are physical, tangible items that can be seen and touched

d)

the actions that are done by businesses for consumers

8.

The economic problems of relative scarcity refers to...

a)

consumers purchasing goods and services from businesses

b)

consumers not being able to afford different goods and services

c)

consumers making purchasing decisions in relation to their needs and wants

d)

consumers making purchasing decisions in relations to goods and services

9.

The business sector can be described as...

a)

producers that provide goods and services to satisfy the needs and wants of households

b)

consumers that are working in the business sector to earn money

c)

consumers that purchase goods and services for the business sector

d)

producers that provide goods and services to consumers in order to make a profit

10.

The financial sector can be described as...

a)

banks that use the deposits collected in order to help businesses grow

b)

financial intermediaries that collect deposits and invest in the growth of businesses

c)

financial intermediaries that allow consumers to open savings accounts

d)

banks that charge interest on loans that are offered to consumers

11.

Labour is...

a)

the human process of manufacturing goods and services

b)

the human skills and effort required in the production process

c)

the human skills required to acquire raw materials

d)

the human skills and effort required to manufacture goods and services

12.

Household demand is...

a)

the amount of goods or services that consumers are willing and able to purchase at a point in time

b)

the amount of products created throughout the production process that are available to the household sector

c)

the amount of goods and services that businesses produce for the household sector at a point in time

d)

the amount of goods required in the production process

13.

Gross Domestic Product (GDP) refers to

a)

the total monetary value of a country based on goods and services produced

b)

the total value of all goods and services that are required for the production process

c)

the total value of all goods and services produced in a business in a given period of time

d)

the total value of all goods and services produced in a country in a given period of time

14.

A supply chain is...

a)

The transport of goods by sea or some other means

b)

The sequence of processes involved in the production and distribution of a product or service

c)

The commercial activity of transporting goods to customers

d)

The amount of a commodity, product, or service available and the desire of buyers for it

15.

Opportunity cost can be defined as...

a)

Having fewer resources than needed to fill human wants and needs

b)

A time or set of circumstances that makes it possible to do something

c)

Anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media

d)

The loss of other alternatives when one alternative is chosen

16.

The four sectors in the economy are...

a)

The household sector, financial sector, business sector & government sector

b)

The household sector,tax sector,business sector, & government sector

c)

The business sector, tax sector, household sector & financial sector

d)

The financial sector, government sector, corporate sector, & household sector

17.

Globalisation can be defined as...

a)

Economic transactions that are made between countries

b)

The exchange of goods and services among individuals and businesses in multiple countries

c)

The process of interaction and integration among people, companies, and governments worldwide

d)

A change in global or regional climate patterns

18.

The GFC was caused by.....

a)

Consumer confidence was low due to the war in Iraq

b)

Banks and other lenders were willing to make increasingly large volumes of risky loans

c)

The American government was in debt to the IMF and interest rates were increased significantly

d)

Baked beans

19.

Australia's biggest export in 2017 was ...

a)

Iron ore

b)

Wheat

c)

Natural gas

d)

Coal

20.

Australia's biggest trading partner is ...

a)

USA

b)

Japan

c)

Mongolia

d)

China