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WorksheetsEconomics recap
Total questions: 12
Worksheet time: 8mins
Economic resources can be categorised into 4 groups
land, labour, capital, enterprise
money, gold, stock, natural resources
machinery, water, human effort, human creativity
environment, human, capital and money
Microeconomics study the behaviour of individuals and businesses.
False
True
Macroeconomics concerns with the economic development of
regional economies
national economies
global economy
All of the above
The role of businesses in a simple model of an economy is to
provide resources needed for production of goods and services
buy the resources from households and turn them into goods and services
earn an income from providing labour resources
All of the above
Gross Domestic Product is the total value of goods produced and services provided in a country during 6 months' period.
True
False
The ultimate measure of Australia's economic performance is the overall (a) .
Inflation is
an average decrease in the general prices of goods and services
an increase in the purchasing power
an average rise in the general level of prices of goods and services
None of the above
Economic growth is slowing (GDP growth starts to fall) as consumers spend somewhat less and producers begin to slow output are characteristics of what stage in the economic cycle?
Recession
Contraction
Boom
Expansion
Those who are employed but are available and want to work more hours than they do are
unemployed
underemployed
underemployed
Globalisation is
the expansion of the globe
the expansion of the scale of a national economy
caused by economic growth
the expansion of business operations into other countries
The following companies are classified as multinational corporations (MNCs)
Pepsi, Nestle
Red Rooster, Qantas
Bakers Delight
Hume Bank
The World Trade organisation is concerned with
the regulation of international trade between nations
the financial assistance for developing countries
the management of economic development in developed countries
