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Year 8 Economics Weeks 1 - 4

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

Which of the following is not a want?

a)

iPhone

b)

Swimming pool

c)

Water

d)

Laptop

2.

Which of the following is not a need?

a)

Water

b)

Food

c)

Shelter

d)

Hair dye

3.

is the study of how limited resources are used to satisfy limited wants.

a)

Microeconomics

b)

Macroeconomics

c)

History

d)

Economics

4.

What is the basic problem of economics?

a)

Not enough money

b)

Scarcity

c)

Being in debt

d)

Unemployment rising

5.

Which of the following is not a factor of production?

a)

Money

b)

Labour

c)

Capital

d)

Entrerprise

6.

Which of the following is not a type of economic system?

a)

Mixed

b)

Market

c)

Command

d)

Supermarket

7.

A hammer is an example of which factor of production?

a)

Capital

b)

Labour

c)

Enterprise

d)

Land

8.

Water is an example of which factor of production?

a)

Capital

b)

Land

c)

Labour

d)

Enterprise

9.

Which market are shares exchanged in?

a)

Housing Market

b)

Foreign Exchange Market

c)

Labour Market

d)

Stock Market

10.

A manager is an example of which factor of production?

a)

Land

b)

Capital

c)

Money

d)

Enterprise

11.

The individuals and consumers who work for businesses are part of which sector?

a)

The Business Sector

b)

The Household Sector

c)

The Government Sector

d)

The Financial Sector

12.

Which type of economic system is also known as communism?

a)

Mixed Economy

b)

Unplanned Economy

c)

Command Economy

d)

Market Economy

13.

Which type of economic system is also known as capitalism?

a)

Mixed Economy

b)

Planned Economy

c)

Command Economy

d)

Market Economy

14.

The economic system in which the government solely decides what goods and services will be produced.

a)

Mixed Economy

b)

Market Economy

c)

Command Economy

d)

Traditional Economy

15.

The economic system in which decisions are entirely made by individuals.

a)

Market Economy

b)

Command Economy

c)

Traditional Economy

d)

Mixed Economy

16.

Which level of government is responsible for the Goods and Services Tax?

a)

Local

b)

State

c)

Federal

17.

The type of tax applied to a firm's profit:

a)

Stamp duty

b)

Payroll tax

c)

GST

d)

Company income tax

18.

The tax that is applied to most goods and services purchased by consumers:

a)

GST

b)

Stamp Duty

c)

Individual income tax

d)

Fuels excise

19.

Which of the following did the Australian government plan to spend most of their money on in 2019-2020?

a)

Health

b)

Education

c)

Social security & welfare

d)

Defence

20.

Which of the following sectors provides public goods and services?

a)

Firms sector

b)

Household sector

c)

Government sector