WorksheetsYear 10 Business & Economics - Wk 2
Total questions: 10
Worksheet time: 10mins
What does GDP stand for?
Gross Domestic Produce
Gross Domestic Product
Gross Durable Product
Gross Domestic Progress
What is economic growth?
The value of all capital goods produced in an economy.
The real growth in the household sector of an economy over time
Leakages + Injections = Economic Growth
The real growth in the volume (value) of goods and services produced in an economy over time
What do we use to measure economic growth?
GDP
HDI
Inflation
Unemployment
During COVID-19, we would expect economic growth in Australia to:
Increase
Decrease
Remain the same
Economic growth and COVID are unrelated
What is inflation:
A rise in price level resulting in a fall in purchasing power.
A fall in the price level resulting in a rise in purchasing power
A rise in the price level resulting in a rise in purchasing power
A fall in the price level resulting in a fall in purchasing power
What do we use to measure inflation?
GDP
HDI
Unemployment Rate
CPI
What is the target inflation rate in Australia?
-1% to -2%
0% to 1%
1% to 2%
2% to 3%
Which of the following is not a factor income
Wages
Rent
Land
Interest
What happens when economic growth gets too high?
High levels of inflation
Low levels of inflation
Unchanged levels of inflation
Inflation is tied to economic growth (i.e. a 1% increase in economic growth means a 1% increase in inflation).
When analysing in economics we are looking for:
Patterns and trends
Economic criteria
A justified conclusion
Correct formatting and spelling + grammar
