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WorksheetsYear 9 Revision Quiz
Total questions: 55
Worksheet time: 28mins
Miss Kalache mentioned BF4L in her first lesson, what does that stand for?
Best Friends 4 Life
Being Fun 4 Lunch
Best Friends 4 Lunch
Being Fun 4 Life
A ___________is a situation where the organised exchange of goods and services take place between buyers and sellers.
shopping centre
market
goods
services
The _________________system of a country is used to answer the three important economic questions: What to produce; how to produce; and for whom to produce?
business
goods
economic
services
Australia’s economy is largely a __________________economy.
market
combined
traditional
independant
The three economic questions are answered by the market through the laws of ___________________and ___________________.
goods, services
supply, demand
traditional, market
Resources are only used to make things that people will buy and are ______________________
profitable
scarce
infinite
Australians households provide economic resources to businesses in the form of the factors of production — land, labour, capital and enterprise. Businesses provide goods and services to households. This is known as output or production.
What is this model called?
GDP process
The Circular Flow of Income
How Government works
Competitive advantage is an attribute that a business aims to create and maintain in order to distinguish itself from the competition in the market.
True
False
The government sector takes a portion of people’s incomes in the form of taxation (T), which represents a _________________from the circular flow.
injection
leakage
goods and services
Differentiation means developing and marketing goods
and / or services to customers that _________________________________
Are in competition
Produce quality goods
Differ from business rivals
The objective of an economy is to satisfy _____________ needs and wants; however, there are only limited ___________ available.
limited, resources
limited, needs
unlimited, resources
unlimited, needs
Which of the following is not a sector in the Australian Economy
Household sector
Finance sector
Overseas sector
Primary sector
Select the sectors below that are required to pay taxes to the government
Finance sector
Business sector
Overseas sector
Household sector
TRUE of FALSE
Businesses provide goods and services to households. This is known as output production.
TRUE
FALSE
Which sector is being describe below?
They spend money on public goods and services, such as roads, parks, schools and hospitals.
Business sector
Government sector
Overseas sector
Financial sector
The sector that deals with Australia's imports and exports is?
Business sector
Household sector
Overseas sector
Government sector
What is economics?
The study of unemployment
The study of the Australian economy
The study of how limited resources are used to meet the unlimited wants of people in society
The study of GDP
What is macro economics?
The study of major problems in economies
Is the social science that studies the implications of individual human action, specifically about how those decisions affect the utilization and distribution of scarce resources
The study of large economies
The study of production, distribution and exchange of goods and services in a national or global context
Economics is the study of how society makes _______________
Choices
Graphs
Money
News
Perfectly Competitive, Normal Profit
Australia is working to strengthen ties with its immediate neighbors. Based on location, with what country is Australia MOST LIKELY trying to trade?
China
Brazil
United States
United Kingdom
Market share is...
the portion of a market controlled by a particular company or product.
how many shares someone owns in the market.
the amount of people a company shares its profits with in the market.
All of the above.
Investment or money owned by a person that can be used to start a business is known as...
profit
capital
debt
cash
Participants (or sectors) in our Australian economy include which of the following?
Household (Consumers) Sector
Overseas Sector
Firms (Producers) Sector
Financial Sector
Government Sector
Where do the majority of finances for a small business come from?
A bank
The owner(s)
An investor
All of the above
Woolworth & Qantas are examples of a
small business.
medium business.
large business.
franchise.
In 2018, the three biggest export destinations of Australian products were...
India
China
Hong Kong
Japan
South Korea
Rate your understanding of international trade (including imports/exports, globalisation & global companies).
Confident
Good (Some revision needed)
Average (Focus on revising this topic)
Limited (I need teacher support)
Rate your understanding of economics (including participants, economic indicators & assessing our economy).
Confident
Good (Some revision needed)
Average (Focus on revising this topic)
Limited (I need teacher support)
Income flow = Expenditure flow
True
False
The following are factors of production except
Land
Labor
Wage
Entrepreneurship
What is the payment received for labor?
Rent
Wages
Interest
Profit
What is free trade?
Trade reflects the impact of
specialisation and exchange rates
This is international trade free from
artificial barriers such as import tariffs,
quotas and other trade barriers
This is international trade with artificial barriers such as import tariffs, quotas and other trade barriers
An import is
producing certain goods very well and for a reduced cost.
items sold to other countries.
dependence on others to get products you do not produce and needing to purchase items from them.
items purchased from other countries. Goods come into the USA.
Scarcity is when we have needs and wants beyond our resources
False
True
Imports are good and services sold to other countries
True
False
Three forms of misbehaviour Miss Kalache does not appreciate in her class include.... (only select three)
Speaking while she is speaking
Speaking while others are speaking
Playing and messing around with the desks and chairs
Calling out without putting your hand up
