WorksheetsEconomics Revision
Total questions: 56
Worksheet time: 28mins
Is the spread of religion over human history an example of globalisation?
True
False
What is globalisation?
The process by which the world is becoming increasingly interconnected.
The process by which the world is becoming less interconnected.
The process by which the world is becoming more divided.
Which of these factors have influenced globalisation?
High taxes and investment restrictions.
Communication systems and the internet.
Poor standard of living and unemployment.
Which of the following is NOT a Multinational Corporation?
Ford
Shell
Local newsagent
FedEx
The increased interconnectedness and interdependence of people and countries resulting from the expanding integration of trade, finance, people, and ideas in one global marketplace is known as:
Globalisation
Diffusion
Centralisation
Hybridisation
What does TNC stand for?
Trans national corporations
Trade nations conference
Trans national countries
Trial national cooperations
Which factor might attract a transnational corporation to a country?
Good tourist attractions
Cheap raw materials
High average monthly wage
Globalisation is the process of the world becoming increasingly interconnected due to improvements in...
Transport and telephones
Telephones and computers
Transport and technology
Airline industry
[Noun] - Buying, selling and exchanging goods or services between people.
Marketplace
Trade
What is one advantage of MNC
(a)
How does MNC benefit the government?
(a)
Importing goods is:
The sale of goods to another country
Beneficial to a country's economy
The buying of goods from another country
The movement of people around the globe
Which factor(s) might attract a multinational corporation to a country?
Good tourist attractions.
Cheap raw materials.
High weekly wages.
Stable government.
Attractive corporate tax rates.
Which one of the following is a negative consequence of globalisation for less-developed countries
Enhanced cultural uniqueness
Skills transferred to domestic workers
Improved terms of trade
Wider income inequalities
How has China and India benefited from globalisation?
Millions of people have been lifted out of poverty in India and China
Inequalities among the countyside are growing
Increased levels of carbon is being emitted in both countries
The increased interconnectedness and interdependence of people and countries resulting from the expanding integration of trade, finance, people, and ideas in one global marketplace is known as:
Globalisation
Diffusion
Centralisation
Hybridisation
What are two technological advancements that have encouraged the growth of MNCs?
Transport
Communications
Pharmaceuticals
Renewable energy
What are TNCs?
Trans National Countries
Trans National Corporations
Trans National Counties
Trans Nautical Cruisers
Nike is a TNC.
True
False
Identify the main 5 sectors in the CFIM
Households, Firms, Producers, Financial, Government
Firms, Financial, Government, Overseas, Banks
Households, Firms, Financial, Government, Overseas
Overseas, Businesses, Firms, Consumers, Government
The role of Households is to:
Provide resources to Firms and spend money on goods and services
Sell goods and services and spend their income
Spend money to consume goods and services and provide income to consumers
Purchase resources from Firms and spend money on goods and services
The role of Firms in the economy is to:
Sell land, labour and capital and make goods and services
Invest in capital goods to spend money and inject income into the economy
Produce goods and services and provide an income to households
Produce goods and services and spend money on goods and services
The leakage for the Financial sector is:
Taxation
Savings
Imports
Exports
The leakage for the Government Sector is:
Savings
Imports
Government Expenditure
Taxation
The leakage of the Overseas sector is:
Imports
Exports
Investment
Taxation
The injection for the Financial Sector is:
Savings
Government Expenditure
Investment
Exports
The injection for the Government Sector is:
Taxation
Investment
Government Expenditure
Exports
The injection for the Overseas sector is:
Investment
Exports
Imports
Government Expenditure
In the CFIM 'O' stands for Output. This refers to which flow?
Consumer Expenditure
Goods and Services
Providing an income
Selling productive resources (land, labour, capital)
In the CFIM the 'real' flow refers to:
The flows between Households and Firms
The flow of goods and services and economic resources
The flow of income and consumer expenditure
The flows between Household and the Financial sector
When doing calculations involving the CFIM 'Y' stands for:
Income
Output
Exports
Imports
Which equation shows the economy is in equilibrium?
S x T - M = I / G - X
I + S + X = T + M + G
S + T + M = I + G + X
G x I x M = X / T + S
The leakages and injections in the 3 sector model of the CFIM would be:
S+I
T+S
I+X
S+G
Imports and Exports are:
the injection and leakage of the Financial sector, respectively
I + E
M + X
always in equilibrium
If an employee collects his/her wages which flow is this?
Consumer Expenditure
Savings
Providing of economic resources: labour
Providing an income to Households
A car manufacturer installs a new welder. Which flow is this?
Production of goods and services
Investment
Purchasing of economic resources from Households
Government expenditure
A teenager opens a new bank account. Which flow does this belong to?
Investment
Providing an income to Households
Consumer Expenditure
Savings
A year 9 student purchases a new iPhone. Which flow is this?
Consumer expenditure
Production of goods and services
Providing an income to Households
Selling economic resources to Firms
A teacher gets charged income tax. Which flow does this belong to?
Savings
Providing an income to Households
Taxation
Government Expenditure
The Government decides to reduce the income tax rate by 10% due to COVID-19. What effect will this have on the economy?
Cause the leakage of taxation to increase therefore a contraction
Cause the leakage of taxation to decrease therefore an expansion
Cause an injection of government expenditure to increase therefore an expansion
Cause an injection of government expenditure to decrease therefore a contraction
Commonwealth Bank decides to fund improvements to Beatty Park sport stadium, renaming it Commonwealth Beatty Park. What effect will this have on the economy?
Cause the leakage of Taxation to decrease therefore an expansion
Cause an injection of Government Expenditure to increase therefore an expansion
Cause an injection of Investment to increase therefore an expansion
Cause an injection of Investment to decrease therefore an expansion
300 Chinese students enrol at the University of Western Australia. What effect will this have on the economy?
Cause the leakage of imports to increase, leading to a contraction
Cause the injection of exports to increase, leading to an expansion
Cause the injection of exports to decrease, leading to an expansion
Cause the leakage of imports to decrease, leading to an expansion
As a general rule, if the economy experiences a serious imbalance between leakages and injections where there are a great deal more leakages than injections this is where the economy may experience:
a recession
growth in economic activity
an economic boom
low unemployment
If the economy is CLOSED - which sector is not included?
Government Sector
Financial Sector
Household Sector
Overseas Sector
What does GDP stand for?
Good Domestic Pets
Grand Diamond Products
Gross Domestic Product
Grand Domestic Prizes
What are the 3 leakages in the Circular Flow Income Model?
Financial Sector, Government Sector and Overseas Sector
Savings, Taxation and Imports
Savings, Taxation and Exports
Investment, Government Spending & Exports
What are the 3 injections in the Circular Flow Model?
Taxation
Government Spending
Exports
Investment
Which sector is missing from this picture?
(a)
Which sector is missing from this model?
(a)
