WorksheetsKK #1 and #2 Review
Total questions: 10
Worksheet time: 5mins
Economics is the study of
people controlling money in an economy
governments deciding what to produce to meet unlimited societal wants
consumers deciding what to buy to satisfy their unlimited needs and wants
society allocating limited resources to satisfy its unlimited wants
The limited nature of society's resources is called?
Resource allocation
Scarcity
Policies
Government assests
Microeconomics involves
only households
the whole economy
inflation, interest rates, and unemployment
individuals, households, and businesses
Macroeconomics investigates
households and businesses
financial policies
economic growth, inflation, and interest rates
only individual households
The central problem of a nation's economy arises due to
A. unlimited wants
B. limited resources
Both A and B
Neither A nor B
Which of the following would be studied in microeconomics?
Total number of workers in Australia
Gross domestic product
The rate of inflation in Australia
None of the above
Which of the following would be studied in macroeconomics?
Miss D'Silva's monthly grocery bills
The effect of drought on Canberra's wheat industry
The growth rate of Australia's economy
None of the above
Which of the following would be studied in microeconomics?
The demand for iPhones in Melbourne
The effect of the COVID-19 pandemic on Victoria's youngsters
How Toyota can improve its manufacturing processes
All of the above
Statement 1: The London Congestion Charge on motor vehicles has reduced air pollution in the city by five per cent.
Statement 2: The plan to introduce a higher congestion charge for motor vehicles with a large engine is unfair.
Which of the following best describes the two statements above?
Statement 1 is positive and Statement 2 is normative
Statement 1 is normative and Statement 2 is positive
Both statements are positive
Both statements are normative
Statement 1:
In the UK, a 50% tax rate applies on taxable earnings over $150,000 a year.
Statement 2:The 50% tax rate is unfair to high-income earners since it reduces their living standards.
Which of the following best describes the two statements above?
Statement 1 is normative and Statement 2 is positive
Both statements are positive
Both statements are normative
Statement 1 is positive and Statement 2 is normative
