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WorksheetsYr11 Econ Quiz 1
Total questions: 12
Worksheet time: 8mins
When buying your first car, which of the following would not normally be regarded as an internal factor affecting your behaviour as a consumer?
Feedback from your family
Type of personality
Values
Sense of what is cool
Which statement least reflects a traditional view of customer behavior?
Consumers behave rationally and act in their own self-interest
Consumers have priorities or ordered preferences.
Consumers make rash, uniformed decisions
Consumers seeks to maximise their pleasure and minimise their pain
Modern behavioural economics suggests that consumers make decisions based on (a)
Diminishing marginal utility or benefit suggests that the satisfaction of consuming most goods or services (a) the more we consume it.
Traditional Economy
Basic economic questions are answered and guided by long-established traditions and customs
Pure Market Economy
There is no government interference in the free operation of markets.
Pure Planned Economy
Typically, all businesses are government-owned and make up the public sector.
Mixed Economy
Combines most of the features of market economies with some of the features of planned economies.
Which statement about the simple two sector circular flow model is incorrect?
There are four flows or streams shown on the model.
One sector involves everyone in the country whereas the other sector involves fewer people.
The various flows making up the model are assumed to be equal in value and interdependent.
The model allows for spending on foreign goods and services, and household savings.
Thinking of the two sector circular flow model, which statement is incorrect following a rise in total spending on final goods and services by $100 million?
There would be a period of expansion in GDP, possibly leading to a peak.
There is likely to be a slowdown associated with a rise in the unemployment of resources among the household sector.
There may be a rise in incomes received by the household sector.
The rate of inflation (a general rise in prices) may accelerate if spending rises too quickly.
What do economists use the two sector circular flow diagram to show?
how the household sector operates
how the business sector operates
how the global market operates
how the household and business sectors of the economy interact
Point D
Maximum efficiency in use of resources
Point A
Inefficient use of resources
Point X
Unachievable outputs
Illustrate the law of demand by drawing a demand curve.
Identify equilibrium by drawing a supply and demand graph.
(2 words) by manufacturers ensures that things date, wear out quickly and cannot be repaired. They need to be replaced with new items.
(a)
