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WorksheetsY8_Revision_Term 3_ BusinessManagementEconomy
Total questions: 60
Worksheet time: 31mins
Which of the following countries is an extreme example of a centrally planned economy?
Hong Kong
North Korea
France
Mexico
Which of the following is NOT an example of a public good?
a shopping mall
an airport
a water utility
a park
Which of the following is true about the government in a command economy?
it builds houses in every village
It encourages workers to innovate
It makes all the important economic decisions
It makes sure consumer goods are always available
Which economic goals are best promoted by a free market?
freedom and growth
equity and security
equity and predictability
freedom and environmental protection
Economists use such tools in ______, the study of the economic behavior of individual persons, families, and businesses, and in ______, the study of the economy as a whole.
microeconomy... macroeconomy
socialism...
communism
Laissez Faire... Choices
Wants and Needs... Choices
In a command economy, the ______ either makes most economic decisions itself or a least strongly influences how the decisions are made.
Market
Firm
Government
Business Sector
In a discussion of economics, which of the following would exert the most influence on an individual firm's decision to hire workers?
Wage Levels
The Macroeconomy
The Firm's Income
Household Income
If macroeconomics looks at the economy as a whole, it focuses on which of the following?
The division of Labor
Business Firms
Unemployed People
Households
The two main tools of macroeconomic policy include monetary policy, and fiscal policy, and fiscal policy, which involves _________ spending.
Household
Capital Market
Business
Government
The basic difference between macroeconomics and microeconomics is:
Microeconomics concentrates on the behavior of individual consumers while macroeconomics focuses on the behavior of firms.
Microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.
Microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade.
Microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
Macroeconomics:
Is concerned with the expansion and contraction of the overall economy.
Is concerned with the expansion of a small business into a large corporation.
Analyzes mergers and acquisitions between firms.
Is narrower in scope than microeconomics.
The circular flow diagram of economic activity is a model of the :
Interaction among taxes, prices, and profits.
Role of unions and government in the economy
Flow of goods, services, and payments between households and firms
Influence of government on business behavior.
Which of the following best characterizes the circular flow of income?
Households buy factors of production from businesses, and businesses buy goods and services from households.
The government purchases resources from businesses and households and then sells goods and services to businesses and households
Businesses buy resources from the government, and households buy goods and services from businesses.
Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses.
Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories.
Financial capital market
Financial investment market
Specialization Model
Circular flow diagram
What type of economy does most of the world use today?
market economy
mixed economy
How many types of economy are there?
4
2
1
This economy does not use money, instead they trade or Barter.
traditional
free
market
An economic system in which the government decides what goods will be produced, how they will be produced and how they will be distributed
Traditional
Command
Market
An economic system in which the leaders make important decisions about how goods and services are given to the people
Traditional
Command
Market
Which one is included in national Income
Winning from lottery
Milk purchase by a dairy shop
National debt interest
None of these
Which level of government would you contact if you want to join the army?
Federal
State
Local
Which level of government would you contact if you want improvements to the ambulance service in your area?
Federal
State
Local
Which level of government would you contact if a senior secondary college wants approval to build a new computer centre?
Federal
State
Local
What government would you contact if you want your baby to be inoculated against measles at the local health centre?
Federal
State
Local
What government would you contact if you want to obtain a parking permit?
Federal
State
Local
What government would you contact if you are unhappy about aircraft noise at night?
Federal
State
Local
What government would you contact if a university wants to build a new facility?
Federal
State
Local
What is GST?
income tax
sales and service tax
goods and services tax
I do not know
What is SST?
Sales and Service tax
Goods and service tax
Income Tax
I still do not know
Which is better?
GST
SST
They both have their pros and cons
Malaysia is a former British colony.
TRUE
FALSE
The Yang di-Pertuan Agong (Supreme King of Malaysia) is head of state in Malaysia and is a hereditary ruler.
TRUE
FALSE
The Malaysian economy is the biggest in Southeast Asia.
TRUE
FALSE
Malaysia major production is:
Healthcare
Food and beverages
Petrochemical and oleo chemical
Electric and electronics
Which sector affected most during COVID-19 pandemic?
Education sector
Telecommunication sector
Tourism sector
Financial sector
What is the current issue of agriculture in Malaysia?
Food self-sufficiency
Chicken supply crisis
Increasing in food price
Palm oil competition
Which of the following statements is not true?
The product produced by Malaysians working abroad is counted in Malaysia's GNP.
The income of foreigners working in Malaysia is counted in Malaysia's GNP.
Profits earned abroad by Malaysian companies are counted in Malaysia's GNP.
Profits earned in Malaysia by foreign-owned companies are not counted in Malaysia's GNP.
Demand for cakes and biscuits is the cause of demand for wheat flour to increase instantly.
Microeconomics
Macroeconomics
The increases of chicken price during Hari Raya Aidilfitri.
Microeconomics
Macroeconomics
Per capita income of Malaysian citizen rises.
Microeconomics
Macroeconomics
When a government spends more than it takes in
Budget surplus
Inflation
Budget Deficit
Economic growth
International trade activities and the problems occured.
Microeconomics
Macroeconomics
AirAsia dropped fares by 9% to bring back passengers after the incident of airbus crashed.
Microeconomics
Macroeconomics
Per capita income of Malaysian citizen rises.
Microeconomics
Macroeconomics
Who elects the leader of a parliamentary democracy?
the president
the people
the parliament
Example for direct tax
Income tax
Sales tax
GST
NONE
Entertainment tax is .........
Direct tax
Indirect tax
None
Indirect taxes are imposed on------------- and -------------- whereas the direct taxes are imposed on-----------------
Goods and Service, Facilities
Goods and Service, Person
Goods and Person , Service
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
If we want more services from the Government ...
Taxes increase
Taxes decrease
The Government will need less money
All are correct
Classification of taxes ...
Direct - Indirect
Legal - Criminal
Cheap - expensive
All are correct
Which is an example for Indirect tax
Wealth Tax
Gift tax
Income tax
Excise Act
Taxes on goods and services are mainly ____ taxes.
Proportional Tax
Direct Tax
Indirect Tax
Regressive Tax
Excise duty, sales tax and GST are examples of ____ tax
Natural
Direct
Indirect
None
All are purposes of taxation EXCEPT:
to increase unemployment
to influence the consumption of goods or services considered to be harmful
to achieve greater equality
to provide income for the government
