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WorksheetsBusiness and Economics - what do you know?
Total questions: 20
Worksheet time: 7mins
Name
Class
Date
1.
What are some of the most important export commodities for the Australian economy?
a)
Wheat, corn, diamonds, chicken
b)
Oil, cotton, silver, pork
c)
Iron ore, coal, natural gas, gold
d)
Lumber, coffee, copper, beef
2.
What is 'labour' in economics?
a)
The human skills and effort used in production
b)
The physical space where production takes place
c)
The buildings and equipment used in production
d)
The raw materials and natural resources used in production
3.
How are wages used by consumers?
a)
To save for retirement
b)
To invest in stocks and bonds
c)
To pay off debt
d)
To purchase goods and services from the business sector
4.
Which of the following is an important export commodity for Australia?
a)
Cars
b)
Electronics
c)
Iron ore
d)
Textiles
5.
What is enterprise?
a)
The ability to recognize demand for new goods or services
b)
The ability to start a business
c)
Both A and B
d)
None of the above
6.
What does 'land' refer to in economics?
a)
The human skills and effort used in production
b)
The physical space where production takes place
c)
The buildings and equipment used in production
d)
The raw materials and natural resources used in production
7.
Which of the following is an example of a raw material that falls under the category of 'land'?
a)
Money
b)
Labor
c)
Timber
d)
Machinery
8.
What are the four categories of resources in economics?
a)
Supply, Demand, Price, Market
b)
Land, Labor, Capital, Enterprise
c)
Goods, Services, Money, Technology
d)
Production, Consumption, Distribution, Trade
9.
What is an example of labour in the production process?
a)
A computer programmer
b)
A farmer
c)
Both A and B
d)
None of the above
10.
What is the ability to recognise the demand for new goods or services and start up a new business called?
a)
Enterprise
b)
Supply
c)
Demand
d)
Production
11.
Which of the following is an example of capital in a supermarket?
a)
Cash registers, scales, barcode readers
b)
Refrigerators and freezers
c)
Shelving for storing goods
d)
All of the above
12.
How can the use of self-service checkouts in supermarkets reduce costs?
a)
By reducing the need for checkout staff
b)
By increasing the number of workers
c)
By decreasing efficiency
d)
By raising the prices of products
13.
What determines what goods and services to supply?
a)
Producers' preferences and demands
b)
Government regulations and policies
c)
Financial intermediaries' decisions
d)
Consumer preferences and demands
14.
What is the concept of relative scarcity of resources?
a)
The surplus of resources in relation to limited wants
b)
The limited availability of resources in relation to unlimited wants
c)
The abundance of resources in the economy
d)
The equal distribution of resources in the economy
15.
Who are the participants in the Australian economy?
a)
Consumers, producers, financial intermediaries, and the labor unions
b)
Consumers, producers, financial intermediaries, and the government
c)
Consumers, producers, financial intermediaries, and the stock market
d)
Consumers, producers, financial intermediaries, and the international market
16.
What is one advantage of using robotics-based equipment in factory production?
a)
It decreases efficiency
b)
It increases the number of workers
c)
It reduces wage costs
d)
It raises the prices of products
17.
What is the ideal situation for a country in terms of exports and imports?
a)
No money flowing into or out of the country
b)
More money flowing out of the country to pay for imports than flowing in from exports
c)
Equal amount of money flowing into and out of the country
d)
More money flowing into the country from exports than flowing out to pay for imports
18.
What is an import?
a)
A good or service produced in Australia and sold overseas
b)
A good or service produced in Australia and sold domestically
c)
A good or service produced overseas and brought into Australia
d)
A good or service produced overseas and sold domestically
19.
Why does Australia import products from other countries?
a)
Because Australian producers make all products efficiently
b)
Because Australian producers cannot make some products efficiently
c)
Because Australian producers cannot make any products efficiently
d)
Because Australian producers make all products efficiently but prefer to import
20.
What happens if a country consistently spends more on imports than it earns from exports?
a)
Money will flow out of the country
b)
The country will become wealthier
c)
There will be no impact on the country's wealth
d)
Money will flow into the country
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