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Semester 2 Exam Revision - Economics

Total questions: 61

Worksheet time: 35mins

Name
Class
Date
1.
Consumer
a)
Individuals and businesses involved in the production of goods and services.
b)
A good or service that is desired but which is not necessary for survival.
c)
The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.
d)
A person or a group that is the final user of goods and services produced within an economy.
2.
Demand
a)
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
b)
The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
c)
The cost of a good or service we forgo (give up) when we choose another.
d)
Used to produce goods and services that satisfy needs and wants. The four factors of production are land, labour, capital and enterprise.
3.
Goods
a)
Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
b)
The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
c)
A good or service that is necessary to maintain survival. Food, water, shelter, warmth (clothing)
d)
Tangible items (physical items than can be touched) that satisfy needs and wants. They can be seen and touched e.g. cars, computers.
4.
Needs
a)
Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
b)
A good or service that is necessary to maintain survival. Food, water, shelter, warmth (clothing)
c)
The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.
d)
The ability to combine land, labour and capital resources to create, plan and produce goods and services.
5.
Opportunity Cost
a)
A good or service that is desired but which is not necessary for survival.
b)
The economic problem of having unlimited needs and wants with only limited means to satisfy them
c)
The cost of a good or service we forgo (give up) when we choose another.
d)
The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.
6.
Producer
a)
The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.
b)
A good or service that is desired but which is not necessary for survival.
c)
Individuals and businesses involved in the production of goods and services.
d)
The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
7.
Scarcity
a)
The cost of a good or service we forgo (give up) when we choose another.
b)
The economic problem of having unlimited needs and wants with only limited means to satisfy them
c)
The cost of a good or service we forgo (give up) when we choose another.
d)
A good or service that is desired but which is not necessary for survival.
8.
Services
a)
When you have to make a decision about selecting between two or more different things
b)
The cost of a good or service we forgo (give up) when we choose another.
c)
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
d)
Intangible products (these cannot be touched but we know they exist) provided by people that satisfy society's needs and wants. For example: accountants, cleaners, teachers, bus drivers and doctors.
9.
Supply
a)
The amount of a good or service that producers are willing and able to sell at a particular price and point in time.
b)
Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
c)
A good or service that is necessary to maintain survival. Food, water, shelter, warmth (clothing)
d)
Raw materials supplied from the earth, sea or air. Examples include forests, minerals, water, oil, gas, grain and fish.
10.
Wants
a)
A good or service that is necessary to maintain survival. Food, water, shelter, warmth (clothing)
b)
A good or service that is desired but which is not necessary for survival.
c)
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
d)
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
11.

Exports are...

a)

goods and services that are purchased from overseas businesses

b)

goods and services that are exported to overseas governments

c)

goods and services that are sold domestically to the household sector

d)

goods and services sold by local businesses to overseas consumers

12.

The business sector can be described as...

a)

producers that provide goods and services to satisfy the needs and wants of households

b)

consumers that are working in the business sector to earn money

c)

consumers that purchase goods and services for the business sector

d)

producers that provide goods and services to consumers in order to make a profit

13.

The financial sector can be described as...

a)

banks that use the deposits collected in order to help businesses grow

b)

financial intermediaries that collect deposits and invest in the growth of businesses

c)

financial intermediaries that allow consumers to open savings accounts

d)

banks that charge interest on loans that are offered to consumers

14.

Gross Domestic Product (GDP) refers to

a)

the total monetary value of a country based on goods and services produced

b)

the total value of all goods and services that are required for the production process

c)

the total value of all goods and services produced in a business in a given period of time

d)

the total value of all goods and services produced in a country in a given period of time

15.

Opportunity cost can be defined as...

a)

Having fewer resources than needed to fill human wants and needs

b)

A time or set of circumstances that makes it possible to do something

c)

Anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media

d)

The loss of other alternatives when one alternative is chosen

16.

The four sectors in the economy are...

a)

The household sector, financial sector, business sector & government sector

b)

The household sector,tax sector,business sector, & government sector

c)

The business sector, tax sector, household sector & financial sector

d)

The financial sector, government sector, corporate sector, & household sector

17.

Globalisation can be defined as...

a)

Economic transactions that are made between countries

b)

The exchange of goods and services among individuals and businesses in multiple countries

c)

The process of interaction and integration among people, companies, and governments worldwide

d)

A change in global or regional climate patterns

18.

Australia's biggest trading partner is ...

a)

USA

b)

Japan

c)

Mongolia

d)

China

19.

Which of the following is a good thing about globalization?

a)

More variety of products and competition

b)

Increased warfare

c)

moving jobs to laces with no minimum wage

d)

loss of global culture

20.

Which of the following is not a sector of the Australian economy?

a)

Finance

b)

Household

c)

Government

d)

Banking

21.

Which of the following is not a sector of the Australian economy?

a)

Finance

b)

Household

c)

Government

d)

Banking

22.

The objective of the economy is to

a)

satisfy limited needs and wants with unlimited resources

b)

satisfy unlimited needs and wants with limited resources

c)

satisfy unlimited needs and wants with unlimited resources

d)

satisfy limited needs and wants with limited resources

23.

What is GDP

a)

measure of the value of all the money spent by an economy in a period of time

b)

amount of all the goods and services produced by an economy in a period of time

c)

measure of the value of all the goods and services produced by random people in a period of time

d)

measure of the value of all the goods and services produced by an economy in a period of time

24.

An increase in the general level of prices paid for goods and services over a certain period of time is known as...?

a)

Inflation

b)

GDP

c)

Unemployment

d)

Economic growth

25.

Select 2 reasons why trade may be beneficial:

a)

imported products may be of higher quality than domestic products

b)

imported products may be significantly cheaper than similar domestic products

c)

how technologically advanced a country is

d)

political & cultural factors influence what is traded

26.

Australia's top 5 export destinations (in order from top) are: ___, ___, ___, ___, ___.

(a)  

27.

Australia's top 5 imports are:

a)

Passenger motor vehicles, refined petroleum, telecom equipment, freight services & computers

b)

Gold, Goods vehicles, personal travel services, professional services, medicaments

c)

crude petroleum, technical services, telecom & IT services, pharm products, furniture

28.
Which of the following is NOT a natural resource?
a)
Oil
b)
Water
c)
Car
d)
Air
29.

Which of the following are examples of goods?

a)

Apples, Computers, Clothing

b)

Firemen, Police Officers, Soldiers

c)

Health, Love, Friendship

30.

Which of the following are examples of services?

a)

Apples, Computers, Clothing

b)

Firemen, Police Officers, Soldiers

c)

Health, Love, Friendship

31.

Which of the following is not one of the three basic questions economists try to solve?

a)

What should be produced?

b)

How should it be produced?

c)

Who gets what is produced?

d)

When should it be produced?

32.

iPhone X just came out and many people want it. What will happen to the price?

a)
b)
33.

Halloween is almost here! The supply of candy is going down. What will happen to the price?

a)
b)
34.

Q1 What are the factors of production ?

a)

Land

b)

Capital

c)

Labour

d)

All of these

35.

Name the economic term for raw materials needed to produce goods

a)

Labor

b)

Capital

c)

Financial Capital

d)

Natural Resources

36.

Name the economic term for human time, effort, skills, and talent needed to produce goods

a)

Labor

b)

Capital

c)

Financial Capital

d)

Natural Resources

37.

Name the economic term for money that a business uses to buy the items needed for the business to function

a)

Labor

b)

Capital

c)

Financial Capital

d)

Natural Resources

38.

Name the economic term for items such as tools, machines, factories, and office equipment needed for a business to function

a)

Labor

b)

Capital

c)

Financial Capital

d)

Natural Resources

39.

Your family bought a brand new mansion.

a)

Good

b)

Service

c)

Need

d)

Want

40.

You get your pedicure done at the salon.

a)

Service

b)

Good

c)

Need

d)

Want

41.

You purchase a video game to give it to your friend as a birthday gift.

a)

Need

b)

Good

c)

Service

d)

Want

42.

Equilibrium Price means

a)

The price where demand is more supply is less.

b)

The price where demand is less supply is more

c)

The price where demand and supply are equal

43.

Scarcity is when there are not enough (a)   to satisfy our unlimited wants and needs

44.

Tick the resources below which are examples of capital:

a)

Machinery

b)

Field

c)

Screwdriver

d)

Lawyer

e)

Manager

45.

Tick the resources below which are examples of natural resources:

a)

Machinery

b)

Field

c)

Screwdriver

d)

Lawyer

e)

Manager

46.

Tick the resources below which are examples of enterprise:

a)

Machinery

b)

Field

c)

Screwdriver

d)

Lawyer

e)

Manager

47.

Greater knowledge with the help of improved technology can rapidly improve the production of land resources. one big example of this in India is ____.

a)

higher production of crops

b)

development

c)

green revolution

d)

yellow revolution

48.

Transnational Corporation

a)

the way in which participants in the economy, such as producers and consumers, rely on each other to produce and

consume goods and services.

b)

the process that involves all the countries of the world being linked together, resulting in an exchange of views, ideas, products and culture

c)

an enterprise that is involved with the international production of goods or services, foreign investments, or income and asset management in more than one country.

d)

refers to the many links or activities that are required to move a product or service from a supplier to a consumer.

49.

McDonald's is a transnational corporation because it operates facilities and does business in many countries around the world. It does not consider one country its national home.

a)

False

b)

True

50.

Natural disasters and political unrest can disrupt global supply chains.

a)

True

b)

False

c)

Somewhat

51.

The disruption in the supply of oil to Australia would greatly impact many other industries.

a)

True

b)

False

52.

Which of the following is not an advantage of globalisation?

a)

Inward investment by TNCs helps countries by providing new jobs and skills for local people.

b)

TNCs bring wealth and foreign currency to local economies when they buy local resources, products and services

c)

The sharing of ideas, experiences and lifestyles of people and cultures

d)

Globalisation operates mostly in the interests of the richest countries, which continue to dominate world trade at the expense of developing countries.

53.

One of the problems with globalisation is that an absence of strictly enforced international laws means that TNCs may operate in Less Economically Developed Countries in a way that would not be allowed in an More Economically Developed Country.

a)

False

b)

True

54.

Interdependence

a)

the way in which participants in the economy, such as producers and consumers, rely on each other to produce and

consume goods and services.

b)

the process that involves all the countries of the world being linked together, resulting in an exchange of views, ideas, products and culture

c)

an enterprise that is involved with the international production of goods or services, foreign investments, or income and asset management in more than one country.

d)

refers to the many links or activities that are required to move a product or service from a supplier to a consumer.

55.

Identify the need in this list

a)

Pure Oxygen

b)

Water

c)

Carbonated Water

d)

Day Spas

56.

Which of the following are examples of wants?

a)
Luxury items, vacations, and entertainment
b)
Education, healthcare, and safety
c)
Work, responsibilities, and obligations
d)
Necessities, basic needs, and essentials
57.

What are examples of needs?

a)
education, entertainment, transportation, communication, and technology
b)

food, water, shelter, clothing, and healthcare

c)
love, friendship, happiness, peace, and freedom
d)

money, power, fame, success, and luxury

58.

A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?

a)

muffins

b)

cookies

59.

The Welch family has saved some money. They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard. They decide to spend the money on a swimming pool. What is the opportunity cost of their decision?

a)

vacation

b)

swimming pool

60.

The local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. The officials decide to build a skate park. What is the opportunity cost of their decision?

a)

new skate park

b)

more computers

61.

In economics, there are imports and exports. An import is

a)

Merchandise shipped to a foreign country

b)

A tax on goods shipped to a foreign country

c)

Merchandise shipped from a foreign country

d)

A tax on goods shipped from a foreign country

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