WorksheetsYear 8 Living Standards (Weeks 1 to 5)
Total questions: 18
Worksheet time: 10mins
Which of the following is a good/service being sold TO another country.
Import
Export
Trade
Tarrif
Tax
Which of the following best describes the term "import"?
Selling goods to another country
Making goods in a factory
Bringing goods into a country from another country
Sending goods out of a country to another country
Which of the following are benefits of being in the global economy?
Greater consumer choice and better quality of goods & services
Cheaper prices for consumers
More customers for businesses to sell to = more profits
Multi national companies cause smaller businesses to shut down
Unemployment in some industries (eg car manufacturing)
GDP stands for:
Gross Domestic Product
General Domestic Policy
Global Development Plan
Government Debt Payment
(a) refers to the gradual increase of prices over time
Australia's target is to keep inflation to:
2 to 3%
5 to 7%
0%
10-20%
100%
Gross Domestic Product is the value of finished goods bought and sold in a country
True
False
A loaf of bread in 2025 costs the same as it did in 1975.
True
False
What does the Consumer Price Index (CPI) measure?
The number of people working in a country
The total amount of money spent by the government
The average change in prices of goods and services over time
The number of new businesses opened each year
What is disposable income?
Money earned before taxes are taken out
Money spent on buying things like food and clothes
Money left after paying taxes that people can spend or save
Money borrowed from the bank
Which of the following would most likely lead to higher living standards in a country?
Low unemployment
Low inflation
High disposable income
High inflation
Low disposable income
Who is responsible for setting interest rates and keeping the economy stable?
RBA
State governments
Westpac Bank
Big 4 Banks
Stock exchange
A decrease in inflation typically leads to higher living standards, as the cost of goods and services becomes more affordable
True
False
A significant rise in ________ can reduce disposable income, as households spend more on essentials like housing and utilities
inflation
wages
GDP
imports
tariffs
Based on the article we read, why did many Australians feel a drop in their living standards recently?
Because prices for essentials like food and housing increased
Because taxes were lowered
Because wages increased a lot
Because the weather was bad
Higher inflation means people can buy more with the same amount of money
True
False
What is one way the government tries to help improve living standards during inflation?
Increase interest rates to slow down inflation
Stop people from buying goods
Print more money for everyone
Close all banks
Which of the following are in the labour force?
Unemployed
Retired
Employed part-time
Employed full-time
Under working age
