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Year 10 Economics Basics
Year 10 Economics Basics
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Year 10 Fundamentals of Economics
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
A budget is best described as:
a plan for purchasing best quality goods at lowest prices.
An estimate of expected income and plan for expenditure.
A list of expenditure made during the previous year.
A means of raising money for expenditure.
2
Which of the following is not a factor of production?
Land
Labour
Entrepreneurship
Dividends
3
Which of the following statements is incorrect?
Assets = Net Worth + Liabilities
Assets + Liabilities = Net Worth
Net Worth = Assets - Liabilities
Assets - Net Worth = Liabilities
4
When a person sees a good and cannot help buying it, this is called
Panic Buying
Being Thrifty
Planned Expenditure
Impulse Buying
5
If the output per worker in a firm increases; which of the following must have increased?
Employment
Demand
Productivity
Production
6
When someones salary is paid directly into their bank account, this is called;
Direct Debit
Direct Credit
Direct Cheque
Automatic Payment
7
The drawer of a cheque is
The bank where the cheque is deposited.
The person who delivers the cheque.
The person to whom the cheque is made out to.
The person who has made out the cheque.
8
Each Factor of Production recieves a payment. What reward does the factor
land
recieve?
Interest
Wages
Rent
Profit
9
Money replaced the barter system of exchange because
People ran out of goods to swap.
The problem of barter not applying to services.
The problem of "double coincidence of wants"
The problem of money not storing it's value.
10
Which of the following is unearned income?
Interest
Wages
Salary
Commission
11
What should the seller do if the price of a good is $20 and the QD is 60 and the QS is 50.
Increase Supply.
Decrease the Price.
Decrease Supply.
Increase the Price.
12
Which of the following would shift the demand curve of a good to the right?
Decrease in people's incomes.
Increase in the price of a comlimentary good.
Increase in the price of a substitute good.
Increase in the price of a good.
13
"Caveat Emptor" means
The consumer is protected from unmerchantable goods.
Guarantee Provided.
The seller must replace faulty goods.
The buyer must check the goods before buying.
14
"Third Party" insurance is normally associated with what type of Insurance Policy?
Automotive Insurance
Travel Insurance
House Insurance
Life Insurance
15
Why do all decisions have an opportunity cost?
If a choice is made, there is always an option not chosen.
Opportunity cost is an important concept..
When one alternative is chosen, scarcity does not change.
If there is no opportunty cost scarcity would increase.
16
The term "ceteris paribus" in Economics means
Some Factors Change
All Other Factors Do Not Change
All Factors Change
No Factors Change
17
Which of the following is not a characteristic of money?
Durable
Portable
Depletable
Divisible
18
G.S.T is an example of
A Direct Tax
PAYE
Tariff on Imports
An Indirect Tax
19
Which of the following is an example of a capital resource?
Gold.
The Manager of a firm.
A student work book.
A wooden chair in an office.
20
Jonathan's total assets are $56,000 and his total liabilities are $43,000 then his Net Worth is
$43,000
$56,000
$99,000
$13,000
21
The transport industry is an example of
Tertiary Industry
Secondary Industry
The Primary Industry
None of the above
22
Which of the following transactions is G.S.T exempt?
Payment for a loaf of bread
Payment of Wages
Payment of Insurance
Payment of City Rates
