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Welcome to Year 11 Economics Flashcards | StudBud
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Welcome to Year 11 Economics
Welcome to Year 11 Economics
20 terms
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StudBud Administration
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16 plays
Economics Year 11 orientation lesson.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Why might supermarkets sell England flags at a price lower than it costs to produce them?
Because they have a surplus of flags.
Because they are fake flags.
Because they have a shortage of flags.
Because England are rubbish at cricket.
2
What is meant by 'market share' for an individual business?
The number of firms in a market.
Total sales of all the companies in a market.
Total sales [$] of a firm as a % of the overall market.
Total sales of an individual firm in a market.
3
Why does the government tax cigarettes and alcohol?
To help shopkeepers.
To advantage smokers
To discourage us from consuming them.
To encourage us to consume them.
4
Name India's ' people's car' manufactured by Tata, and sold in India for $3800AUD?
Zoro
Baro
Claro
Nano
5
What is meant by 'laissez faire' leadership?
When the manager trusts the employees and leaves them alone.
When the manager does not consult the employees.
The manager is lazy.
The manager constantly supervises the employees.
6
What is meant by the term ' minimum wage'?
The lowest salary of all workers.
The least a worker can be paid per hour by law.
The total an employee earns in a year.
The most a firm can pay someone per hour.
7
Why have house prices risen a lot in Sydney over recent years?
Estate agents have got greedy.
Lots of new houses have been built.
Lots of wealthy foreigners have bought houses there.
There is a shortage of houses.
8
How much money is JK Rowling worth?
$410m AUD
$810 AUD
$1010m AUD
$210m AUD
9
How much was the adult minimum wage for a 38 hour week in Australia in December 2017?
$594.80
$694.90
$794.90
$494.90
10
Why are strawberries more expensive in July than in January?
Because they are plentiful in January.
Because people eat more fruit in the summer.
Because there are too many of them in July.
Because shops are short of money.
11
Why is petrol more expensive in Australia than it is in the USA?
Because petrol is heavily taxed in Australia.
Because oil is extremely scarce in Australia.
Because Americans drive more cars.
Because Australian people can afford to pay more.
12
What is the name of Richard Branson's business empire?
Virgin
Apple
Google
Microsoft
13
What is the name of the Brazilian currency?
Dollar
Real
Euro
Peso
14
Why do Messi, Neymar and Ronaldo earn so much money?
Because they are popular.
Because they have rare skills.
Because they have lots of qualifications.
Because they are bossy.
15
How many versions of James Dyson's Dual Cyclone Vacuum cleaner failed before he found success?
48
797
5126
297
16
The term ' exchange rate' means ...?
The money the bank gives you for your savings.
The refund you get when you change unwanted goods in a shop.
The price you get on EBAY.
The value of one currency compared with another.
17
What is meant by ' profit'?
The difference between your revenue and your costs.
The amount of money it takes to make something.
The amount of money customers pay you when you sell products
The money you need to borrow from the bank.
18
What is the approximate exchange rate for the Brazilian Real to the Australian Dollar?
6.9
10.7
2.3
1.7
19
What do you call someone who is creative, hard working, and takes calculated risks in business?
Enterpreneur
Interpreter
Entrepreneur
Antipreneur
20
Which four countries with growing economies have the acronym 'BRIC's ?
Brazil, Russia, India, Cuba
Brazil, Russia, India, China
Brazil, Russia, India, Chile,
Belgium, Russia, India, Croatia
