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ECONOMICS - 9s Flashcards | StudBud
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ECONOMICS - 9s
ECONOMICS - 9s
60 terms
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Questions
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Answers
1
The ASX is also known as the
The Australian Stock Exchange
The Australia Export Market
Reserve Bank of Australia
The Japanese Stock Market
2
What is innovation?
A new method, idea or product.
Acting.
A new invention.
New stuff.
3
Two major
mineral
exports from Australia are...
Coal and Iron Ore
Silver and Lead
Wheat and Wool
Uranium and Wheat
4
What does GDP mean?
Good Domestic Price
Great Domestic Product
Gross Domestic Project
Gross Domestic Product
5
What is a progressive tax?
A tax levied equally on all individuals.
A tax that only applies to those making over $110,000.00
A tax where the more you make the higher the rate of tax you pay.
6
What do you call the profits paid to shareholders?
Capital
Profit
Dividends
Interest
7
Which is the best definition of
savings?
Money stored safely in a bank
Borrowed money that must be repaid.
Money invested to make more money
Money put aside to spend later
8
What is the PRIMARY benefit to businesses that practice social responsibility?
Recognition in the community and creating goodwill.
Greater supplier loyalty.
Increases in the cost of sales.
Decreased consumer spending and profits.
9
The main purpose of the Scam Watch website and its information is to
provide financial assistance to scam victims.
educate consumers about recognising and avoiding scams
teach consumers how to create scams.
encourage consumers to participate in scams.
10
Which investment strategy best illustrates diversification?
100% in a savings account with the ANZ bank
5% in rental properties, 10% invested in share market, 85% in term deposit
30% term deposit, 30% in rental property, 20% share market, 20% in business
50% invested in Australian shares and 50% invested in international shares
11
Typically, the ___ the risk, the ___ return on investment.
Lower, Lower
Higher, Higher
Lower, Higher
Higher, Lower
12
An economy is experiencing a
budget deficit
when....
the banks run out of money
G > T
G<T
G=T
13
How does the government redistribute income and ensure an equitable society?
Loans
Taxation
Budgets
Social Welfare Payments
14
Examples of government REVENUE are
Migration and Border Force services
Income Tax and spending on Hospitals
Spending on Education
GST and Income Tax
15
Which of the following is NOT an advantage for the locals of MNCs locating in that country:
FDI flows
Job creation
Increased pollution
Wages and working conditions increase
16
GDP is...
a country's unemployment rate over a period of time.
how much a single business produces in a period of time.
taxes payed by citizens over a specific period of time.
value of goods and services produced in a country over time.
17
Examples of
service
exports are
Gold
Clothing
Iron Ore
Education
18
In the CFoY, investment is best described as
Saving money in the bank
Spending money buying LOTTO
Buying shares on the ASX
Buying a new machine for a factory
19
TRADE: What are Australia's major trade exports?
Iron ore, gold, coal, meat, wool, alumina, wheat
Education, I-phones and cars
Machinery, cars, oil, electronic and medical equipment.
Toys, wine and clothing
20
How can an entrepreneur create a competitive advantage?
By launching a new business
By selling the same products as rivals
By improving customer service
21
Into what four categories do economists divide factors of production?
resources, labor, money and entrepreneurship
land, labor, capital an entrepreneurship
land, labor, money and entrepreneurship
resources, labor, capital and entrepreneurship
22
Profit is when a firms REVENUE is less than its COSTS
True
False
23
Global interdependence/global supply chains can lead to
cheaper production costs
decreased revenue
more expensive production
decreased profits
24
Term deposits considered relatively safe investments because
there is almost no risk of losing the money invested.
the interest rate can change over time.
they allow frequent withdrawals.
they offer high returns.
25
If your brother purchased an electric car from China, this is an example of
an export and a leakage from the CFoY
an injection into the CFoY
an import
an import and a leakage from the CFoY
26
What is financial risk?
Not knowing who to trust in the business world
Risky decision making
Money that is not invested correctly
Any risk from giving money to another person or entity
27
Which of the following are exports of Australia?
spices, tea
coffee, bananas, tobacco
wine, education and iron-ore
cars
28
An
import
is when businesses
sell
goods and services to both consumers and producers in other countries.
True
False
29
The income from Land, Labour, Capital and Enterprise (in order) is
Profit, Wages, Rent, Profit
Interest, Wages, Rent, Profit
Rent, Wages, Interest, Profit
Interest, Wages, Profit, Rent
30
Corporate social responsibility refers to:
Businesses practices which are unsafe or unfair.
organisations who are conducting their businesses ethically.
Businesses that have developed globally to operate overseas.
a business proposal which businesses must abide by.
31
the spreading of risk among many types of investments
diversification
risk
insurance
investment opportunity
32
How does the Australia government redistribute incomes in the economy?
By using progressive taxation and transfer payments
By budgeting for a surplus
By lowering the national minimum wage
By increasing interest rates
33
A good debt is NOT
A car loan
HECS loan
A business loan
Superannuation
34
More imports than exports is called __
trade surplus
quota
trade deficit
embargo
35
A mortgage is when people borrow money to buy a property
True
False
36
Which level of government looks after hospitals and ambulance?
federal
state
local
37
Which in NOT an example of Government
Revenue
Company Tax
Income Tax
Social Security and Welfare payments
Goods and Services Tax
38
The higher the rate of return on your savings, the higher the _____
regulation
risk
interest
safety
39
The federal income tax is an example of a
Flat tax
Regressive tax
Value-added tax (VAT)
Progressive tax
40
In the CFoY model, REAL FLOW is
the flows of goods & services
the household flow
the money flow
is the business flow
41
APRA stands for?
Australasian Performing Right Association
Australian Prudential Regulation Authority
Australian Petcare Registration Authority
42
Money flowing INTO an economy is called a LEAKAGE
True
False
43
The RBA is
America's Reserve Bank
Australia's Central Bank
is the Australian Stock Exchange
the South African currency
44
What is an innovation?
The invention and changing of a product
innovation means an idea
product looks good and fancy
Making more money
45
The largest share of federal tax revenue comes from
individual income taxes
licensing taxes
corporate taxes
general sales tax
46
Which of these things do TNCs
not
do?
Mergers and acquisitions
Off-shoring
Out-sourcing
Debt cancellation
47
More exports than imports is called a ___
trade surplus
trade shortage
trade deficit
foreign exchange rate
48
Which level of government looks after postal services?
local
state
federal
49
MONEY FLOW refers to
the flow of Factor Payments from Firms to HouseholdsNT
the flow of goods and services in the CFoY model
the flow of goods and services from Firms to Households
the payment that consumers make to Firms for Goods and Services
50
Which level of government looks after defence services?
federal
state
local
51
Which of the following is NOT amongst Australia's top 5 exports by value?
Education Services
LNG (gas)
Iron Ore
Motor Vehicles
52
the chance an investment's value will decrease
reward
risk
return
rsik
53
What is comparative advantage?
Selling and shipping to another country
The total value of a nation's exports
To produce more efficiently than any other product
To produce less efficiently than any other nation
54
In regards to the progressive tax... (there are 2 correct answers)
Higher income = higher taxes
Higher income = lower taxes
Low income = no taxes
Lower income = lower taxes
55
What is an investment?
Banks who offer a good return of money to hold your money
The investment of money
The allocation of money to gain profitable returns
The time period where interest is given in return
56
How does the government redistribute wealth?
Welfare payments
Provision of goods and services
Superannuation
All of the above
57
VISA and MASTERCARD allows people to buy goods without having money in their account
True
False
58
What is a budget deficit?
The extra money in a government budget.
Government debt.
Proposed government spending plan.
The difference between government spending and earning/revenue.
59
1.Which of the following is a good example of innovation?
using technology to adjust the way a product works.
offering cheaper prices.
not making a product anymore.
keeping a product unchanged.
60
What is a factor market?
is when Resources (Land, Labour, Capital, Enterprise)are bought and sold
A market where only the final goods or services are sold
