a measure of goods and services sold

scarcity exists because

wants are unlimited and resources are limited

Economics could be defined as the study of

how resources are allocated to meet needs and wants

Which of the following is NOT true of the balance of payments?

measures the size of a country's budget

the value of one currency in terms of another

The Australian government influences the economy by

distributing taxes to benefit society

A person is classified as being unemployed if

they are over 15, looking for work and available to start

The business cycle's four phases in order are

expansion, peak, contraction, trough

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Economics revision

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economics basics

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Questions 15

Answers

1
GDP refers to
the total amount of money spent by consumers
the value of goods and services sold, minus production costs
a measurement of wealth and wellbeing
a measure of goods and services sold
2
scarcity exists because
wants are unlimited and resources are limited
the world has abundant resources
the world has finite resources
wants are limited and resources are unlimited
3
When a country imports more than they export, they will have a
imbalance of payments
deficit
surplus
budget
4
Economics could be defined as the study of
all of the above
money in a society
how goods and services are produced in society
how resources are allocated to meet needs and wants
5
Which of the following would most likely be classified as a want?
food
public transport
electricity
new mobile phone
6
Which of the following is NOT true of the balance of payments?
measures the size of a country's budget
measures the difference between imports and exports
used to monitor a country's international transactions
indicates whether a country is in surplus or deficit
7
An exchange rate is
the sum of exports minus imports
a percentage increase of money borrowed
the amount of money that goods and services are worth
the value of one currency in terms of another
8
Redundancy because an employer is outsourcing jobs to another country is an example of
structural unemployment
frictional unemployment
seasonal unemployment
cyclical unemployment
9
Which of the following would be considered a capital resource?
teacher
computer
timber
doctor
10
The rate of increase in the price of goods and services is known as
CPI
GDP
Inflation
SDG
11
Which of the following would be considered a natural resource for a fish and chip store?
casual employee
deep fryer
cash register
flour for batter
12
The Australian government influences the economy by
deciding which goods and services are to be produced
protecting the rights of employees
aiming to make a financial profit
distributing taxes to benefit society
13
A person is classified as being unemployed if
they are over 15, looking for work and available to start
they work less than 20 hours per week
they are over 15 and looking for work
they are over 15 and not working
14
The average percentage price increase of a 'basket' of consumer goods is known as
exchange rate
CPI
level of consumption
Inflation
15
The business cycle's four phases in order are
expansion, contraction, peak, trough
trough, depression, growth, expansion
contraction, depression, growth, peak
expansion, peak, contraction, trough

Economics revision Flashcards | StudBud