YR 10 ECONS REVIEW OF BASIC PROBLEM

Question 1

In a perfectly free market economy who owns resources?

Accepted Answer

Households

Question 2

Which country has the world's most centrally planned economy?

Accepted Answer

North Korea

Question 3

What type of economic system operates in Australia?

Accepted Answer

A mixed market economy

Question 4

What is opportunity cost?

Accepted Answer

What you give up when you make a choice .

Question 5

What proportion of the Australian economy is operated by the government?

Accepted Answer

About 25%

Question 6

An entrepreneur is a

Accepted Answer

person wno takes the risk of setting up a bsiness hoping to make a profit

Question 7

A centrally planned economic system is one where

Accepted Answer

the government answers the three basic question

Question 8

Cars and petrol are examples of

Accepted Answer

complimentary wants.

Question 9

Who makes the three big decisions in a free market economy?

Accepted Answer

Decisions are made by households and firms interacting in markets

Question 10

Interest is

Accepted Answer

a payment to the lender of money., the cost ot borrowing money., the reward for saving.

Question 11

Which economic questions must all economic systems answer?

Accepted Answer

For whom will goods and services be produced?, What goods and services to produce?, What method of production will be used to make goods and services?

Question 12

The basic economic problem is

Accepted Answer

resources are scarce relative to wants.

Question 13

Capital in economics includes buildings, machinery and equipment . Which of the following is an example of capital?

Accepted Answer

Ons Jabeur&#x27;s tennis racquet.

Question 14

Wants are unlimited because they are

Accepted Answer

complimentary to other wants., recurring., constantly changing.

YR 10 ECONS REVIEW OF BASIC PROBLEM

Questions 14

YR 10 ECONS REVIEW OF BASIC PROBLEM

Questions 14