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