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ECONOMICS: global, GDP etc [Yr 9] 2025 A Flashcards | StudBud
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ECONOMICS: global, GDP etc [Yr 9] 2025 A
ECONOMICS: global, GDP etc [Yr 9] 2025 A
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StudBud Administration
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Year 9 Business - trade, economics, globalisation
Flashcards
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Questions
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Answers
1
A countries GDP is the total of all goods and services produced within a given period of time
true
false
2
The household sector consists of all those consumers who own their own houses
true
false
3
An advantage of having a multi national corporation factory within its territory would be
it will work hard to improve the environment
the new factory would pay lower wages, making goods cheaper
new technology can be introduced into the country
it could use transfer pricing to benefit the locals
4
Resources are sometimes known as factors of production
false
true
5
Which of the following characteristics would be characteristics of multi national corporations?
it takes no notice of national boundaries
it operates businesses in many countries
most of its employees work outside its home country
it has revenue greater than the GDP of most countries
6
Supply chain management is important because
there is a worldwide demand for products
businesses need to import most of what they process
raw materials can be processed in different factories
mobile phones need to be developed differently
7
A country has a trade surplus when the value of exports is greater than the value of imports
true
false
8
Economists refer to capital as
the money used to pay employees of a business
the most important city in the state or country
all buildings and equipment used in the production process
the ability to start up a new business
9
The importation of goods from overseas can have a positive effect on Australian economy because
it can force Australian producers to be more efficient
it leads to more jobs being created
it brings more overseas money into the Australian economy
it can result in improvements in Australian industries
10
Living standard refers to
the pollution levels in a place
the total amount of goods & services available to the poor
the total amount of goods & services available to the govt
the total amount of goods & services available
11
An economists definition of land does not include minerals that are dug up from under the land
true
false
12
Economists identify the household sector as
consumers who have taken out a mortgage loand
all people living in houses
businesses that operate from private homes
all consumers in the economy
13
Globalisation has placed pressures on the environment because of the demand of resources
false
true
14
One major advantage of globalisation for Australia is the lower prices we pay for imports
true
false
15
Most of the top 5 transnational corporations are involved in the petroleum industry
true
false
16
Economists refer to opportunity cost as
the cost of making the wrong economic choices
the cost of ignoring available economic opportunities
the value of the next best alternative given up
the cost of taking advantage of the best opportunities
17
The 3 key questions the economy has to answer are
what to produce, when to produce, how to produce
when to produce, how to produce, to whom to distribute
what to produce, how to produce, to whom to distribute
what to produce, when to produce, to whom to distribute
18
When trade disputes arise between countries, these can be resolved by the United Nations?
true
false
19
Exports bring money into a country?
false
true
20
Government can influence the economy by
providing mortgage loans to consumers
deciding which countries can import goods
the level of taxation it imposes on businesses and consumers
determining the goods exported to other countries
21
Globalisation has had an impact on Australia because
many Australian companies can sell goods internationally
overseas companies don't invest in Aust as it is too dear
Australian farmers don't have to sell at a global level
overseas products are inferior
