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Revision
Revision
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StudBud Administration
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Flashcards
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Practice quiz
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Questions
8
Answers
1
Purchasing a good from a country other than Australia is known as an?
Illegal item
Export
Tax
Import
2
A product that is produced in Australia and sold to a country is known as an?
Manufactured good
Export
Service
Import
3
The place where supply and demand meet (in the perfect world) is called?
Supply
Equilibrium
Middle
Demand
4
What are the two main sectors of circular flow?
Wages and salaries
consumers and producers
Goods and services
Households and businesses
5
A supply graph points to the ___________.
Left
Right
Ground
Sky
6
Law of DEMAND: If the price INCREASES, the demand _______________.
Increases
Decreases
7
A demand graph points ___________.
Right
To the sky
Down
Left
8
Law of SUPPLY: If the price DECREASES, supply ______________.
Decreases
Increases
