An advantage of partnerships is _________ and a disadvantage is ___________.

variety of skills; liable for others partners' actions.

What is the economic problem?

unlimited wants, limited resources to fulfill those wants

In Australia, how are businesses required to protect their workers?

All of these answers are correct

A consumer can be a responsible consumer by:

only buying what they need, and shopping locally

The law of supply states that:

Increase the price, more will be provided by producers

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Year 8 Economics Revision

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Year 8 Economics Revision - includes the following topics: - supply and demand - circular flow of income - factors of production - consumer rights and responsibilities

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Questions 20

Answers

1
When the price in a market is too high (above equilibrium), there will be a:
shortage
equilibrium
surplus
all of these answers are correct
2
An advantage of partnerships is _________ and a disadvantage is ___________.
keeping 100% of profits; only liable for own actions.
variety of skills; only liable for own actions.
keeping 100% of profits; liable for others partners' actions.
variety of skills; liable for others partners' actions.
3
Which of these is NOT a factor of production?
enterprise
ideas
capital
labour
4
When the price of a product is reduced, the law of demand says that quantity demanded will:
decrease
all of these answers are correct
stay the same
increase
5
How does money flow into Australia, from the international sector?
production
exports
imports
consumption
6
If John exchanges a chocolate bar in return for Sarah fixing John's bike, what has Sarah given?
A good for a service
A service for a good
A service for a good and service
A good and service for a good
7
The "inputs" combined to make a product are called:
factors of production
production requirements
materials
pieces-of-production
8
What is the economic problem?
unlimited wants, limited resources to fulfill those wants
producers want a high price but consumers want a low price
too many producers, not enough consumers
too many wants, not enough needs
9
In Australia, how are businesses required to protect their workers?
All of these answers are correct
Provide safe working conditions
Pay them minimum wage or higher
Avoid discriminating based on race, religion, or age
10
Which market involves buying and selling pieces of a company/business?
Product market
Share market
Housing market
Foreign exchange market
11
Mary is fired, and she is replaced by a robot/machine. This is known as:
Outsourcing
Substitution
Automation
Exporting
12
How does money flow into the government sector?
import purchases
spending on goods and services
payment of taxes
savings deposits
13
A consumer can be a responsible consumer by:
buying everything they want, and only shopping online
buying everything they want, and shopping locally
only buying what they need, and only shopping online
only buying what they need, and shopping locally
14
Many foreign countries have ________ wages but a __________ cost of living for workers.
higher, cheaper
lower, more expensive
lower, cheaper
higher, more expensive
15
John's job is eliminated, and he is replaced by a cheaper overseas worker. This is known as:
Automation
Outsourcing
Exporting
Substitution
16
The law of supply states that:
Decrease the price, less will be purchased by consumers
Increase the price, more will be provided by producers
Increase the price, less will be provided by producers
Decrease the price, more will be purchased by consumers
17
Consumers and producers are interdependent. What does interdependent mean?
They rely on one another
They are completely separate from one another
They exist near each other
They do not need one another
18
A consumer who wants a refund because they changed their mind is:
entitled to a refund if they kept their receipt
all of these answers are correct
not entitled to a refund
is entitled to a refund within one week
19
Which factor of production would the recipe for a cheeseburger be?
Capital
Land
Labour
Enterprise
20
In the circular flow of income, workers provide labour/effort in return for money. This is the:
product market
labour market
working market
housing market

Year 8 Economics Revision Flashcards | StudBud