Government increases welfare payments to households, so...

Business will sell more goods and services

Financial intermediaries make it easier for household to get credit, so...

Business will sell more goods and services

A household's disposable income is...

Income left after tax has been deducted

The economic problem of relative scarcity is when...

Unlimited needs and limited resources

Changing tastes and preference over time has meant that customers now (2017) prefer -

Smaller imported Japanese vehicles

Standard of deferred payment refers to:

Purchase on credit - consumer pays later

Government increases taxation on households, so...

Business will sell less goods and services

Which of these is NOT a relationship between households and business:

Household pays online for goods from America

For whom to produce - which of these makes the most sense...

The more people earn the more expensive products we can sell

Enterprise is the ability to...

Recognise a new good and service and start a bsuiness

Households decide to save more, so...

Business will sell less goods and services

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Chapter 1:The Australian Economy Section 1.1 + 1.2

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Questions 27

Answers

1
Marketing and advertising is meant to -
Convince consumers to buy a certain product
Can be done online (e.g. Google, Amazon)
All of these
Inform consumers of the product
2
.... provides us with goods.
Internet
Kmart
Dentist
Post office
3
The government sector....
Make welfare payments
All of these
Receives taxes from business and households
Provides essential services
4
Government increases welfare payments to households, so...
Business will sell more goods and services
There will be no effect on business
Business will sell less goods and services
5
... prvides us with services.
Doctor
Dentist
Telstra
All of these
6
Financial intermediaries make it easier for household to get credit, so...
There will be no effect on business
Business will sell more goods and services
Business will sell less goods and services
7
A household's disposable income is...
Income before tax has been deducted
Income left after tax has been deducted
8
The economic problem of relative scarcity is when...
Limited needs and unlimited resources
Limited needs and limited resources
Unlimited needs and unlimited resources
Unlimited needs and limited resources
9
The household sector provides...
Does not provide anything
Labour to business
Services to business
Goods to government
10
Which one of these is the 5th sector -
Foreign market
Government
Financial
Households
11
Opportunity cost is -
we loose the benefit of the one we don't choose
when we choose between alternatives
we sacrifice one product for another
these all make sense
12
Changing tastes and preference over time has meant that customers now (2017) prefer -
None of these
Smaller imported Japanese vehicles
Holden Commodore R8's
Large locally produced Ford Falcons
13
Standard of deferred payment refers to:
Purchase on credit - consumer pays later
Purchase on credit - supplier gets money later
Purchase on credit - supplier pays bank
Purchase on credit - consumer pays bank immediately
14
Government increases taxation on households, so...
Business will sell more goods and services
Business will sell less goods and services
There will be no effect on business
15
Households saves money, what does the Financial sector do with this money -
Supply investment into business
Lend it to households who want to purchase assets
Supply credit to households
All of these
16
Households receive .... in return for supplying factors of production.
Wages
Salaries
Rent
All of these
17
Which of these is NOT a relationship between households and business:
Household pays online for goods from Coles
Business supplies services for payment
Household supplies labour for income
Household pays online for goods from America
18
Needs are...
Food
All of these
Safety
Shelter
19
For whom to produce - which of these makes the most sense...
The more people earn the more expensive products we can sell
People will buy anything@any price if it's the right product
The less people earn the more luxury items they will buy
People living in Toorak buy the most Kia Rio's in Melbourne
20
From experience government will NOT supply... in an economy.
Public Transport
Private Hospitals
Schools
Roads
21
Which of these is NOT a function of money
Medium of exchange
Measure of value
Store of value
Make a product with
22
These are sectors of the economy...
Government
All of these
Business
Households
23
Business uses factors of production, which of these is not considered capital:
Money
Tools
Machinery
Buildings
24
Enterprise is the ability to...
All of these
Recognise an old good & service and change it to make money
Open a new business and sell a current product
Recognise a new good and service and start a bsuiness
25
A want is...
Bus to get to school
Helicopter to travel to work
Train to get to work
Tram to travel around Melbourne
26
Which of these is NOT an economic question -
How to produce?
What to produce?
For whom to produce?
How good is the produce?
27
Households decide to save more, so...
Business will sell more goods and services
Business will sell less goods and services
There will be no effect on business

Chapter 1:The Australian Economy Section 1.1 + 1.2 Flashcards | StudBud