How does an economy shift their PPF to the right?

Use their current resources more efficiently, Discover more resources

Opportunity cost refers to:

the next best alternative foregone

which of the following is a positive statement

consumer spending creates jobs and incomes

which would be classified as income?

Jane earns $100 from her employer, Red Rooster

In economics, the term capital refers to

human made g/s used in the production of other g/s

which would be classified as expenditure?

Zac buys a pie from the tuckshop

people’s desires that increase enjoyment of life

The economic problem refers to the fact that:

resources are scare relative to the the wants of consumers

which would be classified as production?

A farmer harvests a crop of apples

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VCE Unit 1 Economics

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A simple quiz for U1 AOS 1

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Questions 20

Answers

1
Is this a microeconomic statement? - House prices in Melbourne are increasing by 5%
False
True
2
Is this a positive statement? - Taxes are too high
True
False
3
How does an economy shift their PPF to the right?
Use their current resources more efficiently
It is impossible to increase a PPF
Get rid of inefficient workers
Discover more resources
4
Opportunity cost refers to:
the money cost involved in making an economic decision
the next best alternative foregone
the cost of acquiring economic goods
the real cost involved in making an economic choice
5
Which is not a capital resource?
a car
Money
a power station
a factory
6
which of the following is a positive statement
the minimum wage is too low
more should be spent on defense
consumer spending creates jobs and incomes
tax cuts are good for the economy
7
Which of the following do economists regard as land?
a coal mine
a motor vehicle
a furniture factory
A fishing boat
8
which would be classified as income?
A farmer harvests a crop of apples
Zac buys a pie from the tuckshop
Betty downloads an app from Itunes
Jane earns $100 from her employer, Red Rooster
9
Is this a microeconomic statement? - Orange crops have been affected by the drought
False
True
10
In economics, the term capital refers to
goods which satisfy wants directly
money held in banks
goods which satisfy present wants and needs
human made g/s used in the production of other g/s
11
which would be classified as expenditure?
A farmer harvests a crop of apples
Jane earns $100 from her employer, Red Rooster
Zac buys a pie from the tuckshop
Betty bakes a cake for afternoon tea
12
Wants are:
people’s desires that increase enjoyment of life
the same as needs
limited
the necessities of life
13
If the economy is inside the production possibility curve
some resources are unemployed
the production possibility curve will move inwards
production cannot increase unless technology improves
increasing production of one g/s will reduce another
14
Macroeconomics is not concerned with:
the unemployment rate of Australia
prices of bananas
National production
National income
15
Which of the following is classified as a natural (land) resource?
machinery
workers
water
management
16
A nation’s resources are:
Natural, labour, capital
machinery, labour, population
natural, capital and buildings
Natural, shares, capital
17
The economic problem refers to the fact that:
high prices make it hard to satisfy every want of consumers
resources are scare relative to the the wants of consumers
too many resources are used inefficiently
producers are informed about the wants of consumers
18
which would be classified as production?
Betty downloads an app from Itunes
Zac buys a pie from the canteen
Jane earns $100 from her employer, Hungry Jack's
A farmer harvests a crop of apples
19
Is this a normative statement? - The welfare system is too generous in Australia
True
False
20
Which of the following would be a human need?
HD TV
Saving for a holiday
Renting a house to live in
buying an iTunes voucher

VCE Unit 1 Economics Flashcards | StudBud