What is the consumer entitled to do?

To choose the lower price when two prices are displayed

Australian Competition and Consumer Commission

What are Australia's top exports (goods & services)?

Iron ores, concentrates and education-related travel service

Under which circumstances do you NOT have to pay a Tariff?

Countries with free trade agreements

A tax you pay on imported goods

Monetary measure of value of all Goods & services produced

What are the 4 participants in the Australian economy?

Consumers, producers, Government and financial institutions

What is a subsistence economy?

Where producers aim to survive rather than make a profit

studbud

Economics revision yr 9

16 termsStudBud Administration135 plays

This was created by our year 9 Humanities class on the topic of Economics

Flashcards16 cardsFPractice quizPHost liveL

Questions 16

Answers

1
What are the 3 types of resources?
Capital, Natural and Labour
Environmental buildings, cars, Natural
Government, Financial institutions, iron ore
Food, water, air
2
What does FTA stand for?
Free Tax Agreement
Free to Air
Free Trade Agreement
Free Trade Areas
3
What is the consumer entitled to do?
To rob the producer
To refund a product because of a change of mind
Treat the producer in a rude manner
To choose the lower price when two prices are displayed
4
Which of these is NOT a resource used in Economics?
Capital
Labour
Financial
Natural
5
What country is Australia's largest trading partner?
Germany
China
Republic of Korea
United States
6
What do consumers do?
Earn salary and wages
Import and export goods
Charge taxes
Lend money
7
What is the ACCC?
Australian Compulsory Consumer Complaints
Australian Competition and Consumer Complaints
Australian Competition and Consumer Commission
American Consumer & Complaint convention
8
What are the basics of economics?
Rationality and progress
marginal analysis and feet
Efficiency and scarcity
Cost benefit analysis
9
How much does Australia's economy represent in the Global market?
6%
2%
11%
8%
10
What are Australia's top exports (goods & services)?
None of the above
ships and personal travel services
Iron ores, concentrates and education-related travel service
Cars and Freight transport services
11
Under which circumstances do you NOT have to pay a Tariff?
Countries with free trade agreements
If your import or export is by boat
If you are in the same group of countries
If the countries are next to each other
12
What is a Tariff?
The cost of the next best alternative use of resources
A professional who assists customers with planning
A tax you pay on imported goods
Man made tools that assists the naming of the final product
13
What is GDP?
I don't know
Great Depression in Perth
Goods due to be produced
Monetary measure of value of all Goods & services produced
14
What are the 4 participants in the Australian economy?
Tax payer, Financial institution, Labour, Internet
Consumers, Labour, Goods and services, Government
Producer, Economy, Government, Consumers
Consumers, producers, Government and financial institutions
15
What is a subsistence economy?
Where a country is ruled under total monarchy
None of the above
Where producers aim to survive rather than make a profit
Where producers aim to make a higher profit
16
What are Australia's number one import and export?
Iron ore and ships
Natural gas and Coal
Iron ore and motor vehicles
Coal and motor vehicles

Economics revision yr 9 Flashcards | StudBud