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- 1. Multiple Choice
A Trade deficit is:
The value of imports is greater than the value of exports
The value of exports is greater than imports
The value of exports and imports are equal
A country has an excess of money
- 2. Multiple Choice
Which of the following is not a financial intermediary?
Building societies
ASX
Banks
Credit unions
- 3. Multiple Choice
What are the four factors of production?
Land, Labour, Capital and Employees
Land, Labour, Capital and Enterprise
Land, Labour, Consumption and Enterprise
Deficit, Surplus, Enterprise and Consumption
- 4. Multiple Choice
The three sectors of the circular flow are
Household, Business, Government
Government, Overseas and Surplus
Financial Intermediaries, Government and Overseas
Banks, Building Societies and ASX
- 5. Multiple Choice
What is the effect of the Government sector on the household sector?
Households give the Government taxes and the Government provides services and welfare
Households give the Government taxes and the Government provides money for spending
Households give the Government imports and the Government provides services and welfare
- 6. Multiple Choice
What is the relationship between the overseas sector and the business sector?
The business sector exports goods overseas
The business sector receives money from overseas
The overseas sector exports goods to businesses
- 7. Multiple Choice
One negative overseas event on the Australian economy is
The growth of the Chinese economy
An increasingly interconnected world
Natural disasters
- 8. Multiple Choice
Property is:
High risk, high return
low risk, low return
moderate risk, moderate return
high risk, low return
- 9. Multiple Choice
Shares are
High risk, low return
High risk, high return
Moderate risk, low return
Moderate risk, high return
- 10. Multiple Choice
Cash is:
Low risk, low return
High risk, high return
moderate risk, low return
High risk, moderate return
- 11. Multiple Choice
Innovation is
New and original improvement to something, such as technology
Taking a risk with a new product
Creating a new product to create a competitive advantage
- 12. Multiple Choice
Corporate social responsibility is
Being a responsible member of society
Owning a business
Taking into consideration the welfare of the community, people and the environment in business decisions
Looking after your workers
- 13. Multiple Choice
Which of the following is NOT a competitive advantage strategy
Differentiation
Reducing the cost of the product
Quality
Trading
- 14. Multiple Choice
Choose the correct word to match the definition: The difference between the value of a country’s exports and the value of its imports over a specific period of time
Balance of Trade
Product innovation
Outsouring
Imports
- 15. Multiple Choice
The four factors of production are:
Land, Labour, Process, Product
Land, Labour, Capital and enterprise
Labour, enterprise, Wages, goods
Goods, services, Businesses and Households
- 16. Multiple Choice
Which of the following is a global event that had an impact on the Australia economy
Covid-20
The Global Financial Crisis of 2008
The Australian bushfires of 2018
- 17. Multiple Choice
Which of the following is one way people can protect themselves from scams?
Making lots of investments in the same company
Finding someone else to look after your money
Making informed decisions and seeking qualified advice
Not answering the phone
- 18. Multiple Choice
Which of the following is not a change in the workplace as a result of COVID-19?
People are working from home using technology
The workplace is cleaner
Sanitizer and masks are provided
People are working in closer proximity to their work mates.
- 19. Multiple Choice
Which of the following is not a way of achieving a competitive advantage?
Reducing the cost of the product
Improving productivity
Poor customer service
Differentiation
- 20. Multiple Choice
How do banks make money?
Through charging interest on loans
Through allowing people to save their money with them
Through investing in households
Through charity work
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