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Jeff Ha
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Year 9 Economics recap

Year 9 Economics recap

Question 1 of 10

1

The economic problem refers to:

Select one of the following:

  • the fact that there are scarce resources compared to unlimited wants and needs

  • the fact that there is only a limited amount of money to buy goods and services

  • a parody cover version of an Ariana Grande song made by an Economics teacher

  • when you have to give up alternatives due to make a choice

Explanation

Question 2 of 10

1

The four factors of production are:

Select one of the following:

  • rent, wages, interest, profit

  • buildings, workers, money, management

  • land, labour, capital, enterprise

  • wealth, shares, risk, return

Explanation

Question 3 of 10

1

The circular flow of income demonstrates that:

Select one of the following:

  • everything moves in a circle, like the Circle of Life

  • money flows between households and firms

  • money makes the world go around

  • there is a flow of money, goods and services between different sectors of the economy

Explanation

Question 4 of 10

1

Which of the following names the leakages in the circular flow of income model:

Select one of the following:

  • savings, taxation, imports

  • investment, government expenditure, exports

  • consumption, goods and services, income

  • financial, government, overseas

Explanation

Question 5 of 10

1

The rate of income tax paid rises as a person's income increases. This is known as a ___________________ tax:

Select one of the following:

  • proportional

  • regressive

  • progressive

  • value added

Explanation

Question 6 of 10

1

The three stages of the production process are primary, secondary and tertiary industries:

Select one of the following:

  • True
  • False

Explanation

Question 7 of 10

1

A person cannot be wealthy unless they also have a high level of income:

Select one of the following:

  • True
  • False

Explanation

Question 8 of 10

1

All employers must pay their employees superannuation as part of their salary or wage:

Select one of the following:

  • True
  • False

Explanation

Question 9 of 10

1

Dividends are a percentage of a company's profits paid to its shareholders:

Select one of the following:

  • True
  • False

Explanation

Question 10 of 10

1

The first two sectors of the circular flow of income (CFY) model are and . In the CFY model, households provide to the firms, who pay them in return. The households then spend their income in the form of , to buy from the firms.

The other three sectors of the CFY model are the financial sector, the government sector and the overseas sector. The financial sector includes , with the leakage being and the injection being . The government sector has a taxation and a government expenditure . Finally, the overseas sector represents with other economies, including as a leakage and as an injection.

Drag and drop to complete the text.

    firms
    households
    resources
    income
    consumption
    goods and services
    banks
    savings
    investment
    leakage
    injection
    trade
    imports
    exports

Explanation

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