Year 9 Economics recap

Question 1 of 10

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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

Question 2 of 10

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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

Question 3 of 10

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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

Question 4 of 10

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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

Question 5 of 10

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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

Question 6 of 10

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

Select one of the following:

  • True
  • False

Question 7 of 10

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

Select one of the following:

  • True
  • False

Question 8 of 10

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

Select one of the following:

  • True
  • False

Question 9 of 10

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

Select one of the following:

  • True
  • False

Question 10 of 10

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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
    firms
    households
    households
    resources
    resources
    income
    income
    consumption
    consumption
    goods and services
    goods and services
    banks
    banks
    savings
    savings
    investment
    investment
    leakage
    leakage
    injection
    injection
    trade
    trade
    imports
    imports
    exports
    exports
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Year 9 Economics recap

Jeff Ha
Quiz by , created about 1 year ago

Revision of Year 9 Economics content.

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Jeff Ha
Created by Jeff Ha about 1 year ago
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