Economics Quiz

What must all economies decide to satisfy their unlimited needs and wants?

• How they will use their scarce resources

• How to eliminate their needs and wants

• How to increase their resources infinitely

• How to develop new technologies

What is developed by society to make choices to solve scarcity?

• Financial systems

• Educational systems

• Economic systems

• Political systems

What is the term used for making decisions about how resources will be used?

• Resource management

• Resource allocation

• Resource development

• Resource planning

What type of economic system do you think we have in Australia?

• Pure planned economy (think North Korea)

• Mixed economies (think France)

• Pure free trade (think Japan)

• Pure market economy (think USA)

What is an economic system?

• A method of taxation in government

• A type of political ideology

• A way of organising the production and distribution of goods and services

• A financial plan for personal savings

What type of economy is represented at the far right end of the economic systems spectrum in the diagram?

• Pure Planned Economy

• Socialist Leaning

• Capitalist Leaning

• Pure Free Market

What type of economy does Australia have?

• Socialist economy

• Mixed economy

• Capitalist economy

• Command economy

In a capitalist economy, who negotiates prices?

• The government

• International organizations

• The buyers and sellers

• No one, the prices are fixed

Which of the following is an example of a digital market?

• Queen Victoria Market, Melbourne

• Yiwu Market, China

• Ebay

• None of the above

Which of the following is NOT one of the three basic economic questions that every economic system must answer?

• What to produce?

• How to produce?

• For whom to produce?

• When to produce?