The role of business in the economy

The role of business in the economy

11th Grade

26 Qs

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The role of business in the economy

The role of business in the economy

Assessment

Quiz

Other

11th Grade

Hard

Created by

Benjamin Roach

Used 1+ times

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26 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements relating to a firm is NOT correct?

Firms can be classified according to legal structure; sole trader, partnership, private company, and public company.

Businesses contribute to regional development of roads, transport, and community facilities.

Businesses provide goods and services to satisfy individual and collective wants.

Only incorporated companies are able to provide goods and services for a profit.

Answer explanation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following factors do businesses take into account when determining ‘how to produce’?

Resource availability and level of technology

Consumer income and demand

Consumer preferences and income

Consumer demand and resources

Answer explanation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between the quaternary industry and quinary industry?

The quaternary industry includes services traditionally performed in the home, whereas the quinary industry includes information-based services.

The quaternary industry includes all services, whereas the quinary industry includes services traditionally performed in the home.

The quaternary industry includes information-based services, whereas the quinary industry includes services traditionally performed in the home.

The quaternary and quinary industries are the same.

Answer explanation

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do businesses contribute to economic growth in Australia? 

Business do not contribute to economic growth in Australia.

Businesses are an important part of the circular flow of income.

Business employ resources such as labour.

Business produce goods and services which contributes to Gross Domestic Product, which is the measure of economic growth.

Answer explanation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Profit maximisation is when:

total revenue exceeds total costs.

the point where there is the greatest positive difference between total revenue and total costs.

total revenue equals total costs.

price is multiplied by quantity sold.

Answer explanation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a merger and an acquisition?

Mergers are an agreement that unites two existing companies into one new company.

Mergers create a new company, whereas acquisitions are when one company purchases the majority of another company.

Mergers can be horizontal and vertical in nature, whereas acquisitions cannot.

Only mergers exist in the business world.

Answer explanation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which goal is achieved when a firm undercuts the prices of their competitors?

Profit maximisation

Satisficing

Increasing market share

Meeting shareholder expectations

Answer explanation

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