Economics Quiz #1

Economics Quiz #1

10th Grade

10 Qs

quiz-placeholder

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Economics Quiz #1

Economics Quiz #1

Assessment

Quiz

Business

10th Grade

Easy

Created by

Eleni Laskaris

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main purpose of the five-sector circular flow model?

To show how businesses make profit

To describe how consumers buy goods

To explain how money moves through the economy

To demonstrate how the government collects taxes

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a leakage in the circular flow of income?

Government spending

Exports

Investment

Savings

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

During an economic expansion, which of the following is most likely to happen?

Unemployment rises

Wages fall

Consumer spending increases

Production decreases

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which sector would money flow to when an Australian miner sells iron ore to China?

Financial

Overseas

Government

Household

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is inflation?

A decrease in interest rates

An increase in prices over time

An increase in wages only

A rise in consumer savings

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is most likely to occur during an economic contraction?

Wages increase

Consumer spending increases

Businesses hire more workers

Production decreases

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which organisation sets the cash rate in Australia?

Australian Bureau of Statistics

Federal Government

Reserve Bank of Australia

Australian Prudential Regulation Authority

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