
Economics Quiz #1

Quiz
•
Business
•
10th Grade
•
Easy
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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