Which of the following is not a want?
  • iPhone
  • Swimming pool
  • Water
  • Laptop
Which of the following is not a need?
  • Water
  • Food
  • Shelter
  • Hair dye
is the study of how limited resources are used to satisfy limited wants.
  • Microeconomics
  • Macroeconomics
  • History
  • Economics
What is the basic problem of economics?
  • Not enough money
  • Scarcity
  • Being in debt
  • Unemployment rising
Which of the following is not a factor of production?
  • Money
  • Labour
  • Capital
  • Entrerprise
Which of the following is not a type of economic system?
  • Mixed
  • Market
  • Command
  • Supermarket
A hammer is an example of which factor of production?
  • Capital
  • Labour
  • Enterprise
  • Land
Water is an example of which factor of production?
  • Capital
  • Land
  • Labour
  • Enterprise
Which market are shares exchanged in?
  • Housing Market
  • Foreign Exchange Market
  • Labour Market
  • Stock Market
A manager is an example of which factor of production?
  • Land
  • Capital
  • Money
  • Enterprise
The individuals and consumers who work for businesses are part of which sector?
  • The Household Sector
  • The Business Sector
  • The Government Sector
  • The Financial Sector
Which type of economic system is also known as communism?
  • Mixed Economy
  • Unplanned Economy
  • Command Economy
  • Market Economy
Which type of economic system is also known as capitalism?
  • Mixed Economy
  • Planned Economy
  • Command Economy
  • Market Economy
The economic system in which the government solely decides what goods and services will be produced.
  • Mixed Economy
  • Market Economy
  • Command Economy
  • Traditional Economy
The economic system in which decisions are entirely made by individuals.
  • Market Economy
  • Command Economy
  • Traditional Economy
  • Mixed Economy
Which level of government is responsible for the Goods and Services Tax?
  • Local
  • State
  • Federal
The type of tax applied to a firm's profit:
  • Stamp duty
  • Payroll tax
  • GST
  • Company income tax
The tax that is applied to most goods and services purchased by consumers:
  • GST
  • Stamp Duty
  • Individual income tax
  • Fuels excise
Which of the following did the Australian government plan to spend most of their money on in 2019-2020?
  • Health
  • Education
  • Social security & welfare
  • Defence
Which of the following sectors provides public goods and services?
  • Firms sector
  • Household sector
  • Government sector
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