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Year 10 Economics and Business Knowledge Test

Name: ________________________________________

This test consist of 3 sections worth 50 marks in total

Multiple Choice 20 marks

Short Answer
Questions 20 marks

Extended Answer 10 marks

Total Marks ____________________/50 marks


Multiple Choice 20 Questions

Multiple choice questions

1 The major factors that influence consumer decisions include:

A convenience ethical considerations marketing in-service training.

B capital environment considerations gender new technology.

C convenience opportunity research price.

D marketing availability of finance ethical considerations age.

2 Which of the following statements is correct?

A The substitution effect is when the price rises and the demand falls since fewer
consumers are able to afford the product.

B The income effect is when the price falls and the demand rises since consumers are
able to afford more.

C The substitution effect is when the price falls and the demand rises since consumers
are able to afford more.

D The income effect is when the price rises and consumers switch to a different
product.

3 Essentially, the aim of advertising campaigns is:

A to persuade consumers to view the product as something they need.

B to create brand loyalty.

C to create a boost in demand.

D to persuade consumers to view the product as something they like.


4 A consumer chooses to drive a little further to purchase chocolate that uses Fairtrade
cocoa beans at an average price. Which of the following factors would have most
influenced her choice?

A convenience and ethical considerations

B ethical considerations and price

C convenience and marketing

D price and marketing

5 The difference between investments and liabilities is:

A investments allow consumers to borrow money and repay it later.

B liabilities provide an income to the consumer.

C investments allow the consumer to enjoy the benefits of a service while paying for it
in the future.

D liabilities can include credit cards and bank loans.

6 A sales assistant attends a seminar at work on sales techniques. This is an example of:

A pre-service training.

B in-service training.

C certification.

D work experience.

7 Which of the following is NOT a part of a companys inventory?

A the companys stock of products

B a resource the company uses in the production process

C the finished products of the company

D the productivity of the employees of the company


8 Some of the ways businesses can respond to improved economic conditions include:

A researching new products expanding market share consolidating their financial


position.

B reducing product range expanding market share consolidating their financial


position.

C researching new products expanding market share lowering productivity.

D researching new products reducing staff consolidating their financial position.

9 Financial advisers consider a household is experiencing mortgage stress when it is


spending what proportion of its salary on repayments?

A about 10 per cent.

B about 20 per cent.

C about 30 per cent.

D about 40 per cent.

10 What would be the impacts of a high unemployment rate on a person transitioning from
school to the workplace?

A Homelessness, malnutrition & less able to find employment.

B Access social services (Centrelink), less able to find employment & lack of
independence.

C Lack of independence, increased anti-social behaviours & stable employment.

D Access to social services (Centrelink), loss of social network & increased financial
responsibility.

11 What is a way to retain and progress in employment?

A Engage in ongoing education and training.

B Turn up to work late multiple times.

C Refuse to learn new technologies.

D Fail to meet expected standards at work.


12 What is a disadvantage of choosing to undertake further study in an area unrelated to
your current career?

A Promotion opportunities.

B Pay increase.

C Learning new skills to apply at work.

D None of the above.

13 The indicators of economic performance are:

A the unemployment rate the inflation rate the Better Life Index the Human
Development Index.

B the unemployment rate the productivity rate the Better Life Index the Human
Development Index.

C the unemployment rate the inflation rate the Better Life Index the imports and
exports.

D the housing market the inflation rate the Better Life Index the Human
Development Index.

14 Which of the following is NOT included in the gross domestic product (GDP)?

A clothing with brand names

B the goods and services purchased by consumers

C education at university

D parts bought by a car manufacturer to build their cars

15 Which of the following groups are NOT included in calculating the unemployment rate?

A job seekers

B university students

C stay-at-home parents

D people moving between jobs


16 Australias sustainability performance, measured using the HDI, BLI and EPI, is:

A below average.

B average.

C strong.

D very strong.

17 The Better Life Index measures how effectively economic activity:

A translates into improving standards of living.

B impacts the wellbeing of the population using indicators such as job security and
worklife balance.

C influences health measures such as air quality and access to clean water.

D affects environmental issues such as management of natural resources.

18 Economists define the standard of living as the level of:

A participation of people who are able to contribute to labour.

B economic performance that people are able to achieve.

C education and opportunity that are available to the people.

D material comfort that people are able to achieve.

19 How much contribution does government spending make to Australias GDP?

A 5 per cent.

B 25 per cent.

C 50 percent.

D 10 percent.

20 The Australian government contributes to the economy using various methods. Health
care and education are examples of which of the following methods?

A providing goods and services

B regulating business activity

C redistributing income

D macroeconomic management
Short Answer Questions 20 marks

1 State two key variables of the Human Development Index. (2 marks)

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2 In Australias recent mining boom, which country was leading the demand for iron ore
and coal exports? (1 mark)

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3 Explain how a nations high level of debt can impact on the standard of living in that
nation. (2 marks)

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5 Define net wealth. (1 mark)

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7 Explain the poverty trap. (2 marks)

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9 State the difference between a variable rate and a fixed rate. List one advantage for
each rate. (4 marks)

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10 Explain how diversification can manage the risks of an investment. (2 marks)

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11 Explain why a credit card would have a higher interest rate than a mortgage.
(2 marks)

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Source 1

12 Refer to Source 1 (above). Identify the country with the highest unemployment rate
in 2014 and explain one factor that may have contributed to the rate.
(2 marks)
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13 Refer to Source 1 (above). Identify the country with the lowest unemployment rate in
2013 and explain one factor that contributed to the rate. (2 marks)
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Extended Answer 10 marks

Answer ONE of the following questions in paragraph format on the lined paper provided

a) Explain the strategies business use to increase their market share.


OR
b) Identify your strengths. How have you used of these strengths to attain a goal.
Explain the goal that you set out to achieve.
OR
c) Identify and explain the ways in which the Australian Government redistributes
income.
OR
d) Identify and explain the disadvantages of leaving school without qualification.
OR
e) Identify unexpected events that could impact negatively on the transition from school
to work. How can people overcome these events?
OR
f) How does Australia compare to other countries on their economic performance? Give
reasons for your answer.

Planning (This page will NOT be marked)


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