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Economics Unit 1 Pre-Test

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Economics Unit 1 Pre-Test

Answer every question. Choose the best answer where options are given. For written questions, explain your thinking in your own words.

Choices and economic ideas

Use what you know about choices, resources and the Australian economy.

1.Xavier has $30 and is choosing between a book for $30 and a football for $25. She buys the book. What is the opportunity cost of her choice?

The $30 she had before shopping
The football, her next best alternative
The cost of every book in the shop
The change she receives

2.A farm has limited land, water and workers. Why do these resources make choices necessary?

3.A community is deciding whether to use a vacant site for homes or a park. Which set gives the three basic economic questions?

What to produce, how to produce it, and for whom to produce it
When to produce, where to advertise, and how much to save
Who to employ, what to import, and where to travel
What to buy, when to sell, and how to pay

4.An Australian family is choosing where to live. Name two factors that could influence its decision, and briefly explain one of them.

Businesses, prices and government

Read the sales information carefully, then answer the questions.

Month

Phones sold

January

450

February

520

March

480

5.According to the mobile phone sales table, which month had the highest sales, and how many phones were sold?

6.Suggest one possible reason why this retailer might have sold more phones in February than in January. Your answer should be a possibility, not a fact from the table.

7.At a shop in Australia, a taxable item has a price of $44 including GST. GST is 10% of the price before GST. How much of the $44 is GST?

8.True or false: GST is a tax on many goods and services, and governments use tax revenue to help fund public services.

TrueFalse

Use your economic thinking

Apply economic ideas to a decision a local business might face.

9.A local café can afford to add only one new item to its menu: a fruit salad or a chocolate brownie. Name two things the café could consider before deciding, and explain how one could affect its choice.

10.In your own words, explain what economics is. Include the ideas of choices and limited resources.