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Economics Unit 1 Pre-Test
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Economics Unit 1 Pre-Test
📊 Part 1: Multiple Choice
1. What is meant by 'opportunity cost'?
The price you pay for something
The next best alternative you give up when making a choice
The total cost of all your purchases
The amount of money in your bank account
2. Which of these is an example of a business trend in Australia?
More people shopping online
Eating breakfast every day
Going to school
Watching television
3. What is GST?
A type of business
A tax added to goods and services
A government department
A type of bank account
4. Which of these are basic economic questions? (Select all that apply)
What to produce?
How to produce?
For whom to produce?
Where to go on holidays?
✏️ Part 2: Short Answer Questions
5. If you had $50 to spend and chose to buy a video game instead of new shoes, what would be the opportunity cost of your decision?
6. Name two factors that might influence a family's decision about where to live.
7. Complete the sentence: Taxation is important for governments because ________________.
8. Look at this data about Australian mobile phone sales:
Mobile Phone Sales (2023):
January: 45,000 units
February: 52,000 units
March: 48,000 units
a) Which month had the highest sales? _______________
b) Give one reason why sales might have increased in February:
🤔 Part 3: Thinking About Economics
9. Imagine your school canteen is deciding whether to sell healthy food or popular junk food. List two factors they should consider when making this decision:
10. In your own words, explain what you think 'economics' means:
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