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Economics Unit 1 Test

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Economics Unit 1 Test

Economics and business illustration

📊 Part 1: Multiple Choice

1. What is 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

Money saved in a bank account

2. Which of these is an example of a need rather than a want?

A new gaming console

Designer clothing

Fresh drinking water

A holiday to Bali

3. What is the main purpose of taxation in Australia?

To make people spend less money

To fund government services and infrastructure

To control what people buy

To increase business profits

4. If Sarah chooses to spend $20 on a book instead of going to the movies, what is her opportunity cost?

$20

The book

Going to the movies

Both the book and the movies

📈 Part 2: Data Interpretation

5. Look at this data showing Australian household spending in 2023:

Housing: 35% | Food: 20% | Transport: 15% | Recreation: 12% | Other: 18%

a) What percentage of household income is spent on housing? _________%

b) Which category has the second highest spending?

6. A local café notices that when they increase coffee prices from $4 to $5, their daily sales drop from 100 cups to 80 cups.

a) What economic trend does this demonstrate?

b) Calculate the café's daily revenue before the price increase: $________

c) Calculate the café's daily revenue after the price increase: $________

✏️ Part 3: Applied Economics

7. Explain the relationship between taxation and government services. Give one specific example of how tax money is used in your community.
8. A Year 7 student has $50 to spend and must choose between:

• New school shoes ($45) - needed for sport

• Concert ticket ($50) - favourite band

• Video game ($40) - wanted for months

a) If they choose the concert ticket, what is the opportunity cost?

b) Which choice would you recommend and why? Consider needs vs wants in your answer.

9. Describe one cause and one effect of rising petrol prices on Australian families.

Cause: ________________________________________________

Effect: ________________________________________________

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