Classic Classic Economy Quiz by Doctor2411 Doctor2411 15 played - 11 yrs ago Learn about how the world works on the money side of things, and test your knowledge at the same time! QUIZ 20 QUESTIONS hard Economy 1 What is a proposal that involves one of the parties offering something of value to the other party in an agreement? ServicesA creditAn offer 2 What is a legally enforceable agreement between two or more parties? A currencyAn offerA contract 3 Competition usually will ______ . Increase supplyDecrease supplyNot Affect supply 4 Prices rise when there are ______ of goods and services. SurplusesShortagesNo 5 How is called an estimate of future cash, receipts and payments over a period of time? IncomeCash BudgetCredit 6 What is the study of how individuals and societies satisfy their unlimited wants with limited resources? Factors of ProductionEconomicsEntrepreneurship 7 What factors cause a change in supply? Number of producersInput costs & Government ActionAll of the Above 8 All of the following are factors of production except... HandEntrepeneurshipConsumer 9 True or False : The law of demand states that when the price of a good or service rises, consumers by more of it. TrueFalseDepends on the brand ONLY 10 How much interest does the bank charge you for a credit card? 50%20%8% 11 What does ATM stand for? Alien Time MachineAt The MomentAutomated Teller Machine 12 What does EFTPOS mean? Electronic Funds Transfer at Point Of SaleElectronic Funds Transport at Position Of SaleEmail Function Types Of Personal Safety 13 What is unconscionable conduct? A fair contractAn unfair contractA kind of warranty 14 Who are the ACCC? Australian Competition Consumer and Consumer and CommissionActs in Court Concerning ConsumersAustralian Country Capital Canberra 15 When does market failure occur? When consumers don't buy a product.When the suppliers don't have enough goods.When there is no true competition between companies. 16 What is the economic problem? When no one can afford a product.When exchange rates are too high with too many countries.When people can't satisfy all their needs and wants. 17 What is a wage? A fixed income that is received every yearA flexible income received weekly or fortnightlyThe minimum income companies hve to pay employees 18 What is a contract? A legal agreement between two parties or moreA kind of paymentAn extended warranty 19 What is the Foreign Exchange Market more commonly known as? F. e. mExchange RateForex 20 A person who uses money to purchase goods or services is a... ConsumerBankerProducer A mistake in this Quiz ? Contact the author Commentaires
