1) What is a factor of production? a) Capital b) Time c) Land d) Efficiency 2) What is an example of Capital? a) Money raised b) Canberra c) Buildings 3) The Circular Flow model has how many sectors? a) 1 b) 2 c) 3 d) 4 e) 5 4) Money that is saved by the Household sector will go to which sector? a) Foreign b) Financial c) Production d) Government 5) The production sector provides income for which other sector? a) Foreign b) Financial c) Household d) Government 6) Taxes will go from the Household sector to which sector? a) Government b) Production c) Foreign d) Financial 7) Imported goods commonly have _________ production costs compared to local businesses a) Higher b) Similar c) Bigger d) Lower 8) The 3 key economic questions are?  a) Where to produce b) What to produce c) How to produce d) When to produce e) For whom to produce 9) Factors that can influence markets include? a) Changing tastes and preferences b) Overseas economies c) Marketing and advertising d) The weather 10) If demand for a product is high, the producer of the product will? a) Increase the price b) Decrease the price c) No change

Economics

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