Oxford Big Ideas Economics and Business Quiz for Grades 9-10
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Questions and Answers

What is the main focus of economics according to the text?

  • Maximizing profits for businesses
  • Increasing the consumption of goods and services
  • Minimizing the cost of goods and services
  • Maximizing the goods and services produced with limited resources (correct)

    • What is the title of Chapter 18 in the economics and business book mentioned in the text?

  • Growing food
  • The business environment
  • Living standards
  • Measuring Australia’s economic performance (correct)

    • When is the license for the mentioned book set to expire?

  • 2023-12-31
  • 2022-12-31 (correct)
  • 2023-01-01
  • 2022-01-01

    • What is the unit number for the chapter 'The business environment' in the mentioned book?

    <p>20</p> Signup and view all the answers

    What is the date mentioned in the text for the 'growing food' chapter?

    <p>22/09/2016</p> Signup and view all the answers

    What is the term used for government revenue being exactly equal to expenditure?

    <p>Balanced budget</p> Signup and view all the answers

    How does a deficit budget differ from a balanced budget?

    <p>Government revenue is less than government expenditure</p> Signup and view all the answers

    What is the term used for government revenue being greater than government expenditure?

    <p>Surplus budget</p> Signup and view all the answers

    When does the Australian government usually deliver the budget?

    <p>May</p> Signup and view all the answers

    How does the federal budget affect Australians' living standards?

    <p>It affects personal budgets through changes in taxes and spending</p> Signup and view all the answers

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