Economics #1
Which organisation controls interest rates?
RBA
What am I? The practice of reducing the size of a product but not changing the price
Shrinkflation
What am I? A business where a person owns and runs the business individually.
Sole Trader
What am I? Money a business makes by selling goods and services
Revenue
In which Month is Thanksgiving celebrated in America?
November
What am I? Increase in the price of the goods and services that households buy
Inflation
What am I? The percentage of the labour force that is unemployed.
Unemployment rate
What year did Bistro Morgan start his business?
2016
Current asset or Non-current Asset?
Company shares
Non-current asset
What does a Venus Fly-trap trap?
Flies
What am I? Refers to situations where there are not enough products or services being produced to keep up with demand, causing their prices to increase.
Demand-pull inflation
Identify 3 of the 4 main components that make up GDP.
Consumption (C)
Investment (I)
Government Spending (G)
Net Exports (NX)
What is the OE below?
Assets $230,000
Liabilities $22,000
OE?
OE=$208,000
How many points are awarded to the winning driver of Formula 1 Grand Prix race?
25 points
One Pro of GDP as a measure of economic growth
Incomplete picture:
Neglects income inequality:
Ignores non-economic factors:
Externalities and sustainability:
Informal economy and unrecorded activities:
One Pro of GDP as a measure of economic growth
Quantitative measure
Broad coverage
Policy implications
Investment attractiveness:
What am I? An index that tracks the progress of the top 200 companies listed on the ASX
ASX200
What am I? Any money that is taken from the business account for personal use.
Drawings
In the United States, how many nickels would you get for a dime?
Two Nickels.
A nickel is worth 5 cents, and a dime is worth 10 cents.
GDP - This component represents the total expenditure on goods and services by households, including durable goods (e.g., cars, appliances), non-durable goods (e.g., food, clothing), and services (e.g., healthcare, education).
Consumption
What is the current unemployment rate in Australia.
A: 4.1%. B. 5.1%. C. 4.7%. D. 6.1%
A. 4.1%
Up to how many share holders can a private company have.
50 shareholders
Explain the two actions of the following transaction:
Aug 1 Paid accounts payable $3,300
1 - Accounts payable decrease $3,300
2 - Cash at Bank decrease $3,300
Who were the Fuggers?
A. Fugger family, characters in a Dr. Zuess novel
B. Fugger family, German mercantile and banking dynasty
C. Fugger family, nickname given to Mr. Fuga's family
B. Fugger family, German mercantile and banking dynasty