19. The economic problem is that: A wants are unlimited and resources are unlimited. B wants are limited and resources are limited. C wants are limited and resources are unlimited. D wants are unlimited and resources are limited. 20. In economics, capital refers to: A the produced means of production. B financial involvement in takeovers and mergers C funds borrowed from overseas. D money invested in shares. 21. Wants in economics is defined as: A limited and affordable B human resources C expensive and available D unlimited and recurring 22. In a modern market economy, Australia has a ‘mixed ‘economy because: A an economic system in which both private enterprise and the government coexist. B the government gives concession to private businesses. C consumers and businesses compete with each other.
FNS60215| FNSINC601 Apply Economic Principles to Work in the Financial Services Industry Learner ’s Guide | V 1.0 |Mar 2018 Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J Approved by: CEO | Next Review: Dec 2018 Page 18 of 22 D the government makes decision for the business. 23. The four factors of production are: A land, building, enterprise, machinery B land, labour, capital, enterprise C labour, liberal, national, capital D land, labour, money, resources 24. An economic system must answer four fundamental questions. Which of the following is not one of the fundamental questions? A What to produce? B How to produce? C For whom is the output to be produced? D When to produce? 25. Which of the following is a public good? A Woolworths B police protection C ocean D rainforest 26. An economic system is the: A interaction between governments and enterprise. B set of rules created by the government. C approach which is used to organise the production and distribution of goods and services. D system that makes business profitable 27. Laptop, school bags and motor vehicle are all examples of: A public goods B consumer goods C private goods D economic goods 28. Which of the following is also known as a primitive or less-developed economy? A cultural economy B economic system C traditional economy D command economy 29. In economics, the questions What, How, How much and For whom to produce are answered mainly by: A government B price C enterprise D tradition 30. In economic, ‘market failure’ occurs when: A enterprise fails to make profit in their area of expertise. B all market prices are low. C there is inefficient allocation goods and services required by the general community. D excessive of supply goods and services 31. Capital goods refers to goods: A used to produce goods or services
FNS60215| FNSINC601 Apply Economic Principles to Work in the Financial Services Industry Learner ’s Guide | V 1.0 |Mar 2018 Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J Approved by: CEO | Next Review: Dec 2018 Page 19 of 22 B satisfying wants directly.
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