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Elementary Economics Essentials

Basic Economics

Test your knowledge of key economic terms, currency history, trade principles, and financial systems.

economics finance social studies australia

8 Questions Hard Ages 5+ Sep 28, 2026

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About this Study Set

This study set covers Basic Economics through 8 practice questions. Test your knowledge of key economic terms, currency history, trade principles, and financial systems. Every question includes the correct answer so you can learn as you go — pick any format above to get started.

Questions & Answers

Browse all 8 questions from the Elementary Economics Essentials study set below. Each question shows the correct answer — select a study format above to practice interactively.

1 What essential condition must exist for two people to trade goods successfully in a barter system?

A Double coincidence of wants
B Government approval
C Equal weight of items
D Standardised coin values

2 In 1988, Australia became the first country in the world to issue circulating banknotes made from which material?

A Polymer plastic
B Woven cotton
C Recycled paper
D Coated aluminium

3 In economics, what is the term for the value of the next best choice given up when making a decision?

A Opportunity cost
B Sunk cost
C Marginal revenue
D Inflation rate

4 What is the broad-based 10% tax added to the price of most goods and services sold in Australia?

A Goods and Services Tax
B Capital Gains Tax
C Fringe Benefits Tax
D Corporate Income Tax

5 Which Australian institution is responsible for setting the nation's official cash rate and issuing banknotes?

A Reserve Bank of Australia
B Australian Taxation Office
C Treasury Department
D Australian Competition and Consumer Commission

6 What economic term describes a producer or country focusing on producing a specific range of goods to increase efficiency?

A Specialisation
B Diversification
C Monopolisation
D Nationalisation

7 Under the economic factors of production, which category includes man-made tools, machinery, and factory buildings?

A Capital resources
B Labour resources
C Natural resources
D Entrepreneurial resources

8 What typically happens to the price of a product when consumer demand rises while its available supply remains limited?

A The price increases
B The price decreases
C The price remains permanently fixed
D The price drops to zero

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