Test revision Hums Question and
answers verified to pass 2025
Hypothesis - correct answer A testable prediction, often implied by a theory
Cost v Benefit - correct answer An activity will be pursued only if its benefits
are equal to or greater than the costs.
Participants in the Australian economy - correct answer
producer/manufacturer, Consumer, Government, Suppliers, financial
institution/Banks
Disposable income - correct answer Income remaining for a person to spend
or save after all taxes have been paid
trade/ing - correct answer Exchange of goods and services
taxation - correct answer Money raised to provide services for the common
good of the community/country
demand - correct answer the desire to own something and the ability to pay
for it
Capitalism - correct answer an economic and political system in which a
country's trade and industry are controlled by private owners for profit, rather
than by the state.
income - correct answer money received, especially on a regular basis, for
work or through investments.
