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Preliminary Economics Revision Flashcards | StudBud
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Preliminary Economics Revision
Preliminary Economics Revision
20 terms
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#Revision
Flashcards
20 cards
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Questions
20
Answers
1
Unions and employer associations are examples of
Efficiency specialists
Labour markets
Competing firms
Labour market institutions
2
What would happen to the equilibrium price and output is supply increased?
The price would fall and the quantity sold would decrease
The price would rise and the quantity sold would decrease
The price would rise and the quantity sold would increase?
The price would fall and the quantity sold would increase
3
Which of the following would cause the demand curve to shift to the left?
A decrease in real incomes?
An increase in real incomes?
A decrease in the price of DVD players?
An increase in the price of DVD players?
4
The idea of the demand for labour being a derived demand refers to
Demand for labour less than the demand for goods & services
The demand for labour being influenced by competitors
Demand directly influenced by demand for goods or services
The demand for labour being greater than supply
5
The primary market is where financial securities are issued for?
The 2nd time
The 3rd time
The 4th time
The 1st time
6
The debt market is where which type of financial instruments are issued?
Debentures, shares, personal loans
Debentures, personal loans, mortgages
Debentures, mortgages, shares
Debentures, bonds, shares
7
The return a worker receives is known as
Wage in the financial market
Wage in the goods market
Wage in the labour market
Wage in the capital market
8
What are the effects of a tightening of monetary policy?
low interest rates, increase in level of economic activity
High interest rates, decrease in level of economic activity
low interest rates, decrease in level of economic activity
High interest rates, increase in level of economic activity
9
Which of the following are features of Public Goods
There is non-rivalry and it is excludable
There is non-rivalry and it is non-excludable
There is rivalry and it is excludable
There is rivalry and it is non-excexcludable
10
Which of the following are example of public goods?
beaches, lighthouses and air
buses, taxis and bridges
schools, hospitals and cars
beaches, lighthouses and televisions
11
Which of the following government policies is likely to lead to an oversupply of products
A public monopoly
A quota
A ceiling price.
A floor price.
12
What is the role of the Reserve Bank
to print and distribute notes and coins
responsible for overall stability of the financial system
to lend funds to the private sector
to act as banker to the banks
13
Which of the following are the 3 financial regulatory bodies in Australia?
APEC, ASIC, APRA
RBA, ASIC, APRA
ASIC, RBA, AsX
ACCC, APRA, RBA
14
Which of the following is a negative externality?
higher costs due to increased interest rates
falling productivity
higher costs due to pollution emissions from factories
increased wage costs
15
What is a merit good?
A product that will benefit a whole community
a good that is non-rival
A good produced solely for private consumption
Any resource that is used in the production process
16
Which of the following does the RBA use as its financial aggregate?
Broad Money
Money base
M2
M3
17
What does DMO stand for?
Domestic money operations
Domestic market operations
Dealers of money overseas
Daily market operations
18
Capital substitution is a process where?
A firm is declared bankrupt
The level of both capital and labour is increased
Labour is replaced by new technology
Capital is replaced by labour
19
What is interest?
the return on shares
the price for lending money
Both A and B
the price for borrowing money
20
Pay and working conditions are example of factors effecting?
the supply of labour
the demand and supply of labour
the demand for labour
the level of economic growth
