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Year11 Economics Revision Flashcards | StudBud
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Year11 Economics Revision
Year11 Economics Revision
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Year 11 revision
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
GST is a type of which tax?
Total Tax
Taxed Witheld
Indirect Tax
Direct Tax
2
A market structure in which goods can only be efficiently provided by one supplier is a ____
Natural Monopoly
Oligolopy
Privatisation
Corporation
3
Name the macroencomic policy that deals with interest rates.
Fiscal Policy
Keynesian Policy
Money Policy
Monetary Policy
4
How does the government redistribute income and ensure an equitable society?
Taxation
Social Welfare Payments
Budgets
Loans
5
What is the largest federal government expenditure?
Immigration
Social Welfare
Infrastructure
Education
6
A budget surplus is when . ..
Govt. revenue is less than Govt. Expenditure
Govt. revenue exceeds Govt. Expenditure
Govt. Expense equals Govt. Expenditure
Govt. revenue = Govt. Expenditure
7
Public Sector enterprises include:
Commonwealth Bank
HSBC
Telstra
Railcorp
8
Identify the correct structure of government and its responsibility.
Local - Rubbish Removal
Federal - Roads
State - Taxation
Commonwealth - Immigration
9
How does the government affect the allocation of resources?
Taxation / Spending
Produce goods and services itself
Privatisation
Borrowing
10
What is the MRT for someone earning a taxable income of $45,000?
37%
32.5%
19%
30%
11
____________ refers to a situation where individuals have only just enough income to survive.
Absolute Poverty
Semi Poverty
Comparative Poverty
Relative Poverty
12
The theory dominant between 1940s-1970s that accelerates economic activity and employment.
Economic management
Keynesian Theory
Accelerated surplus
Quay theory
13
The average rate of tax is the _________
The cents in every extra dollar
Tax payable divided by total income
Income that is taxed
The Proportion of total income earned that is paid
14
An example of Public goods _______
Clean Air
Pension
Public Parks
Employee benefits
15
Which enterprise is not government owned?
Medibank
Aust Rail Corp
QANTAS
Australia Post
