stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Rocks! Flashcards | StudBud
Explore
/
Economics Rocks!
Economics Rocks!
15 terms
·
StudBud Administration
·
153 plays
Check if you know the basic economic growth concepts #economics
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
What percentage of GDP growth is considered acceptable in Australia for a year?
5%
4%
3%
2
What does GDP mean?
Measures the goods & services produced by a nation in a year
Measures the number of people involved in domestic service
Measures the number of employees in a nation
Measures the number of people in debt
3
Choose the one that is NOT a benefit of economic growth
Better standard of living
Lower unemployment
More poverty
More goods & services
4
What is the definition of economic growth?
Increase in production of goods and services
Higher interest rates
Recession
5
Which of the following is NOT a reason that demand patterns change?
Disposable Income
Taste & Fashion
Unemployment
Advertising & Marketing
6
Which is NOT. A problem with economic growth?
More goods & services
Rising inflation
7
Which does not cause a change in supply patterns?
Parental Advice
Production costs
New Technology
Seasonal Factors
8
When the price of a product increases, the demand for that product is likely to...
Increase dramatically
Increase
Stay the same
Decrease
9
What do we call it if the economy does not grow for more than two quarters in a row?
Recession
Depression
Capitalist Market
Inflation
10
When the price of a product decreases, the supply of that product is likely to...
Stay the same
cease
Increase
Decrease
11
What does GDP stand for?
Gross Domestic Product
Gross Developed Product
Greater Deflation Product
Ground Development Plan
12
The point at which both consumers & producers are happy with price and supply of a product is..
Market price
Equilibrium price
Average price
Consumer price
13
What does inflation measure?
Employment
Amount of goods & services
Price rises
Price drops
14
What percentage of unemployment is considered acceptable in Australia?
2-3%
3-4%
4-5%
5-6%
15
What is considered an acceptable rate of inflation in Australia?
4-5%
3-4%
2-3%
1-2%
