What is allocative efficiency

When resources are allocated to provide maximum benefits

Unemployment refers to?

People who actively seek work but cannot find employment

What is relative scarcity?

Concept where are unlimited wants but limited resources

What does the production possibility frontier measure?

The productive capacity of a nations goods

studbud

Economics Unit 3 Quiz

12 termsStudBud Administration31 plays

Economics quiz created for Unit 3 by Jordan

Flashcards12 cardsFPractice quizPHost liveL

Questions 12

Answers

1
What is allocative efficiency
When resources are allocated to provide maximum benefits
Least costly techniques to produce goods and services
Total volume of products that are produced efficiently
How decisions made now can effect the future
2
Unemployment refers to?
People who actively seek work but cannot find employment
People who do not have jobs
People who are earning less than they are spending
People who are paid less than they should be
3
The Law of supply states that a increase in price will cause an expansion in supply
True
False
4
What is economics?
The study of the market
The study of global markets
The study of decision making
The study of data and statistics
5
The current tarrifs on wheat trade from China will decrease the prices of wheat in Australia
True
False
6
Increase in disposable income will tend to increase demand
False
True
7
Relative prices are?
How much is a particular product worth in gold
The ratio of two prices
How much an item is worth in various currencies
The price of commodities compared to services
8
What is relative scarcity?
Concept quantity demanded equals quantity supplied
Concept where are unlimited wants but limited resources
The resources required to make goods and services
The cost when you choose one option over another
9
Approximately how much is the government's total stimulus package in response to Coronavirus worth?
$137 Billion
$259 Billion
$1.32 Trillion
$19 Billion
10
What does the production possibility frontier measure?
Total amount of goods that can be efficiently produced
The goods value in GDP of an economy
Total amount of goods that can be produced or purchased
The productive capacity of a nations goods
11
The Law of Demand states that a decrease in price will cause a contraction in demand
False
True
12
The RBA Cash Rate (official interest rate) as of 3rd June is
0.5%
1.25%
0%
0.25%

Economics Unit 3 Quiz Flashcards | StudBud