Which of the following are ways to measure inequality and distribution

Lorenz Curve and Gini coefficent

Other things being equal, what will be the impact of an increase in domestic interest rates?

Econ. activity decreases and the exchange rate appreciates.

Which of the following are not included in the labour force for statistical purposes?

Full-time students over 15 years of age

A major trading partner experiences an appreciation of its currency, whats a likely effect?

Terms of trade with this country would decline.

Which of the following could be recorded as a credit in the current account of the BOP?

Interest paid to Australian lenders

What is a measure of changes in International competitiveness?

Movements in the real exchange rates

Which of the following would be a market based solution addressing pollution/climate change?

Imposing a tax on polluting goods

Why may the unemployment rate remain high, despite increased levels of economic activity?

Increased labour force participation rates

What could the RBA do to increase the value of the AUD relative to another currency?

Sell US dollars and increase interest rates

What are the RBA's main objective in implementing monetary policy?

Price Stability and full employment

What does Gross World Product measure?

Value of final goods and services produced in the world

What would be the implications should the RBA buy back existing CGS?

Increase liquidity and an increase in aggregate demand

Which of the following best explains a movement in Terms Of Trade index from 108.5 to 92.3?

A fall in export prices relative to import prices

Which of the following is NOT an argument for protection?

Addressing inequality and distribution

Which of the following statements best applies to public goods?

Consumers can access these without paying directly for them.

Which economic objectives often conflict with one another?

Economic growth and external balance

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HSC Economics Revision

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Revision of HSC Economics Concepts

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Questions 30

Answers

1
Which of the following are ways to measure inequality and distribution
Lorenz Curve and Gini coefficent
GDP per capita and Lorenz curve
GDP per capita and Gini coefficent
Average taxation rates and Lorenz curve
2
Other things being equal, what will be the impact of an increase in domestic interest rates?
Econ. activity decreases and the exchange rate appreciates.
Econ. activity increases and the exchange rate depreciates.
Econ. activity increases and the exchange rate appreciates.
Econ. activity decreases and the exchange rate depreciates.
3
What type of workplace agreement is based upon productivity bargaining?
A singe or multi enterprise agreement
Individual employment contract
The national minimum wage
Industrial or occupational award
4
Which of the following are not included in the labour force for statistical purposes?
Self-employed people working in family run businesses
People injured and on leave receiving workers compensation
People over 15+ but only working one hour per week
Full-time students over 15 years of age
5
Which of the following will be reduced as a result of lower rates of inflation?
The level of real income
The purchasing power of money
The level of investment
Uncertainty in the economy
6
A major trading partner experiences an appreciation of its currency, whats a likely effect?
Int. competitiveness with this country would decline.
Imports from this country would be less expensive.
Imported inflation from this country would decline.
Terms of trade with this country would decline.
7
Which of the following could be recorded as a credit in the current account of the BOP?
Interest paid to Australian lenders
Foreign aid from the Australian government for capital works
Expenditure on imports
Dividends paid to foreign investors
8
Which of the following would best represent a direction measure of standard of living?
Purchasing Power Parity
Human Development Index
Gross Domestic Product
Gini Co-Efficient
9
Which of the following should improve the business methods of production in operations?
Dynamic efficency
Technical efficiency
Allocative efficiency
Productive efficiency
10
What is a measure of changes in International competitiveness?
Movements in the real exchange rates
Changes in nominal unit labour costs
The ratio of the CAD to GDP
The raatio of the net foreign debt to GDP
11
Which of the following is a public good?
City Rail
Local Government
Flood barrier
Public phone box
12
Which of the following would be a market based solution addressing pollution/climate change?
Banning the reproduction of goods
Provision of rubbish bins
Imposing a tax on polluting goods
Recycling
13
Which of the following is NOT included in the natural rate of unemployment
Structual
Seasonal
Cyclical
Frictional
14
Why may the unemployment rate remain high, despite increased levels of economic activity?
Increased labour force participation rates
Decreased levels of labour productivity
Increased rates of hidden unemployment
Increased levels of aggregate supply
15
What could the RBA do to increase the value of the AUD relative to another currency?
Buy US dollars and increase interest rates
Buy US dollars and decrease interest rates
Sell US dollars and decrease interest rates
Sell US dollars and increase interest rates
16
If the Gini coefficent has raised from 0.20 to 0.30, what has happened in this economy?
Income inequality is low
Income inequality is improving
Income inequality is worsening
Income inequality is high
17
Ceteris Paribus, which of the following is most likely to cause an increase in Australia’s CAD?
A decrease in Australian overseas aid
A decrease in national savings
An increase in the number of overseas students in Australia
An increase in the Federal Government’s budget surplus
18
Which of the following IOs would assist an economy experiencing external stability issues?
World Bank
WTO
APEC
IMF
19
What are the RBA's main objective in implementing monetary policy?
Full employment and a more equal distribution of income
Price Stability and full employment
Full employment and an increase in national savings
Price stability and a reduction in national debt
20
Which market based environmental policy focuses on adjustments of quantity?
Cap and Trade
Direct intervention
Offsetting
Carbon tax
21
What does Gross World Product measure?
Changes in the volume of world trade
Value of the worlds wealth
Value of final goods and services produced in the world
Quality of life
22
What would be the implications should the RBA buy back existing CGS?
Decrease liquidity and an decrease in aggregate demand
Increase liquidity and a decrease in aggregate demand
Decrease liquidity and an increase in aggregate demand
Increase liquidity and an increase in aggregate demand
23
Which of the following forms of protection is least likely to cause inflation?
Human Development Index
Local content runles
Quota
Subsidy
24
What would limit the globalisation process among nations?
Increase in the volume of trade flows
Increases in the number of FTAs
Increase in the flow of FDI
Increases in protection levels
25
Which of the following best explains a movement in Terms Of Trade index from 108.5 to 92.3?
A rise in import prices relative to export prices
A fall in export prices relative to import prices
A fall in the volume of imports relative to exports
A fall in the volume of exports relative to imports
26
Which of the following is NOT an argument for protection?
Prevention of dumping
Protection of domestic employment
Addressing inequality and distribution
Defence and self sufficency
27
An increase in which of the following would shift the aggregate supply curve to the right?
Immigration
Wage rates
Energy prices
Interest rates
28
Which of the following is classified as a trading bloc?
Organisation for Economic Cooperation and Development
United Nations
European Union
Group of Twenty
29
Which of the following statements best applies to public goods?
Consumers must pay to use these goods.
Consumers can access these without paying directly for them.
There are fixed supplies of these goods.
These goods are subject to over-pricing.
30
Which economic objectives often conflict with one another?
Economic growth and full employment
Economic growth and external balance
Low unemployment and a more equitable distribution of income
Low inflation and international competitiveness

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