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WeSSSTA Economics HSC Revision Flashcards | StudBud
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WeSSSTA Economics HSC Revision
WeSSSTA Economics HSC Revision
30 terms
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StudBud Administration
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849 plays
A revision activity for the NSW HSC Syllabus
Flashcards
30 cards
F
Practice quiz
P
Host live
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Questions
30
Answers
1
Which of the following is NOT a reason for protection?
Protection of infant industries
Increased international competitiveness for the economy
Prevention of dumping
Defence and self sufficiency
2
Which of the following is considered a social cost of unemployment rather than an economic cost?
Lower living standards
Cost to the government
Lower wage growth
Increased inequality
3
Identify the trend in the inflation rate from Year 2 to Year 4.
Decreasing
Fluctuating
Constant
Increasing
4
Calculate the economic growth rate for Year 3
114%
6%
7.5%
14%
5
Which form of government protection would result in the change to the domestic market place shown?
A quota
An embargo
A Tariff
A subsidy
6
Using the information provided for WeSSSTAville, calculate the participation rate.
75%
33%
50%
62.5%
7
Calculate inflation for Year 4 using the information provided
1.8%
2%
15%
3%
8
Which of the following is a market based environmental management strategy?
Carbon Tax
The Kyoto Protocol
The Renewable Energy Target
The Fuel Quality Standards Act
9
If a Chinese firm bought an Australian business, it would be seen on the Balance of Payments as...
A credit in the financial account
A debit in the current account
A debit in the financial account
A credit in the current account
10
Which international organisation is most interested in maintaining international financial stability?
The International Monetary Fund
The World Trade Organisation
The United Nations
The World Bank
11
Australia's level of NAIRU is closest to which number?
9%
0%
13%
5%
12
A country with steady levels of economic growth and a high HDI is most likely to be ......
A transition economy
A developed economy
A developing economy
An emerging economy
13
Identify the trend occurring in economic growth between Year 2 and Year 4.
Stagnant
Increasing
Decreasing
Cyclical
14
Calculate the Terms of Trade for Year 3
95.7
100
92.3
108
15
If the supply of football boots shifted from S1 to S2 due to a government subsidy, what is the value of the subsidy?
$250
$180
$70
$140
16
Which form of economic protection is most likely to be abolished more quickly?
A tariff
A quota
A subsidy
An embargo
17
What would the value of government revenue be after the tariff is imposed in this market?
$5
$250
$300
$100
18
Which of the following is most likely to cause a depreciation of Australia's currency?
An increase in US interest rates
An improvement in Australia's Terms of Trade
Increased demand for Australia's exports to the US
Decreased demand for US imports into Australia
19
Which type of unemployment is not included as a component of NAIRU?
Frictional
Long Term
Structural
Cyclical
20
Which of the following is NOT a key principle of ecologically sustainable development?
Integrating economic and environmental goals in policies
Ensuring that environmental assets are appropriately valued
Managing environmental risks with caution
Restricting the use of natural resources
21
The MPS and Multiplier for the economy shown is?
MPS= 0.2 Multiplier= 5
MPS= 0.8 Multiplier= 1.25
MPS= 0.2 Multiplier= 1.25
MPS= 0.8 Multiplier= 5
22
Identify the trend seen in the Terms of Trade from Year 1 to Year 3.
Deteriorating
Constant
Improving
Fluctuating
23
Which of the following is NOT a key indicator of HDI?
Level of external stability
Levels of educational attainment
Life expectancy at birth
GNI per capita
24
What combination of policies would cause a country's GINI coefficient to increase?
More use of progressive tax and more welfare spending
Less use of progressive tax and more welfare spending
More use of progressive tax and less welfare spending
Less use of progressive tax and less welfare spending
25
Using the information provided, what is the minimum level of budget deficit required to boost aggregate demand?
$1 billion
$621 billion
$80 billion
$81 billion
26
Which international organisation is most concerned with helping poorer countries with their economic development?
International Monetary Fund
World Trade Organisation
Organisation for Economic Cooperation and Development
World Bank
27
Using the information provided for WeSSSTAville, calculate the unemployment rate.
20%
12.5%
8.3%
16.7%
28
Which of the following is NOT recognised as one of the Australian Government's major objectives of economic management?
Internal Balance
Increased Trade Agreements
Economic Growth
External Balance
29
In order to slow down economic growth, the Reserve Bank would do which of the following?
Run an expansionary budget
Buy second hand government securities
Sell second hand government securities
Run a contractionary budget
30
What is the value of the Capital and Financial account for the following economy?
$246 billion
-$378 billion
-$246 billion
$378 billion
