Home Library Explore SAT

Home Library Explore SAT

VCE Unit 1 - Economic Concepts Flashcards | StudBud

Explore/VCE Unit 1 - Economic Concepts

VCE Unit 1 - Economic Concepts

10 terms·StudBud Administration·50 plays

An introductory quiz on key #economic concepts.

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
The Reserve Bank of Australia's main role is to:
Implement fiscal policy and set the cash rate.
Implement fiscal and monetary policy.
Set the cash rate.
Implement monetary policy and set the cash rate.
2
Economic opinions based on value judgements are know as:
Normative economics
Positive economics
Monetary policy
Fiscal policy
3
The four (arguably)factors of production are:
Labour, capital, entrepreneurship, water
Labour, money, skills, water
Land, labour, money, skills
Land, labour, capital, entrepreneurship
4
The basic economic questions cover:
What to produce given scarce resources.
How much and how to produce.
When, how and for whom to produce.
What, how, and for whom to produce.
5
Opportunity Cost is the same as trade-off
True
False
6
Money is not a resource in itself, rather a means of exchange.
False
True
7
The production possibility curve illustrates:
Two resources.
The production combinations involving two products.
Efficiency of resource allocation.
Combinations of two products with available resources.
8
The current treasurer of Australia (March.2020) is:
Malcolm Turnbull
Scott Morrison
Mathias Cormann
Josh Frydenberg
9
Key stakeholders in the market are:
Consumers and producers.
Consumers and producers, government and businesses.
Government and businesses.
Consumers and government.
10
The key concept of Economics is _____________
Relative Scarcity
Trade-offs
Needs v Wants
Opportunity Cost