What is an economic system

Production resource and allocation of goods within a society

Define Demand-Pull Inflation

Prices Rise due to an Increase in Demand for Goods

what is frictional unemployment?

the unemployment which exists in any economy due to people b

The role of the RBA is to

set the cash rate in line with current economic conditions

value of goods and services produced in a country over time.

High rates of economic growth is associated with

high employment rates and high spending

Cyclical unemployment occurs because:

there has been insufficient demand in the economy

What is fiscal policy?

Gov. policy that attempts to manage the economy

Someone who buys/uses a product/service

Structural unemployment occurs because:

the drive for efficiency has made some workers redundant

Unemployment means that:

some workers actively seeking work can't find employment

Productivity refers to

What can be produced from a given amount of resources

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Year 10 Revision Term 3

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Questions 25

Answers

1
An economic system that combines elements of all the other basic systems.
Command
Traditional
Market
Mixed
2
Tariff are.....
Taxes on imported goods
Taxes on exported goods
Taxes on all goods
3
A budget surplus is when ?
estimated receipts are equal to estimated expenditures
it effects the overall production of goods
income exceeds the expenses
expenses exceed the revenue
4
What is an economic system
Production resource and allocation of goods within a society
Businesses face uncertainty as a result of competition
Workers strive for quantity over quality
Large bureaucracy required, consuming resources
5
How many free trade agreements does Australia have?
11
21
13
42
6
GDP
Gross domestic people
Grass Domestic Product
Gross Domestic Development
Gross Domestic Product
7
Define Demand-Pull Inflation
Prices Rise due to an Increase in Demand for Goods
When Rising Input Costs force up a Companys Costs
Price Level Falls due to an Increase in Demand for Goods
High demand causes Prices to Fall
8
what is frictional unemployment?
there is not enough aggregate demand in the economy to provi
unemployment resulting from industrial reorganization, typic
Unemployment occurs when people are without work and activel
the unemployment which exists in any economy due to people b
9
The role of the RBA is to
bank with America
regulate passports for overseas travel
regulate fiscal policy
set the cash rate in line with current economic conditions
10
Which is a part of contractionary fiscal policy?
Reduction in taxes
Decreased government spending
Increase in the discount rate
Buying government bonds
11
Who is Australia's largest trade partner?
China
America
England
None of the above
12
GDP is...
how much a single business produces in a period of time.
value of goods and services produced in a country over time.
taxes payed by citizens over a specific period of time.
a country's unemployment rate over a period of time.
13
High rates of economic growth is associated with
decrease in consumer and business confidence
high employment rates and high spending
low levels of inflation and high unemployment
high unemployment and little spending
14
Inflation is measured using:
increase in spending
the gross domestic product
the consumer price index
trade of a country
15
Cyclical unemployment occurs because:
there has been insufficient demand in the economy
some workers are not suited to the job vacancies available
some workers do not want the available jobs
new technology has been introduced into many businesses
16
What is fiscal policy?
Policy created by Thomas Jefferson to help the economy
Policy vreated by Gov. corporations to control the economy
State policy that attempts to manage income
Gov. policy that attempts to manage the economy
17
RBA stands for
Royal Bank of Australasia
Reimliga Battle Arena
Real Banking Accounts
Reserve Bank of Australia
18
Limits or restrictions on foreign trade?
Domestic Policy
Trade Barriers
Economic Recession
Embargo
19
A consumer is....
Someone who eats something
Someone who ensure product is safe
Someone who buys/uses a product/service
Anyone who goes shopping
20
Structural unemployment occurs because:
a reduction in demand caused fewer workers to be required
the drive for efficiency has made some workers redundant
there has been a downturn in the level of economic activity
seasonal factors left some workers temporarily unemployed
21
Inflation is:
income rises
general level of prices rise
standard of living decreases
general level of prices remains constant
22
Unemployment means that:
some workers actively seeking work can't start immediately
some active job-seekers can only find part-time work
those actively seeking work can find gainful employment
some workers actively seeking work can't find employment
23
An economic system where prices are determined by demand and supply
Planned
Market
Mixed
Traditional
24
The RBA inflation target rate is:
2-4%
1-3%
3-4%
2-3%
25
Productivity refers to
input V output
What can be produced from a given amount of resources
What can be made in the amount of time you have.
The cost of producing resources efficiently.

Year 10 Revision Term 3 Flashcards | StudBud