Which of the following could be responsible for the trend in Gini coefficint since 2003?

An increase in welfare payments

Why is microeconomic reform not used by the gov to control fluctuations in the business cycle?

There is a long time lag in the effects of micro reform

According to the data in the table, which statement is correct for this economy?

Real GDP has decreased and the quality of life has improved

What will change a nation's composition of trade?

Structural change in the domestic economy

Which of the following is most likely to improve Australia’s international competitiveness?

Implementation of structural change

Whichwill cause a short-term increase in the rate of unemployment in the economy?

A fall in the rate of hidden unemployment

Which is recorded as a debit item in the current account of the Australian Balance of Payments?

Australian financial aid to developing countries

What is a disadvantage of the floating exchange rate?

Increased exchange rate volatility

Which action by the RBA would stimulate the economy in an economic down turn?

Buying government securities in the cash market

The table show's data for a nation's terms of trade.

They improved from Year 1 through to Year 3

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HSC Economics Revision

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Questions 19

Answers

1
What would be the effect of a move to a more decentralized system of wage determination?
Reduced labour mobility
Reduced international competitiveness
Reduced inflationary pressure
Reduced income inequality
2
Which of the following is a trading bloc?
The General Agreement on Tariffs and Trade (GATT)
The European Union (EU)
Organisation for Economic Cooperation an Development (OECD)
The World Trade Organisation (WTO)
3
Which of the following could be responsible for the trend in Gini coefficint since 2003?
A reduction in the marginal tax rate for high income earners
A greater use of indirect taxes
An increase in welfare payments
A reduction in minimum award wages
4
Why is microeconomic reform not used by the gov to control fluctuations in the business cycle?
Microeconomic reform causes inflation
Microeconomic reform has costs as well as benefits
The government is not responsible for microeconomic reform
There is a long time lag in the effects of micro reform
5
According to the data in the table, which statement is correct for this economy?
Real GDP has decreased and the quality of life has improved
Real GDP has decreased and the quality of life has declined
Real GDP has increased and the quality of life has improved
Real GDP has increased and the quality of life has declined
6
What will change a nation's composition of trade?
An increase in global economic growth
Structural change in the domestic economy
An increase in domestic inflation
Signing a trade agreement with another country
7
Which of the following is most likely to improve Australia’s international competitiveness?
An increase in the value of the $A
Implementation of structural change
An increase in domestic interest rates
An improvement in terms of trade
8
Whichwill cause a short-term increase in the rate of unemployment in the economy?
An increase in casual employment
An increase in high school retention rates
An increase in early retirement
A fall in the rate of hidden unemployment
9
Which is recorded as a debit item in the current account of the Australian Balance of Payments?
The purchase by Aus of equities in an overseas company
Australian financial aid to developing countries
Purchase of equities in Aus company by an overseas company
Dividend payments from overseas company to Aus shareholders
10
What is the value of the Gini coefficient shown by the Lorenz curve?
1
-1
0
0.5
11
What is a disadvantage of the floating exchange rate?
Lower foreign currency reserves
Higher foreign currency reserves
Decreased exchange rate volatility
Increased exchange rate volatility
12
Which of the following is Australia a member of?
Group of 20
The North America Free Trade Agreement
The Association of South-East Asian Nations
Group of 8
13
What is the most likely impact of an appreciation of the $A?
C
B
A
D
14
Which organisation would be involved in financing construction of a dam in developing country?
Organisation for Economic Cooperation and Development
World Bank
World Trade Organisation
International Monetary Fund
15
Which action by the RBA would stimulate the economy in an economic down turn?
Selling government securities in the cash market
Buying foreign currencies on the foreign exchange market
Buying government securities in the cash market
Selling foreign currencies on the foreign exchange market
16
Which account in Australia’s BoP would Direct and Portfolio investment transaction be recorded?
the current account
the capital account
the net incomes account
the financial account
17
The table show's data for a nation's terms of trade.
They deteriorated Yr 1 to Yr 2 then improved Yr 2 to Yr 3
They improved from Year 1 through to Year 3
They deteriorated from Year 1 through to Year 3
They improved Yr 1 to Yr 2 then deteriorated Yr 2 to Yr 3
18
Which of the following reduces economic barriers between economies?
Reduction in global subsidies
Increased global economic growth
Reduction in global trade
Increased levels of protection
19
The acronym for macroeconomic and microeconomic policies is
FMCLIP
FMCLIPT
FMCLIIPT
FCLIP

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