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HSC Economic Issues - Economic Growth Flashcards | StudBud
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HSC Economic Issues - Economic Growth
HSC Economic Issues - Economic Growth
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HSC Economics Economic issues - Economic growth #hsc #economics #economicissues #economicgrowth
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Real GDP means what?
No idea
unemployment has been removed
inflation has been added
inflation has been removed
2
AD - The most important factor of the level of economic growth is
Spending by Government
Investment by business
Exports
Consumption by households
3
Improved workforce skills, infrastructure and productivity - are all part of Government ....
macroeconomic policies
Local Government policies
microeconomic policies
malcolm's policies
4
John Maynard Keynes' theory is that the most important influence on economic growth is
Who?
aggregate supply
aggregate demand
inflation
5
One way AS can be increased is through ...
Higher AUD
population growth
workers obtaining new skills
lower interest rates
6
The Commonwealth budget involves spending and revenue and is part of
monetary policy
Reserve Bank policy
State Govt policy
fiscal policy
7
The cost of capital equipment is influenced by price / productivity of labour and
interest rates, govt policies
govt confidence, govt policies
business confidence, consumer confidence
import prices, govt policies
8
The highest level of Australia's GDP growth since 1989 was in
1989-90 and 6%
1998-99 and 5%
2001-2 and 4.5%
2015 and 3%
9
Living standards, employment, external stability, income distribution are all...
effects of economic growth
effects of growth trends
effects of economies in transition
effects of inflation
10
Which of the following is NOT an effect of Economic Growth?
Increased living standards
Employment creation
Upwards pressure on inflation
Increased household debt
11
The greater than proportional increase in national Y resulting from an increase in AD is called
the multiplexer
the budget
the multiplier
the divider
12
The main factors influencing investment in AD are the cost of capital equipment and
government expectations
everyone's expectations
business expectations
consumer expectations
13
If increased investment is $10,000 and the increase in AD is $50,000 what is k?
50
5
4
2
14
During the mining boom in the 2000s, what were the changes in global demand ?
What mining boom?
Demand for bananas increased
80% increase in demand for iron ore
50% increase in demand for coal
15
China has helped Australia's terms of trade in the 2000s, which country helped in 1990s?
Brazil
USA
Russia
Japan
16
AD = C + I + G + X - ?
Y
T
N
M
17
When the $A depreciates against the currencies of our trading partners, what occurs
X become more competitive
A and C become competitive
X and M become more competitive
M become more competitive
18
I'd tell you an economics joke but...
there's not enough supply
there's not enough demand
19
The multiplier effect does not work in reverse ie. cannot result in decreased AD.
false
true
Empty choice
20
AS is determined by the quantity and quality of the factors of production which are
capital,land,labour,imports
land,capital,entrepreneurs,exports
labour,employment,capital,land
resources,land,capital,entrepreneurs
21
When Savings are greater than Investment what will occur?
Leakages greater, economy grows
Nothing
Injections greater, economy grows
Leakages greater, economy shrinks
22
AS or Y = C + S + T where T =
Terms of Trade
too hard don't know
Taxation - an injection
Taxation - a leakage
23
Business expectations are influenced by expected demand for products and
unemployment, govt policies
economic outlook, inflation
inflation, unemployment
economic outlook, animal spirits
24
The Australian financial year runs from?
Jan 1 - Dec 31
July 1 - June 30
Dec 1 - Nov 30
July 31 - August 1
25
Australia's last recession was in ?
early 2000s
what recession?
early 1980s
early 1990s
26
MPC + MPS = 1
False
True
27
One of the main goals of govenment spending and taxation policies is
any economic growth at all
slow and strong economic growth
strong and stable economic growth
fast and rapid economic growth
28
Capacity constraints mean that growth is held back by productive resources...
not being available
being almost fully used
held back by Tony Abbott
not being fully used
29
Quarterly national accounts figures calculate year-on-year economic growth which is
less volatile
no idea
same as other GDP figures
more volatile
30
The main capacity constraints on Australia during the mining boom were
skills shortages, infrastructure bottlenecks
infrastructure overload, skills oversupply
not enough mines
too many miners
