If a country has a Gini co efficient of 0.24 we know

income is fairly equally spread

Which is the vertical axes of a Lorenz Curve

Cumulative proportion of income

involves changes to taxation and government expenditure

Which of the following should a government NOT implement to help development?

Take over all productive resources

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Year 10 Economics

16 termsStudBud Administration26 plays

Revision for Economics Basics in Year 10

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Questions 16

Answers

1
For next week's exam I should not
Have my laptop charged
Not study
Turn up early
Turn up on time
2
Which of the following is NOT a role of government?
allocation
distribution
monetary policy
stabilisation
3
Full employment is presently defined in Australia as:
3% employment
everyone is working
5-6% unemployment
100% employment
4
If a country has a Gini co efficient of 0.24 we know
it needs changes to fiscal policy
there is income inequality
it needs economic development
income is fairly equally spread
5
Equilibrium in a 5 sector diagram is when:
M + S + T = G + I + X
S + T = G + I
S + I
Y = C
6
What is the name of the bottom of the economic cycle?
Recession
Peak
Expansion
Contraction
7
An economy has an inflation rate of 4.5% and Building approvals of 0.4%. Where are they on the economic cycle?
Peak
Expansion
Recession
Contraction
8
Inflation is what type of indicator?
Leading
Lagging
Coincident
9
In a 5 sector diagram:
C = Y
S + T = G + I
S = I
M + X + T = G + I + X
10
Which of the following is NOT an example of a transfer payment?
Unemployment Benefits
Pensions
Defence expenditure
Carers payments
11
What is the 5th sector in the 5 sector diagram?
Overseas Sector
Government
Consumers
finance
12
Which of the following is a leading indicator?
Retail sales
Building approvals
GDP growth rate
Inflation
13
Which is the vertical axes of a Lorenz Curve
Cumulative proportion of income
Gini index
Monetary Policy
Cumulative proportion of people ranked according to income
14
What is the technical definition of a recession?
2 quarters of negative growth
Negative GDP growth rate
Stagflation
Trough
15
Fiscal Policy
deals with interest rates
involves the RBA
helps domestic development
involves changes to taxation and government expenditure
16
Which of the following should a government NOT implement to help development?
Take over all productive resources
Free trade agreeements
Seek assistance from international organisations (eg World Bank, IMF)
Reduce tarrifs, subsidies and quotas

Year 10 Economics Flashcards | StudBud