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Preliminary Economics Quiz Whole Course
Preliminary Economics Quiz Whole Course
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Year 11 Preliminary Economics Quiz Whole Course
Flashcards
20 cards
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Questions
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Answers
1
What is the best measure of a country's economic development?
an increase in real GDP
an increase in the level of saving
an increase in the quality of life
an increase in average income
2
Which of the following is a disadvantage of enterprise bargaining?
an increased level of income inequality
a disincentive for individual workers to work longer hours
an increase in the level of unemployment among the unskilled
a decreased level of labour flexibility at enterprise level
3
What happened to the number of pubic servants employed in Australia in the 1990's?
Commonwealth public servants decreased & State increased
the total number of public servants decreased
the total number of public servants increased
the total number of public servants remained the same
4
Which statement best describes nominal interest rates?
the rate of interest charged by the RBA
interest received by lenders and paid by borrowers
the interest rates due to increased demand
the rate of interest adjusted for inflation
5
What does the government use in its attempts to achieve greater income equality?
provision of special assistance to particular industries
excise duties
welfare payments
all of the above
6
Which of the following factors does NOT directly influence consumer choice?
the price of exports
the price of complements
advertising
the price of substitutes
7
Which of the following is most likely to result from a monopoly?
more production than in a pure market
a decrease in the pure market price
a lower level of profits than in a pure market
an increase in the pure market price
8
Which of the following is NOT an automatic stabiliser?
social welfare payments that are means tested
salaries of government ministers
progressive income taxes
unemployment benefits
9
What does the labour-force participation rate indicate?
the % of people unemployed but who are actively seeking work
the % of females who have entered the workforce recently
the % of the working age population working or seeking work
the % of males and females in all types of employment
10
Which statement best describes secondary financial markets?
market transactions in existing financial securities
market transactions in NBFI securities
non-market transactions in existing financial securities
market transactions that create new financial securities
11
In what way will the introduction of a floor price affect an unregulated market?
there will be an improvement in the quantity produced
there will be an increase in the quantity produced
there will be a reduction in the quantity produced
there will be no effect on the market
12
Which of the following is NOT a function of the Reserve Bank?
holder of the country's official holdings and gold
production of coins
banker to the government
banker to the banks
13
Which answer explains best why the government intervenes in the economy?
to fulfill Australia's international agreements
to ensure the production of public goods
to raise the funds necessary to make welfare payments
to ensure that dangerous goods are produced safely
14
In the diagram, what would cause a shift in the supply curve for apples from S to S1
a decrease in the price of apples
an increase in the demand for oranges
an improvement in apple-picking machinery
drought throughout Australia
15
Which of the following factors is most likely to affect the demand for funds?
interest rates
the level of imports
the unemployment rate
the level of exports
16
Which statement best explains why women have lower earnings than men in Australia?
women cannot do the heavy manual work required in some jobs
women enter the workforce at a younger age
women are more likely to be in part time or casual work
women are not covered by industrial awards
17
Which of the following factors will NOT determine the demand for labour?
the level of economic activity
the relative cost of labour
the productivity of labour
the geographic immobility of labour
18
Which of the following would increase the demand for hamburgers in Australia?
a decrease in Australia's population
an increase in the price of substitutes lie Chinese food etc
a decrease in disposable income
an increase in the price of thickshakes, a complement
19
Why is it important for a country to increase its savings rate?
to ensure the profitability of banks
to reduce the level of inflation
to reduce the need for government intervention
to increase the level of investment
20
What is the basic economic problem?
increasing the amount we export
increasing gross domestic product
solving the problem of globalisation
solving the problem of scarcity
