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Year 10 Economics
Year 10 Economics
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Year 10 HASS Economics at AXSHS
Flashcards
25 cards
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Questions
25
Answers
1
If the government wants eco growth it will use
a tinkered budget
a balanced budget
a surplus budget
a deficit budget
2
In the Circular Flow Model leakages include
imports, saving and taxes
government spending, investment and imports
resources, income and savings
savings, exports and taxes
3
An acceptable rate of economic growth in Australia is
1.5%
7.5%
3.5%
5.5%
4
Unemployment is defined as
a person who chooses to stay home as a house parent
anyone who is not working
anyone 15 looking for and able to work does not currently
anyone who is considered to be a refugee
5
The current cash rate in Australia as set on Tuesday 6 June is
5.8%
1.5%
5%
3.5%
6
GDP stands for
Great Depression Period
Gross Domestic Product
General Demand for Prices
Government Department of Production
7
Which of the following is not an economic cost of unemployment.
increase in the amount of welfare payments
increase in social stigma
decreased tax revenue
a decline in the potential production in an economy
8
The current rate of unemployment in Australia is
6.3%
11.2%
7.8%
5.8%
9
The participation rate in Australia is approximately
72%
59%
83%
64%
10
GFC stands for
Greater Funds for Consumers
Global Financial Crisis
Greater Freedom to Compete
Global Finance Corporation
11
The best current example of a capitalist economy is
the UK
Australia
the USA
France
12
This statue can be found outside which stock exchange.
London
New York
Tokyo
Sydney
13
The role of the RBA is to
regulate passports for overseas travel
bank with America
regulate fiscal policy
set the cash rate in line with current economic conditions
14
The intersection of the demand and supply curves is known as
erroneous
equilibrium
unlikely because different people are involved
equidistant
15
High rates of economic growth is associated with
decrease in consumer and business confidence
low levels of inflation and high unemployment
high unemployment and little spending
high employment rates and high spending
16
The image is most likely indicating
monetary policy
fiscal policy
exchange rates
economic reform of industry
17
The economic problem is because
people have unlimited wants and limited resources
people do not have enough money.
there are too many people on earth
supply and demand do not always equal
18
The aggregate demand equation is
AD = C + I + G + (X + M)
AD = C + I + G + (X - M)
AD = C + Y + N + (X - M)
AD = C + I + T + ( G + S)
19
Australia has just equaled Sweden's record for
the most equal distribution of income
longest period without a recession
the highest rate of exports
rabbit jumping
20
A recession is defined as
2 or more years of negative eco growth
poor management by the government
High levels of inflation and low levels of unemployment
2 or more consecutive 1/4s of negative eco growth
21
The image of Karl Marx is the person credited with
the foundation of socialism
the foundation of traditional economics
the foundation of specialisation
the foundation of capitalism
22
RBA stands for
Real Banking Accounts
Royal Bank of Australasia
Reimliga Battle Arena
Reserve Bank of Australia
23
The most likely person to experience frictional unemployment is
someone without the necessary technical skills
a stay at home parent
a fruit picker
a school leaver.
24
This image of hyperinflation was taken in
USA
Zimbabwe
France
Germany
25
The diagram depicts
aggregate demand
the trade cycle
the circular flow of income
demand and supply
