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Economic Indicators
Economic Indicators
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Basics of Economy
Flashcards
33 cards
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Practice quiz
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Questions
33
Answers
1
Which type of indicator is the one that follows an event
lagging
leading
coincident
2
Which part of the image is Gini Coefficient?
marked line
dotted line
B
A
3
Growth in GDP can be driven by
more old houses been sold
increase in household expenditure
demand within mining and financial
increase in import
4
Where is Australia current economy sitting in the business cycle?
Peak
Contraction/Recession
Recovery
Trough
5
Which quarter has the highest GDP growth rate?
October-December 2012
April-June 2012
April-June 2014
June-September 2011
6
Why do we measure economic perfomance?
check economy health
to produce more iPhone
monitor economic growth
control inflation rate within 1%
7
Which year did Australia unemployment rate hit the highest
2013
2012
2009
2014
8
What is the target or goal of maintaining the rate of unemployment?
about 3%
about 4%
about 7 %
about 5 %
9
What will happen to the Lorenz curve when mining boom ends?
less divergent
more divergent
10
The horizontal axis and the vertical axis represent
amount of income
cumulative percentage of income
cumulative percentage of population
total number of population
11
The Australian Bureau of Statistics (ABS) defines the labour force as
older than 18 years and who are able and willing to work
older than 14 years and able to work
older than 15 years and who are able and willing to work
people who are willing to work
12
which type of indicator occurs at approximately the same time as the event
coincident
leading
lagging
13
Australian government has set a target for inflation of
2%-3%
4%-5%
3%-4%
1%-2%
14
Why economies must grow each year?
improved technology
goods and services need to be replaced
all of above
population growth
15
Which rate of increase in GDP is generally considered acceptable?
3%-5%
3%-4%
4%-6%
1%-2%
16
What will happen to Gini Coefficient when unemployment increases?
go higher towards 1
go lower towards 0
go higher towards 0
go lower towards 1
17
In lorenz curve, the point (25, 5 represents...
the bottom 25% of people have 5% of the income
the bottom 5% of people have 25% of the income
the bottom 75% of people have 5% of the income
the bottom 5% of people have 75% of the income
18
Which one is NOT the way to measure economic growth?
pulling
coincident
leading
lagging
19
Lorenz curve show
how divergent the actual equality is from the absolute
total number of population
GDP per capita every year
Gini coefficient for this quarter
20
Personal income is one of the ...
coincident
legging
leading
21
Causes of unemployment can be
regular change in seasons
people try to save money
production methods change
less job available
22
Which model do we use to measure income distribution
Lorenz Curve
Unemployment
GDP per capita
Consumer Price Index
23
What will happen to economic indicators during the economic Contraction?
Increase in employment
Decrease in employment
high demand in goods and services
Decrease in GDP
24
When everybody is equal, Gini coefficient is
2
0
1
-1
25
Which type of indicator signal future events?
Lagging
Coincident
Leading
26
The Lorenz Curve is...
a two-dimensional graph
to describe age distribution
a bar graph
to describe GDP per capita
27
Unemployment is one of the...
leading indicators
lagging indicators
coincident indicators
28
Contraction is when...
All of above
Economic growth weakens
GDP growth falls below 2 percent
The unemployment rate slowly rises
29
The Trough is when...
expansion transitions into the contraction
expansion phase is nearing its end
the economy hits bottom
economy transitions from the contraction to the expansion
30
Inequality on the Gini scale is measured between
0-2
-1 to 0
0 to 1
-1 to 1
31
What is the current unemployment rate?
1.8%
1.5%
5.8%
6.3%
32
Expansion is when...
GDP remains 2-3%
economy is growing
Inflation is greater than 2%
GDP growth falls below 2 %
33
Unemployment is a situation where people who are
willing and able to work and unable to find employment
not willing and not able to work
unable to work and unable to find employment
not willing to work and unable to find employment
