VCE Economics Unit 3 & 4 Revision

Which of these is best described as a determinant of elasticity of supply?

When there is a surplus, producers will _____ prices to attract more buyers

Which of these can cause a shift in demand?

The Westpac-Melbourne Institute Consumer Sentiment Index for Australia for September 2016:

Australian government goal for full employment is:

When demand for products is greater than the available supply, this is referred to as a ____.

The goal of strong and sustainable growth states that GDP should be:

What is the largest spending area/outlay of the Australian federal budget?

Which of these is NOT typically used to measure external stability?

Who are the main groups working towards solving the economic problem?

Which of these conditions is most likely to happen in a boom?

Which market structure would have the weakest competition?

Who is the current Federal Treasurer of Australia?

The benefit forgone of the next best alternative, best describes:

What are the four factors of production?

Which of these is NOT a factor of natural unemployment?

________ is the study of how people try to satisfy wants & needs through the use of resources.

______ is not having enough resources to produce things people need and want.

Which is NOT an example of the Australian Government influencing the Australian economy?

What does NAIRU stand for?

Who is the current Head of the Reserve Bank of Australia?

A Federal Budget surplus is:

The law of supply states that price has what relationship with the quantity supplied

The Australian economy's latest GDP growth rate (as of October) is:

The Price mechanism refers to _____?

Which of these is NOT a market failure?

What is Australia's economic system or market could be best defined as?

A budget deficit is generally considered to be:

A sustained upward trend in the economic cycle is usually referred to as _________

Which of these is NOT a precondition of a perfect market?

Relative scarcity can be best described as:

Australian government goal for CAD/GDP is:

Australian government goal for inflation is:

The Australian economy's latest inflation rate (as of October) is:

Australian government goal for economic growth is:

When the quantity available is greater than the demand, this situation is referred to as a ___.

The Australian economy's latest unemployment rate (as of October) is:

Terms of trade is considered more beneficial to the economy when it is:

Which of these is an indirect tax?

The law of demand states that price has what relationship with the quantity demanded

China's economic growth (GDP) has declined from 7.9 per annum in 2013 to now be:

Which of these is NOT a sector in the Circular Flow Model?

Which of these is a labour resource?