What does the law of demand state?

As the price of good decrease,the quantitydemanded will rise

Which of the following transactions would occurin a primary financial market?

The purchase of newly created shares

Which of the following states the featuresof the fundamental economic problem?

Both scarce resources and unlimited wants

economy operating on productionposs frontier effect of an increase in production ofpublic goods

Mean a reduction in the production of privategoods

Whichof the following is a recent trend in the Australian labour market?

Increased numbers of casual employees

Which of the following is an example of aneconomy of scale?

A firm employing specialist managers as its sizeincreases

Which of the following statements about a meritgood is true?

It may be provided by the market but ininsufficient quantity

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Yr 11 Eco EOY Revision

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Questions 20

Answers

1
What does the law of demand state?
As the price of goods increases, quantitydemanded will rise
Supply of a good decreases, the quantitydemanded will fall
supply of a good increases, the quantitydemanded will fall
As the price of good decrease,the quantitydemanded will rise
2
Which of the following is an example of anon- wage outcome?
Paid overtime
Flexible working hours
End of year financial bonus
Sales commission
3
Which of the following transactions would occurin a primary financial market?
The payment of welfare benefits
Purchase of shares from another trader onthe stock market
The purchase of newly created shares
The sale of agricultural and mining goods
4
Which of the following states the featuresof the fundamental economic problem?
Both unlimited resources and many wants
Both scarce resources and unlimited wants
Both renewable and non- renewable products
The provision of goods with no opportunity cost
5
What is the largest component of federalgovernment expenditure?
Health
Education
Transfer payments
Defence
6
What does specialisation require theexistence of?
Economies of scale
A system of exchange
Economic efficiency
Rising productivity
7
Which of the following is a characteristicof an advanced economy?
Low levels of literacy
Low incomes
High Incomes
High levels of absolute poverty
8
What is the main objective of a firm?
To exploit economies of scale
To maximise profits
To supply the goods demanded by consumers
To reduce unemployment
9
economy operating on productionposs frontier effect of an increase in production ofpublic goods
Increase the opportunity cost of private goods
Increase total output public goods are provided bygoverment
Mean a reduction in the production of privategoods
no effect on price of private goods,public goods are free
10
Which of the following is classified as aneconomic resource?
Productivity
Enterprise
Production
Consumption
11
What is a firm focusing on when they decreasethe price of their product to gain more customers?
Increasing profits
Increasing market share
Increasing shareholders
Increasing productivity
12
What does the diagram below illustrate?
An expansion in supply
A decrease in supply
An increase in supply
A contraction in supply
13
Whichof the following is a recent trend in the Australian labour market?
Increased numbers of casual employees
Reduction in outsourcing
Increased trade union membership
Reduction in training and education levels
14
How would the Reserve Bank of Australia increaseconsumption and investment
By decreasing the exchange rate
By increasing the cash rate
By decreasing the cash rate
By increasing the exchange rate
15
Which of the following are used to raise fundson the equity market?
Mortgage
Debentures
Shares
Overdraft
16
Price elasticity supply measures responsiveness of quantity supplied toa change inthe following
Price
Costs of production
Demand
Competition
17
Which of the following is an example of aneconomy of scale?
A firm employing specialist managers as its sizeincreases
A clothes shop increasing the range of itsproducts
A company using its factory to produce more thanone product
A firm using its existing capacity moreefficiently
18
When somepeople have standards of living substantially lower than the average in aneconomy
Relative poverty
Social Security
Absolute poverty
Welfare state
19
Which of the following are complementary goods?
Soy milk and regular milk
Cars and petrol
Desktop computer and laptop computer
Butter and margarine
20
Which of the following statements about a meritgood is true?
It may be provided by the market but ininsufficient quantity
It is always provided free to consumers
goods supplied one consumer,no cost supply others
It tends to be provided by private companies

Yr 11 Eco EOY Revision Flashcards | StudBud