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