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Economic revision test

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a quiz made for year 9 economics, based on the revision booklet but not centred around it
Annalise Watson
Quiz by Annalise Watson, updated more than 1 year ago
Annalise Watson
Created by Annalise Watson over 6 years ago
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Resource summary

Question 1

Question
The unemployment [blank_start]rate[blank_end] is the [blank_start]percentage[blank_end] of Australians who are above the age of [blank_start]15[blank_end], and are able and [blank_start]willing[blank_end] to begin working but are not.
Answer
  • percentage
  • 15
  • willing
  • rate

Question 2

Question
Select the yearly Australian unemployment target rate.
Answer
  • 2-3%
  • 1%
  • 5%
  • 14%

Question 3

Question
Choose the best reason as to why the target unemployment rate is not 0%
Answer
  • Because they don't feel like it
  • Because 0% unemployment limits economic growth
  • Because some people like not working and we should respect that

Question 4

Question
[blank_start]Cyclical[blank_end] unemployment occurs during [blank_start]downturns[blank_end] of the business cycle, when workers lose their employment positions because of these [blank_start]losses[blank_end]. An example of this would be when waiters or steel workers get [blank_start]fired[blank_end] due to a [blank_start]recession[blank_end] in sales.
Answer
  • Cyclical
  • Frictional
  • Seasonal
  • General
  • downturns
  • upturns
  • successes
  • losses
  • gainz
  • successful times
  • recession
  • increase
  • large increase
  • fired
  • promoted
  • engaged

Question 5

Question
Underemployment occurs when someone gets demoted.
Answer
  • True
  • False

Question 6

Question
Choose the best reason as to why the underemployment rate might be higher than the unemployment rate at any one point in time.
Answer
  • People like working to be busy and it gives them a sense of purpose
  • People need to earn money to survive, so will be employed regardless of whether their job is using their skills the best
  • It sounds better to say that you have a job, rather than being unemployed until you find a job that best uses your skills
  • SOCIETAL PRESSURE

Question 7

Question
What is the best reason that could explain the yOuTH uNEmPLoYmEnT cRiSiS (there's two answers)
Answer
  • young people cbb to contribute to society in a positive way bc these damn millennials are so entitled
  • we're all just lazy
  • many entry-level jobs have been automated and replaced the need for inexperienced people to complete them
  • why work wHeN nEtfLIX eXisTs
  • wifi duh

Question 8

Question
which of these is not a form of unemployment
Answer
  • structural
  • cyclical
  • general
  • physical
  • frictional

Question 9

Question
what are the three basic economic questions
Answer
  • who buys the things
  • what is the thing
  • how do we make the things
  • why do we make the things
  • how much is the thing going to cost

Question 10

Question
a list of the economic systems, in order of where the government has the most control - least control: [blank_start]planned socialist[blank_end], planned capitalist, [blank_start]market socialist[blank_end], [blank_start]market capitalist[blank_end], [blank_start]subsistence[blank_end]
Answer
  • planned socialist
  • market socialist
  • subsistence
  • market socialist
  • planned socialist
  • market capitalist
  • market capitalist
  • planned socialist
  • subsistence
  • market socialist
  • subsistence
  • planned socialist
  • planned capitalist

Question 11

Question
planned capitalist has the most government intervention of all the economic systems
Answer
  • True
  • False

Question 12

Question
choose the best reasons as to why economists measure GDP
Answer
  • because they're bored and it sounds cool
  • because they want to monitor the growth output of an economy over a period of time
  • economists measure GDP because it is a good indicator of how a government is controlling their economy

Question 13

Question
the annual Australian GDP target is [blank_start]2-3[blank_end]%
Answer
  • 2-3
  • 2-4
  • 5
  • 4

Question 14

Question
identify two limitations to using GDP as a measure of economic progress in australia
Answer
  • debts don't count toward GDP
  • feeeeeeellliiiinnnggsssss don't count
  • there are better, more inclusive ways to measure economic progress instead of GDP
  • GDP sucks

Question 15

Question
[blank_start]Inflation[blank_end] is the rate at which the [blank_start]general[blank_end] level of prices for goods and services increases. It is the sustained increase in price level
Answer
  • Inflation
  • gross domestic product
  • ur mum
  • general
  • highest
  • lowest
  • ideal

Question 16

Question
The target inflation rate in australia is 2-3% yearly
Answer
  • True
  • False

Question 17

Question
CPI stands for [blank_start]Consumer Price Index[blank_end], and measures the general rate at which prices increase. DFD stands for [blank_start]Domestic Final Demand[blank_end] and measures the same as CPI, however more specific to [blank_start]governments[blank_end] and businesses. CPI is specific to [blank_start]household[blank_end] expenditure.
Answer
  • Consumer Price Index
  • Current Pineapple Interest
  • Currency Preventing Investment
  • Domestic Final Demand
  • Domestic First Demand
  • Demand First Die
  • governments
  • consumers
  • household
  • apartment
  • family
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