7162813
Description
Quiz by Cath Smeeteon, updated more than 1 year ago
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Created by Cath Smeeteon
almost 8 years ago
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Question 1
Question
There are six areas that are used to evaluate economic performance they are:
Answer
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economic growth, inflation, levels of seasonal sales, the level of money market interest rates, balance of payments and currency exchange rates
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economic growth, inflation, levels of unemployment, the level of money market interest rates, balance of payments and currency exchange rates
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economic growth, deflation, levels of unemployment, the level of money market interest rates, balance of payments and currency exchange rates
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None of the choices provided
Question 2
Question
GDP measures the total value of production of goods in an economy over a period of time.
Answer
- True
- False
Question 3
Question
Inflation is one measure of economic performance. It is measured using _________________, which measures changes in the price ____________ of a common basket of _____________________ goods and services purchased by ___________________________.
Select the answer below that fills the blanks in the correct order.
Answer
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CPI, level, consumer, households.
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GDP, level, consumer, households.
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CPI, level, household, consumer
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CPI, rises, consumer, households.
Question 4
Question
The balance of payments measures the:
Answer
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movement of goods coming in and going out of Australia
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movement of imports and exports coming in to Australia
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movement of income coming in and going out of Australia
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movement of income going out of Australia
Question 5
Question
If the Australian dollar falls in value imports become cheaper
Answer
- True
- False
Question 6
Answer
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an amount of something left over when most of the consumers requirements have been met.
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An amount that is short to met consumers wants and needs
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an amount of something left over when requirements have been met; an excess of production or supply.
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None of the above
Question 7
Question
The government is most likely to intervene in the economy when it thinks that businesses are making too much profit?
Answer
- True
- False
Question 8
Question
The unemployment level is an important indicator of economic performance.
If the unemployment level is high, then:
- income tax revenue ___________
- government expenses ____________
- crime rates ___________________
-stress in unemployed individuals may increase.
Answer
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rises, rise, increase
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rises, fall, increase
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falls, rise, increase
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None of the choices provided
Question 9
Question
In Australia we have a _______________ economy. It is also sometimes referred to as a _______________ market economy, this is because we have an economy where the market runs itself but with some influence and participation by the ______________________________.
Answer
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modified, mixed, business
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mixed, modified, government
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command, modified, business
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mixed, emerging, government
Question 10
Question
Quality of life and environmental factors are common non financial measures of the economy.
Answer
- True
- False
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