Year 10 Economics Quiz

What is Australia's target rate of GDP growth?

• 1 - 1.5%

• 2 - 2.5%

• 3 - 4%

• 4 - 5%

What is Australia's target rate of inflation?

• 1 - 2 %

• 2 - 3%

• 4 - 4.5%

• Above 5%

What is the current cash rate in Australia?

• 0.10%

• 0.01%

• 1.00%

• 1.10%

If GDP is high, then...

• Unemployment will be high

• Unemployment will be low

• Inflation will be low

• Inflation will be high

GDP that has been adjusted for inflation, is known as:

• Fake GDP

• Nominal GDP

• GDP per capita

• Real GDP

Which of the following is the most correct definition of inflation?

• The increase in prices paid for goods and services over a period of time (usually yearly).

• The Consumer Price Index.

• The total market value of all final goods and services produced in a country during a given period of time (usually a year).

• The total number of people in the labour force.

Which of the following is the most correct definition of GDP?

• The increase in prices paid for goods and services over a period of time (usually yearly).

• The Consumer Price Index.

• The total market value of all final goods and services produced in a country during a given period of time (usually a year).

• The total number of people in the labour force.

What is a final good or service?

• Good or service that is consumed by the end user and does not require any further processing

• A good or service that requires processing to be finalised

• The total market value of all goods and services

• None of the above

Which of the following is NOT a type of unemployment?

• Cyclical Unemployment

• Frictional Unemployment

• Structural Unemployment

• Cynical Unemployment

When demand is greater than supply, prices go up. This is called:

• Hyperinflation

• Stagflation

• Demand-pull inflation

• Cost-push inflation