Revision HaSS economics 2

What does Macroeconomics refer to?

• income tax

• fuel levy

• government policies that impact on the whole nation

• government policies

budgetary policy is related to

• a balanced budget

• a deficit budget

• a suplus budget

• federal budget

microeconomics impacts

• on Australian citizens

• on different sectors of the economy

• on all the nation

• fiscal budget

Government spending is referred to as.........in the economy

• leakage

• injection

• participation

The RBA is responsible for

• inflation in the economy

• overseas market

• unemployment

• providing banking service to the government and other banks

imports represents a

• leakage in the economy

• an increase in GDP

• A rise in interest rates

• an injection into the economy

material living standards refers to

• the quality of the environment

• the access a citizen has to goods and service

• GDP per capita

• how happy a person is

Which organisation measures non-material living standards

• (ABS)

  Australian Bureau of Statics

• RBA

  Reserve Bank of Australia

• OECD

  organisation for economic co-operation and development better life index

• GDP

  gross domestic product

monetary policy

• is about changes to the interest rates

• concerned with inflation

• working out the unemployment rate

• dealing with GDP