Week 2 IMC Australian economy and construction

What is Australia's latest International ranking for GDP

• 11

• 12

• 13

• 14

What is the approximate GDP of Australia in Trillions

• 1.6

• 1.7

• 1.8

• 1.9

What is Australia's target inflation rate ?

• 1-2%

• 2-3%

• 3-4%

• 4-5%

What is the purpose of keeping the inflation rate low ?

• To increase government revenue through taxes.
• To encourage higher consumer spending and debt.
• To maintain economic stability and purchasing power.
• To promote rapid economic growth and expansion.

What is a growing GDP an indicator of?

• Decreased unemployment rates.
• Increased inflation rates.
• Economic growth and improved living standards.
• Stagnation in industrial production.

What is excluded from the GDP ?

• Exports of goods and services
• Household consumption expenditures
• Government spending on infrastructure
• Non-market transactions and illegal activities are excluded from GDP.

How did Covid impact the Australian economy ?

• Expansion of the tech industry
• Increased tourism and investment
• Higher consumer confidence and spending
• Reduced consumer spending, business closures, increased public debt, and supply chain disruptions.

Has Australia recovered economically form Covid ?

• Yes, Australia has largely recovered economically from Covid.
• Australia's economy is still struggling to recover from Covid.
• Australia has not made any progress in economic recovery from Covid.
• All of these

What is the Reserve Bank's main strategy for reducing inflation ?

• Increasing interest rates
• Implementing price controls
• Increasing taxes on imports
• Decreasing government spending

What approx. percentage of the Australian economy does construction contribute?

• 10%
• 20%
• 15%
• 5%