WorksheetsECONOMICS FINAL REVISION
Total questions: 49
Worksheet time: 29mins
WHY DOES A TRANSITION ECONOMY HAVE HIGH UE AND HIGH INFLATION
TRANSITION ECONOMIES ALWASY LEAD TO STAGFLATION
REMOVING CEILING PRICES LEAD TO INFLATION AND THE PROFIT MOTIVE FOR PRIVATE FIRMS CAUSE UE
REMOVING FLOOR PRICES LEAD TO INFLATION AND THE PROFIT MOTIVE FOR PRIVATE FIRMS CAUSE UE
GOVERNMENT THAT REPLACE COMMUNISM DONT CARE ABOUT UNEMPLOYMENT AND LIEK TO SPEND BIG
WHETHER TO BE VEGETARIAN , VEGAN OR NORMAL IS AN EXAMPE FO WHCH ECONOMIC QUESTION
THE WHAT
THE WHO
THE HOW
THE NO COW OPTION
WHEN THE PRICE OF FISH INCREASES SIGNIFICANTLY THE PRICE OF BEEF WOULD BE EXPECTED TO
FALL
STAY THE SAME
INCREASE
NOT ENOUGH INFORMATION TO TELL
THE ELASTICITY OF DEMAND FOR FISH IS NOT BASED ON
THE COST AS A % OF INCOME
THE SUPPLIES KEPT BY PRODUCERS TO CATER FOR INCREASED DEMAND
BEING A STAPLE OF FAMILY MEALS
NONE OF THESE OPTIONS
The medication known as insulin has seen a decrease in demand of 2%, while the price has increased 10%
5 inelastic
5 elastic
.2 inelastic
.2 elastic
THE OBJECTIVES OF A GOOD MARKET FOR CONSUMERS ARE
LIMITED MARKET FAILURE , MACROECONOMIC STABILITY AND FULL EMPLOYMENT
LOW PRICES , QUALITY AND COMPETITION
CHEAP PRICES , CONSUMER LOYALTY AND LIMITED GOVERNMENT INTERVENTION
ALL OF THESE OPTIONS
THE OBJECTIVES OF A GOOD MARKET FOR PRODUCERS ARE
SUPERNORMAL PROFIT, MARKET CONCENTRATION, MONOPOLY POWER
COLLUSION , ABNORMAL PROFITS , BRAND LOYALTY
BARRIERS TO ENTRY , ACCESS TO TECHNOLOGY , EFFICIENCY,PROFITABILTY
ALL OF THESE OPTIONS
WHEN DEMAND IS GREATER THAN SUPPLY - THE MOST LIKELY IMPACT WILL BE
PRICES WILL RISE IN THE SHORT RUN AND FALL IN THE LONG RUN
PRICES WILL RISE IN THE SHORT RUN AND IN THE LONG RUN
PRICES WILL FALL IN THE SHORT RUN AND FALL IN THE LONG RUN
PRICES WILL FALL IN THE SHORT RUN AND IN THE LONG RUN
THE LEAST INFLATIONARY FORM A OF A TRADE BARRIER IS
QUOTA
SUBSIDY
TARIFF
CUSTOMS TAX
What is the result of nations specializing in the production of goods?
decreasing prices
economic efficiency
self-sufficiency
incentive to trade
Who benefits from the depreciation of the Japanese yen relative to the Euro?
European consumers of European Goods
Japanese consumers of Japanese Goods
European consumers of Japanese Goods
What is the key to trade?
Self-Sufficiency
Specialization
Technology
Wealth
What was the primary purpose NAFTA?
To reduce trade barriers among the US, Canada, and Mexico
To reduce trade barriers among Central America and Mexico
To reduce trade barriers among Brazil and Mexico
To encourage free trade between the US, Europe, and Canada
inflation hurts those on low incomes and savers because it decreases their
(a)
the most common type of inflation caused by high levels of confidence and speculation is
(a)
What is the most likely Macroeconomic Objective Conflict between GDP Growth and Stable inflation?
Unemployment will rise
Environmental issues
Prices are likely to go up with growth
Distribution of wealth
Which of the following objectives might conflict with the objective of economic growth?
Sustainable Environment
Stable inflation
High employment levels
Distribution of Wealth
The total value of all final goods and services produced in a country in a given year.
Gross Domestic Product
Consumer Price Index
Inflation
Unemployment
Unemployment that rises during economic downturns and falls when the economy improves.
Seasonal Unemployment
Structural Unemployment
Frictional Unemployment
Cyclical Unemployment
The main goal of SSPs is to
increase SRAS
increase LRAS
increase AD
reduce inflation
Deregulation is an example of
Industrial policy
Encouraging competition
Incentive-related policies
Labour market reforms
Aggregate supply policies usually slow inflation by:
slowing AD and the pressures created by widespread shortages of goods and services and excess expenditure.
reducing imported inflation caused by inefficiency overseas.
easing cost pressures on domestic prices through boosting efficiency and competition.
reducing society’s inflationary expectations in the short term.
Inflation tends to occur
during a recession because firms make big profits while pushing wages to low levels and their spending can push up prices over time
during the intermediate stage of the AS curve when prices reach around 3% and unemployment is low
when the economy reaches the limits of its PPC and it's factors of production or firms have increased costs of production usually in a boom
when there are too many good for the money and so people have to compete to get what they want
Higher interest rates
Make foreigners decide to buy more of a country's government bonds
Attracts portfolio flows to a country
Controls inflationary pressures
All the above
When the US imports more from Mexico, demand for peso decreases, and the peso appreciates. At the same time, the us dollar will depreciate.
True
False; when the US imports more from Mexico, demand for peso decreases, and the peso depreciates. At the same time, the us dollar will depreciate.
False; when the US imports more from Mexico, demand for peso increases, and the peso appreciates. At the same time, the us dollar will appreciate.
False; when the US imports more from Mexico, demand for peso increases, and the peso appreciates. At the same time, the us dollar will depreciate.
As a macroeconomic indicator, it refers to the percentage of the population that is:
•OUT of work.
•LOOKING for work.
•WILLING to work.
Inflation
Unemployment
Monetary Policy
Growth Domestic Product
Which of the following is NOT an example of supply-side policies?
Deregulation
Competition policies
Retraining and upgrading workers' skills
taxing on foreign goods
Aggregate supply policies usually slow inflation by:
slowing AD and the pressures created by widespread shortages of goods and services and excess expenditure.
reducing imported inflation caused by inefficiency overseas.
easing cost pressures on domestic prices through boosting efficiency and competition.
reducing society’s inflationary expectations in the short term.
Which of the following outcomes would hypothetically suggest that the Australian government’s aggregate supply policies were partly ineffective?
The NAIRU continued to increase in the long term.
The sustainable rate of economic growth was stronger, without an inflationary breakout.
Cost inflation slowed and many goods and services became cheaper.
Average real per capita incomes were larger and purchasing power greater.
The central idea of supply-side economics is that certain types of tax cuts will increase:
Money supply
Imports
Aggregate Demand
Aggregate Supply
