The HSC Economic s course is designed to test a student knowledge in four topic areas:
- The Global Economy
- Australia’s Place in the Global Economy
- Economic Issues
- Economic Policies and Management
While students are required to understand the causes and effects of economic trends they must have an understanding of general economic terms, concepts, relationships and theories.The following are questions address foundational knowledge for the HSC economics course.
The unemployment rate (%) is calculated as:
a) (Unemployed persons/labour force) x (100/1)
b) (Labour force/ working age population) x (100/1)
c) (Labour force/unemployed persons) x (100/1)
d) (working age population/labour force) x (100/1)
The Gini Coefficient is:
a) A number between 0-1 which measures the extent of income inequality in an economy.
b) A number between 0-1 which measures the level of GDP growth in an economy.
c) A number between 0-1 which measures the level of government debt obligations.
d) A number between 0-1 which measures the productivity of labour in an economy.
The two main automatic stabilisers in the budget are:
a) Infrastructure spending and unemployment benefits
b) Jobs and growth
c) Unemployment benefits and progressive income tax
d) Unemployment benefits and inflation
The objectives of the Reserve Bank of Australia are:
a) Currency stability, maintaining full employment and promoting economic prosperity and welfare.
b) Currency stability, lowering interest rates and funding government spending.
c) Setting the budget stance, guaranteeing the debts of the major banks and maintaining full employment.
d) Currency stability, maintaining full employment and designing Australian currency.
Which of the following counties is not a part of the Group of Eight Nations?
b) The united states
The components of aggregate demand (AD) are:
a) Consumption, interest rates, government expenditure, exports less imports.
b) Consumption, economic growth, unemployment and government spending.
c) Consumption, investment, government expenditure, exports less imports.
d) Government spending, consumption, labour productivity and imports.
The current cash rate (May 2017) is:
All things remaining equal, which of the following is most likely to explain an appreciation of the Australian dollar under a floating exchange rate?
a) A decrease in Australian interest rates.
b) An increase in overseas interest rates.
c) Increased domestic demand for imported goods.
d) Increased demand for Australia’s exports
Public goods are best characterised as:
a) Non-excludable and limited.
b) Non-excludable and non-rival.
c) Provided by private firms and non-rival.
d) Excludable and rival.
When economic growth is lower than the increase in labour productivity, unemployment will most likely:
c) Remain constant
d) None of the above
What is the most likely effect of an increase in the labour force participation rate in the short-term?
a) Economic growth will decrease.
b) The unemployment rate will increase.
c) The exchange rate will depreciate.
d) The unemployment rate will decrease.
Quiz courtesy of Thomas.