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Economics Semester 2 Examination Sample B Examinations
发布时间：2024-07-01
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Economics
Semester 2 Examination
Sample B Examinations
Answer all Questions.
Use the Answer Sheet provided to select the most correct alternative.
Use the following information to answer Question 1:
Population 20 million
Working age population 15 million
Full time employed 6 million
Part time employed 3 million
Unemployed 1 million
1. The above figures indicate that the unemployment rate is equal to:
A. 5%
B. 10%
C. 11.1%
D. 16.5%
2. A cyclical Federal government budget surplus could be caused by:
A. decreasing unemployment
B. increasing unemployment
C. assets sales by the government
D. rapid economic growth
3. GDP includes:
A. all goods produced
B. the market value of intermediate goods produced
C. the market value of final goods and services produced
D. the market value of intermediate and final goods produced
4. Inflation is most likely to benefit:
A. people on fixed incomes
B. Australian exporters
C. long term savers
D. long term borrowers
5. If export prices fell by 5% and import prices rose by 10%, then for that period:
A. the balance of trade has improved
B. the terms of trade have deteriorated
C. the current account will be in deficit
D. the terms of trade have improved
6. All final goods and services that make up GDP can be expressed in the form:
A. GDP = C + G + (X – M)
B. GDP = C + I + G + (X + M)
C. GDP = C + I + G + (X – M)
D. GDP = C + I + G +X
7. If the consumer price index (CPI) in 2019 was 200 and the CPI in 2020 was 215, the rate of inflation was:
A. 215 per cent
B. 15 per cent
C. 5 per cent
D. 7.5 per cent
8. Which of the following actions would tend to offer the greatest protection for domestic producers from imported goods?
A. imposing tariffs on price inelastic imports
B. imposing tariffs on price elastic imports
C. removing all import quotas
D. increasing the number of domestic producers
9. Last year, the Jones family earned $40 000. This year, their income is $42 000. If the inflation rate of 10 per cent, which of the following is correct?
A. The Jones’ nominal income and real income have both fallen.
B. The Jones’ nominal income and real income have both risen.
C. The Jones’ nominal income has increased and their real income has fallen.
D. The Jones’ nominal income has decreased and their real income has risen.
10. The purpose of tariffs is to:
A. reduce imports by raising their selling prices compared with similar goods produced within the country
B. increase imports by reducing their selling prices compared with similar goods produced within the country
C. increase a variety of goods and services available locally
D. reduce imports by reducing their selling prices compared with similar goods produced within the country
11. The economy is fully employed when there is no:
A. seasonal unemployment
B. frictional unemployment
C. structural unemployment
D. cyclical unemployment
12. As the education and skill level of the labour force increases over time, which of the following will take place?
A. AS will shift to the right
B. AS will shift to the left
C. AD will shift to the right
D. AD will shift to the left
13. Suppose workers become pessimistic about their future employment, which causes them to save more and spend less. If the economy is on the intermediate range of the aggregate supply curve, then:
A. both real GDP and the price level will fall
B. real GDP will fall and the price level will rise
C. real GDP will rise and the price level will fall
D. both real GDP and the price level will rise
14. Which of the following is a benefit of free trade?
A. Households pay higher prices for many goods and services.
B. It relies on an overseas market.
C. It increases input costs for many firms.
D. Resources are allocated more efficiently.
15. An appreciation of the Australian dollar will result in :
A. an improvement in Australia’s export volumes
B. an increase in Australia’s inflation rate
C. an improvement in Australia’s terms of trade
D. an improvement in Australia’s Balance on Merchandise Trade
16. Which of the following pairs of macroeconomic objectives is least likely to conflict in the Australian economy?
A. full employment and price stability
B. internal and external balance
C. full employment and economic growth
D. economic growth and price stability
17. If the economy is experiencing unemployment, the most appropriate government policy would be to shift the aggregate:
A. demand curve by using a tax increase coupled with spending cuts
B. demand curve by using a tax increase coupled with more spending
C. demand curve by using a tax cut coupled with more spending
D. supply curve by using a tax cut coupled with more spending
18. When the economy enters a downturn phase, unemployment benefits:
A. fall and so disposable income and spending fall more slowly than real GDP
B. fall and so disposable income and spending do not rise as rapidly as real GDP
C. rise and so disposable income and spending do not rise as rapidly as real GDP
D. rise and so disposable income and spending fall more slowly than real GDP
19. ‘Crowding out’ refers to the government’s increased demand for credit, which:
A. displaces some private-sector consumption by decreasing the price level
B. displaces some private-sector borrowing by decreasing the interest rate
C. displaces some private-sector borrowing by increasing the interest rate
D. shifts labour from the private sector to the public sector
20. A sharp fall in investment in Australia will most likely result in the RBA:
A. decreasing the cash rate
B. decreasing the home loan rate
C. Increasing the money supply
D. increasing the cash rate
