Economics Revision

What is GDP

• Gross Domestic Product

• Gum Drops Pimples

• Gross Domestic Production

• Gross Domestic Perception

What is GDP?

• The money made from countries you import to

• The total value of goods and services produced by a country

• The gross domestic product of what you export

• How much money there is within the economy

What is the target rate for unemployment

• 5%-6%

• 0%

• 7%-8%

• 1%-2%

What is the target rate for Economic Growth and Inflation?

• 10%

• 2%-3%

• 4%-5%

• 8%-9%

If the Australian Government invests in infrastructure it is hoping to do......what?

• generate economic growth through the creation of jobs

• generate economic growth by encourage consumer spending

• win more votes in the next election

• stop the country from experiencing economic growth

To boost economic growth, the government could do what?

• introduce higher taxes on business owners

• introduce tighter regulations or laws on international imports and exports

• Provide incentives for people to save money

• Provide incentives for people to spend more money

What is wealth?

• The money people make

• How much money someone has in the bank

• The value of someone's belongings

• The value of everything a person owns or has saved minus any dents they might have

What is standard of living?

• Measures of wellbeing

• The total wealth of a country

• The degree of wealth and material comfort available to a person

• How content someone is with their surroundings

A quantitative measure of human wellbeing is one which:

• Is difficult to measure

• Is associated with human emotions

• Has substantial measurable data

• Compares incomes in monetary value

Which of the following statements about human wellbeing is false?

• Human wellbeing involves economic, social, political, technological and environmental factors.

• Human wellbeing is achieved when people experience a satisfactory quality of life.

• Measurements of human wellbeing are based on one index, the ‘Human Development Index’

• a. The ‘Global Peace Index’ and ‘Fragile States Index’ provide a measure of human wellbeing across multiple indicators.