Beruflich Dokumente
Kultur Dokumente
Name: ________________________________________
Short Answer
Questions 20 marks
A The substitution effect is when the price rises and the demand falls since fewer
consumers are able to afford the product.
B The income effect is when the price falls and the demand rises since consumers are
able to afford more.
C The substitution effect is when the price falls and the demand rises since consumers
are able to afford more.
D The income effect is when the price rises and consumers switch to a different
product.
C investments allow the consumer to enjoy the benefits of a service while paying for it
in the future.
6 A sales assistant attends a seminar at work on sales techniques. This is an example of:
A pre-service training.
B in-service training.
C certification.
D work experience.
10 What would be the impacts of a high unemployment rate on a person transitioning from
school to the workplace?
B Access social services (Centrelink), less able to find employment & lack of
independence.
D Access to social services (Centrelink), loss of social network & increased financial
responsibility.
A Promotion opportunities.
B Pay increase.
A the unemployment rate the inflation rate the Better Life Index the Human
Development Index.
B the unemployment rate the productivity rate the Better Life Index the Human
Development Index.
C the unemployment rate the inflation rate the Better Life Index the imports and
exports.
D the housing market the inflation rate the Better Life Index the Human
Development Index.
14 Which of the following is NOT included in the gross domestic product (GDP)?
C education at university
15 Which of the following groups are NOT included in calculating the unemployment rate?
A job seekers
B university students
C stay-at-home parents
A below average.
B average.
C strong.
D very strong.
B impacts the wellbeing of the population using indicators such as job security and
worklife balance.
C influences health measures such as air quality and access to clean water.
A 5 per cent.
B 25 per cent.
C 50 percent.
D 10 percent.
20 The Australian government contributes to the economy using various methods. Health
care and education are examples of which of the following methods?
C redistributing income
D macroeconomic management
Short Answer Questions 20 marks
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2 In Australias recent mining boom, which country was leading the demand for iron ore
and coal exports? (1 mark)
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3 Explain how a nations high level of debt can impact on the standard of living in that
nation. (2 marks)
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9 State the difference between a variable rate and a fixed rate. List one advantage for
each rate. (4 marks)
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10 Explain how diversification can manage the risks of an investment. (2 marks)
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11 Explain why a credit card would have a higher interest rate than a mortgage.
(2 marks)
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Source 1
12 Refer to Source 1 (above). Identify the country with the highest unemployment rate
in 2014 and explain one factor that may have contributed to the rate.
(2 marks)
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13 Refer to Source 1 (above). Identify the country with the lowest unemployment rate in
2013 and explain one factor that contributed to the rate. (2 marks)
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Extended Answer 10 marks
Answer ONE of the following questions in paragraph format on the lined paper provided
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