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Y11 Prelim Economics Review 2

Chapter 6

Question: That the quantity demanded of a good varies inversely with its price.
Answer: What is the law of demand?

Question: These are caused by the change in price of a product
Answer: What are the extension and contraction of supply/demand?

Question: The general method, revenue method, point method and this
Answer: What is the arc method?

Question: This shows that supply is perfectly elastic
Answer: What is a horizontal line?

Question: Percent change in quantity demanded over percentage change in income
Answer: What is income elasticity of demand?

Chapter 7

Question: The interplay of the market forces of demand and supply in determining equilibrium prices and quantities of final goods and services and the factors of production
Answer: What is price mechanism?

Question: Large number of firms, homogeneous products, no barriers to entry
Answer: What is a perfect competition?

Question: Three cases of market failure
Answer: What are failure to adequate provision of merit goods and public goods and the problem of negative externalities?

Question: A rise in price and a fall in quantity
Answer: What is a decrease in supply?

Question: It is usually not paid by the person upon whom they are levied
Answer: What are indirect taxes?

Chapter 8

Question: Where persons working part time may want full time work
Answer: What is underemployment?

Question: At 5.5% in February 2018 in Australia
Answer: What is the unemployment rate?

Question: Employed + Unemployed persons (looking for work)
Answer: What is the labourforce?

Question: The males and females this has been getting closer to each other in recent years.
Answer: What is the participation rate?

Question: Includes: the size of the population, the age distribution of the population, the participation rate, and the average number of hours worked
Answer: What are macroeconomic factors influencing the supply of labour?

Chapter 9

Question: This is an important Act that replaced the WorkChoices legislation
Answer: What is the Fair Work Act 2009?

Question: A group of employees using collective action to achieve wage and employment outcomes
Answer: What are trade unions?

Question: Peak body of employers with a common voice on industrial matters
Answer: What are employer associations?

Question: For Australia, this has been 0.329, 0.320 and 0.333 in recent years
Answer: What is the Gini Co-efficient?

Question: According to the chart in the book, this occupational group have the highest cash earning per week
Answer: What are managers?

American Sports

Question: These teams are currently competing in the NBA Finals
Answer: Who are the Golden State Warriors and the Cleveland Cavaliers?

Question: The US men's team did not qualified for this event, the first time since 1986
Answer: What is the world cup?

Question: This MLB team has the most world series wins
Answer: Who are the New York Yankees?

Question: This NFL team won the Super Bowl in 2018
Answer: Who are the Philadelphia Eagles?

Question: This is the NFL team that has been to the Super Bowl the most.
Answer: Who are the Denver Broncos?