semester 1 exam yr10

Question 1

Three types of budgets

Answer 1

Balanced budget
Deficit budget
Surplus budget

Question 2

balanced budget

Answer 2

revenue exqual to expenditure

Question 3

Deficit budget

Answer 3

revenue less than expenditure

Question 4

surplus budget

Answer 4

revenue greater than revenue

Question 5

Microeconomic policy

Answer 5

Policy that affects a particular company, an industry, or market. Used to improve living standards.

Question 6

types of microeconomic policies

Answer 6

trade liberalism
deregulation
labour market reform

Question 7

Trade liberalism

Answer 7

involves opening up markets for free trade so countries can trade without restrictions. The restrictions are: tariffs, subsidies, import quotas.

Question 8

deregulation

Answer 8

removal of government regulation in certain area of economy

Question 9

Labour market reform

Answer 9

determines wages and working conditions through enterprise agreement

Question 10

productivity policy

Answer 10

Measures how efficiently resources are used to produce a given level of output

Question 11

Gov policies affecting production

Answer 11

Privatisation, policy committed to education and research, innovation policy, labour market reform, trade liberalisation and, deregulation.

Question 12

Privatisation

Answer 12

privately run business

Question 13

innovation policy

Answer 13

set of federal government policies targeting new business

Question 14

Workforce

Answer 14

people who work or are available to work

Question 15

workforce developments

Answer 15

focuses on improving workforce so more can be produced

Question 16

CPI

Answer 16

Consumer Price Index

Used by Australians bureau of statistics to measure inflation

Question 17

taxation

Answer 17

Rquired payment of funds to the government

Question 18

Government spending

Answer 18

Spending on providing government services.

Question 19

Aboriginal land rights act

Answer 19

1976

Official granted land title to aboriginals in Northern Territory. Made by Fraser.

Question 20

GDP

Answer 20

Gross Domestic Product. Total value of goods and services produced in an economy over course of given time period.

Question 21

Economic growth

Answer 21

change in GDP over a given time period

Question 22

Types of unemployment

Answer 22

Cyclical
Frictional 
seasonal 
structural
Hardcore

Question 23

redistribution

Answer 23

Focus on promoting a more equitable level of income across population.

Question 24

Vincent Lingiari

Answer 24

Led the Gurindji people in walkoff

Question 25

Social service act

Answer 25

1959

Government agrees to provide welfare payments to aboriginals

Question 26

1962

Answer 26

Aboriginals earn right to vote in federal elections

Question 27

Wave hill Stand-off

Answer 27

23 August 1966

Company refuses to pay farm workers 25$ per week wage even if equal pay was for everyone. Workers took a standoff