Economic Indicators
What are the three Economic Indicators?
Inflation, Unemployment and Economic Growth (GDP)
What number represents perfect inequality in the Gini Coefficient?
One (1)
What are the two policies used by the Government and the RBA?
Fiscal Policy and Monetary Policy
When was the Australian constitution created?
January 1, 1901
What are the three branches of parliament?
Executive, Legislative and Judiciary
What is GDP?
(Gross Domestic Product) the total value of all final goods and services produced in an economy in a year
What are the three types of Budget?
Surplus, Balanced and Deficit
How can the Australian constitution be changed?
Through a successful national referendum
What is the Labour Force?
Everyone in Australia who is either working or actively seeking work
Who sets the Interest Rates?
The Banks
How is a referendum successful?
Through a double majority- Over 50% of voters and majority in at least 4 states voting Yes
What was the most recent referendum about?
An Indigenous body or representative constantly being in Parliament
How many categories are in the Australian Constitution?
Eight (8)