Introduction
What are the three leakages in the circular flow of income?
Savings, Taxation, Imports
Which quantifiable metric do economists often use when trying to assess standard of living in a country?
GDP per capita
Which organisation monitors the Australian economy and implements monetary policy?
The RBA
Which is the most valuable Australian Bank
CBA
What is the name of the block-stacking puzzle game created in the Soviet Union in 1984?
Tetris
At which point in the business/economic cycle is inflation at its highest?
Boom
Welfare/Transfer Payments, Progressive Taxes, Provision of services, Compulsory Super
A Government taxes $40m from it's people and provides $45m in providing services and transfer payments. Is this expansionary or contractionary. Justify your answer.
Budget Defecit of $5m. G>T. G is an injection. T is a leakage. Therefore economic activity will increase. Expansionary
How did the RBA change monetary policy this week?
Decrease cash rate 0.25% or 25 basis points
Who sang the song "Video Games" in 2011
Lana Del Ray
When is an economy in a technical recession?
2 consecutive quarters of negative economic growth
According to your text the four "Indicators of the performance of the Australian Economy" are; Standard of living, Income Distribution, __________ __________ and _________ __________
Economic Growth, Environmental Sustainabiilty
_______ _______is when the government changes its spending or taxes to influence the economy.
Australian Soldier Ben Roberts Smith after losing his case in the federal court has signalled he will take his case to the high court. What did he accuse 9 entertainment of?
Defemation
Which gaming company created Sonic?
Sega
Name the four Economic Resources also known as the Factors of Production
Land, Labour, Capital, Enterprise
A form of capitalism, ______ ________, refers to no interference with income distribution and markets free or regulatory inteference from a central authority.
laissez-faire
A decrease in the cash rate is likely to have what impact on consumption? Justify your answer.
Paramount & Skydance recently merged creating a nee company the Skydance Corporation valued at 8.4bn USD. In the past month they extended the contract of their most popular show, paying the creators 1.5bn
South Park
What is the colour associated with the very first pokemon game?
Green. In Japan.
Later they were rebranded as Red/Blue in the West.
What is the formula to calculate Aggregate Demand in an economy?
AD= C + I + G + (X-M)
Which economic indicator measures income inequality?
The Gini Coefficient
How do you ascertain the Balance of Trade? When is it in surplus?
Exports - Imports. (X>M)
BTC broke a new all time high yesterday. What was it? to the nearest 1,000 USD.
124000
Which video game console has sold the most units in history?
Playstation 2 (160m) although the nintendo swith is not far behind with 154m