Economic Indicators
What are the three economic indicators?
Inflation, Unemployment Rate, 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 1st, 1901
What are the three branches of Parliament?
Executive, Legislative, and Judiciary
What is GDP?
GDP (Gross Domestic Product) is the total value of all final goods and services produced in a economy in a year
What are the three types of Budget?
Balanced, Deficit, and Surplus
How can the Australian Constitution be changed?
Through a successful nation wide referendum
What is the Labour Force?
The Labour Force is everyone in Australia who is either working or actively seeking work
Who sets the Interest Rates?
Banks around Australia
How is a referendum successful?
Through over 50% of voters in at least 4 states voting 'Yes'
Also known as a double majority
What was the most recent referendum about?
An Indigenous representative constantly being in parliament
Hoe many categories are there in the Australian Constitution?
Eight (8)