Monetary Policy
Price stability, full employment and economic prosperity
What are the three main goals of the RBA?
the study of how people allocate scarce resources for production, distribution, and consumption
What is economics?
Jim Chalmers
Who is Australia's current treasurer?
Tariff
What is a tax on imported goods?
Michelle Bullock
Who is the current governor of the RBA?
A streetlight
What is an example of a public good?
Fiscal policy
What is the use of government spending and taxation to influence the economy?
USA, Canada and Mexico
Who are the member countries of NAFTA?
4.35%
What is the current cash rate?
Inflation
What is the rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling?
Income Tax
What is Australia's largest source of Government revenue?
Protect infant industries
What is one reason for protection?
Higher interest rates
What is the effect of contractionary MP?
A public good
What is both non-rival and non-excludable
Gross Domestic Product
What is the total value of all goods and services produced within a country’s borders in a given year?
Monetary Union
An agreement by two or more countries to share a common currency
ESA
What is the name of the settlement accounts banks must maintain with the RBA?
Opportunity cost
What is the cost of the next best alternative that must be forgone in order to pursue a certain action?
The tendency of any resource that is unowned and hence nonexcludable to be overused and undermaintained.
What is the tragedy of the commons?
The concept where an economy can produce at a lower opportunity cost than another.
What is comparative advantage?