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In which one of the following market structures is a firm always a price-taker?
Which one of the following statements concerning the Consumer Price Index (CPI) is false?
The CPI would be affected by changes in the price of commodities, such as oil.
The CPI can be affected by changes in the value of the Australian dollar.
The CPI measures changes in the prices of retail goods and services purchased by metropolitan households.
The CPI does not include changes in the prices of imported products.
Which one of the following would be the most likely impact of an increase in tariffs on imported cars?
The number of imported cars would rise.
The price of imported cars would fall.
The price of domestic cars would rise.
The production of domestic cars would fall.
An increase in the price of strawberries would most likely result from
an increase in the price of a complementary product, such as cream.
major floods in agricultural areas where strawberries are grown.
a decrease in the price of fertilisers used to grow strawberries.
a decrease in the price of a substitute product, such as raspberries.
Which one of the following will cause the supply curve for a good or service to increase (shift to the right)?
an increase in the level of income
a decrease in the price of a substitute good or service
an increase in government taxes
an increase in worker productivity
How might an increase in the rate of economic growth impact on government revenues and outlays?
both progressive taxation receipts and unemployment benefit payments decrease
both progressive taxation receipts and unemployment benefit payments increase
progressive taxation receipts increase and unemployment benefit payments decrease
progressive taxation receipts decrease and unemployment benefit payments increase
Which one of the following is the most appropriate macroeconomic policy mix if the Australian economy is experiencing low rates of economic growth and rising levels of unemployment?
a decrease in taxation and the sale of government securities by the Reserve Bank of Australia (RBA)
an increase in government spending and the purchase of government securities by the RBA
an increase in taxation and the purchase of government securities by the RBA
a decrease in government spending and the sale of government securities by the RBA
The demand for the Alpha smart phone is likely to become more price elastic when
several competitors introduce products that have features similar to the Alpha smart phone.
Alpha launches a successful advertising campaign.
the cost of producing the Alpha smart phone falls.
consumers begin to see the Alpha smart phone as a necessity, not a luxury.
Economics is primarily concerned with the question of how
unlimited human needs and wants can be satisfied through the use of limited resources
unlimited factors of production can be best allocated for different uses.
limited government funds should be used to achieve specific political and social goals.
limited human needs and wants can be satisfied through the use of unlimited resources.
The most likely consequence of an increased rate of inflation in Australia is
an improvement in Australia’s international competitiveness.
that those on fixed incomes are better off.
an increase in the proportion of Gross Domestic Product (GDP) collected in taxation revenue.
an increase in business confidence
If Australia’s interest rates fall relative to overseas interest rates, the most likely effect would be
a rise in capital inflow and an appreciation of the Australian dollar.
a fall in capital inflow and an appreciation of the Australian dollar.
a fall in capital inflow and a depreciation of the Australian dollar.
a rise in capital inflow and a depreciation of the Australian dollar.
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