Economic Growth (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does aggregate supply represent?
What does aggregate supply represent?
Total goods & services an economy can produce
Which factors of production determine aggregate supply?
Which factors of production determine aggregate supply?
Natural resources, labour, capital, business
What two benefits occur when aggregate supply increases?
What two benefits occur when aggregate supply increases?
Higher output & lower price level
How does population growth affect aggregate supply?
How does population growth affect aggregate supply?
Expands labour force, enabling more output
How does adopting new technology increase aggregate supply?
How does adopting new technology increase aggregate supply?
Reduces production costs
What are capacity constraints?
What are capacity constraints?
When demand exceeds production ability
What happens when aggregate demand exceeds aggregate supply?
What happens when aggregate demand exceeds aggregate supply?
Rising inflation & skills shortages occur
What do microeconomic policies primarily target?
What do microeconomic policies primarily target?
Aggregate supply
How many job vacancies did Australia have in the year to February 2023?
How many job vacancies did Australia have in the year to February 2023?
457,000 vacancies
What role does aggregate supply play compared to aggregate demand?
What role does aggregate supply play compared to aggregate demand?
AS determines long-term sustainable growth