How Economies Operate (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What does the business cycle describe?
What does the business cycle describe?
Recurring expansion and contraction
How is a recession formally defined?
How is a recession formally defined?
Two consecutive quarters of negative growth
What do businesses typically do during a recession?
What do businesses typically do during a recession?
Postpone investment and cut workforce
What happens to unemployment during a recession?
What happens to unemployment during a recession?
Unemployment rises
What characterises a boom phase?
What characterises a boom phase?
Increased investment and rising production
What happens to disposable income during a boom?
What happens to disposable income during a boom?
It rises as more people are employed
What is a primary aim of government economic policy?
What is a primary aim of government economic policy?
Moderate the business cycle
How many consecutive years of growth had Australia achieved by 2019?
How many consecutive years of growth had Australia achieved by 2019?
28 years
When did Australia last experience a recession?
When did Australia last experience a recession?
1991
What was the outcome of government interventions during the 2008 GFC?
What was the outcome of government interventions during the 2008 GFC?
They prevented a more severe recession