Labour Market Outcomes (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 do economists generally agree inequality produces?
What do economists generally agree inequality produces?
Economic benefits but social costs
In the free market view, what does each person's income reflect?
In the free market view, what does each person's income reflect?
Their marginal productivity
What condition must exist for inequality to encourage education investment?
What condition must exist for inequality to encourage education investment?
Low-income earners can afford education
How does labour mobility benefit economic growth?
How does labour mobility benefit economic growth?
More efficient resource allocation
What proportion of income do high earners save compared to low earners?
What proportion of income do high earners save compared to low earners?
Larger proportion
Why does extra income provide more utility to a low-income earner?
Why does extra income provide more utility to a low-income earner?
Principle of diminishing marginal utility
What is conspicuous consumption?
What is conspicuous consumption?
Buying expensive goods to display wealth
Why does inequality reduce economic growth according to the human capital effect?
Why does inequality reduce economic growth according to the human capital effect?
Undermines education for poor children
Which factor perpetuates inequality of opportunity in Australia?
Which factor perpetuates inequality of opportunity in Australia?
Existing inequality itself
What is John Rawls' 'veil of ignorance' thought experiment about?
What is John Rawls' 'veil of ignorance' thought experiment about?
Determining fair inequality levels