“c01AnIntroductionToMicroeconomics_PrintPDF” — 2022/7/19 — 7:26 — page 90 — #88
f. Select one contemporary example of government failure and discuss the intended and unintended impacts of the Australian government’s intervention in the market on efficiency in the allocation of resources. (5 marks) i. Subsidies paid to the coal industry ii. Setting minimum wages iii. Introducing the carbon tax on emissions.
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Section A — Multiple choice questions
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Question 1
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Source: VCE 2021 Economics Exam, Section A, Q2 © VCAA
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All correct answers are worth 1 mark each; an incorrect answer is worth 0.
Which of the following would most likely be the effect on the fruit market of a shortage of fruit pickers during a harvesting period?
D
a decrease in supply to the market and higher prices a decrease in demand in the market and lower prices an increase in supply to the market and lower prices an increase in demand in the market and higher prices.
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Question 2
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A. B. C. D.
Source: VCE 2021 Economics Exam, Section A, Q3 © VCAA
Which one of the following is not likely to contribute to a rise in house prices? A. B. C. D.
lowering of interest rates easing restrictions on lending government spending on new public housing removal of border restrictions, allowing more immigration.
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Question 3
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Source: VCE 2021 Economics Exam, Section A, Q5 © VCAA
The opportunity cost of building a new road network could be A. B. C. D.
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increased noise pollution. a reduction in public transport usage. the inability to adequately fund education. the road levy charged to all users of the road.
Key Concepts VCE Economics 2 Units 3 & 4 Eleventh Edition
