Chapter III of the Australian Constitution Vests

question 34

Multiple Choice

Chapter III of the Australian Constitution vests:

• A)Executive power in the Federal parliament.
• B)Legislative power in the Governor-General acting on the advice of the Federal Executive Council.
• C)Judicial power in the High Court of Australia.
• D)Government power in the Cabinet.

---

Definitions:

Economic Losses

The difference when total costs, including both explicit and implicit costs, exceed total revenues, indicating that resources could be better employed elsewhere.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing excess returns over the firm's opportunity costs.

Purely Competitive Market

A trading environment with a large number of consumers and providers, barrier-free entrance and departure, and a standardized product.

Long-run Equilibrium

A state where all factors of production in an economy are utilized efficiently, market supply equals demand, and no economic forces are pushing for change.