To Understand the History of Australian Parliament, It Is Necessary

question 50

Multiple Choice

To understand the history of Australian Parliament, it is necessary to consider the history and structure of parliament that evolved in Britain.Which of the following statements is not correct in describing that history?

• A)In 1066, William the Conqueror established himself as King William I.
• B)The first monarchs exercised absolute power; however, the signing of the Magna Carta by King John in 1215 limited the power of the monarch.
• C)The parliament was initially subservient to the monarch but over time there was a shift in the balance of power.
• D)It has been generally recognised since the late 1600s that it is the monarch and not the parliament who is the sovereign lawmaker.

Understanding arguments for and against trade restrictions.

Comparing and contrasting import quotas and tariffs.

Understanding different approaches to achieving free trade and their implications.

Understand the concept of equilibrium price in a no-trade scenario.

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Definitions:

Demand

The capacity of consumers to purchase goods or services at a range of prices within a given time interval, reflecting their willingness and financial ability.

Hybrid Automobile

A vehicle that uses two or more distinct types of power, such as an internal combustion engine plus an electric motor, to achieve better fuel efficiency and lower emissions than conventional vehicles.

Market for Gasoline

The supply and demand interaction for gasoline, determining its price in the market.

Equilibrium Price

Equilibrium price is the price at which the quantity of goods demanded by consumers matches the quantity of goods supplied by producers, resulting in a market balance where there is neither excess supply nor excess demand.