The open economy

What is an open economy?

• An economy that has no interactions in trade or finance with other countries.

• An economy that has interactions in trade or finance with other countries.

Which of the following options is not an example of an open economy?

• North Korea

• Finland

• The world economy as a whole

• Canada

Products we buy in Australia that was produced in the UK, it's called ________.

• Export

• Import

• Good

• Service

35.3% of the goods and service from Australia were purchased by ____ in 2019 to 2020. This is the concept of export, true or false?

• True

• False

Australia's top 3 exports from 2019 to 2020 are

• Iron ores & concentrates, coal and education-related travel services

• Iron ores & concentrates, coal and natural gas

• Beef, coal and personal travel

• Natural gas, coal and beef

Australia's top 3 imports from 2019 to 2020 are

• Personal travel, refined petroleum and computers

• Shoes, freight service and refined petroleum

• Personal travel, refined petroleum and passenger motor vehicles

• Refined petroleum, computers and telecom equipment & parts

35.3% of the goods and service in Australia were purchased by ____ in 2019 to 2020.

• Japan

• China

• Republic of Korea

• United States

21% of goods and services in Australia were produced in ______ from 2019 to 2020.

• Japan

• China

• Germany

• United States