The open economy

The open economy

7th Grade - University

8 Qs

quiz-placeholder

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The open economy

The open economy

Assessment

Quiz

Other, Business

7th Grade - University

Practice Problem

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Created by

A Tan

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

North Korea

Finland

The world economy as a whole

Canada

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Export

Import

Good

Service

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

Japan

China

Republic of Korea

United States

8.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

Japan

China

Germany

United States