Australia Economy Quiz Higdon

Which of the following is not one of the ways Australia has invested in capital goods over the past few decades?

• Building new factories

• Spending more money on education and job training programs

• Developing new and better technology

Australia specializes in wool production. In fact, they are the world's leading producer of this item.

• True

• False

What is a major industry for Australia's economy since people come from all over the world to see the Sydney Opera House, its numerous national parks, the Great Barrier Reef, and their beautiful rainforests?

• Manufacturing

• Farming

• Mining

• Tourism

The Aborigines of Australia, before the Europeans ever arrived, had what kind of economy?

• Traditional

• Market

• Command

• Mixed

Australia's economy relies on the ________________ for its currency.

• Australian Pound

• British Pund

• Australian Dollar

• Aussie Euro

Unlike Canada and Russia, Australia struggles to produce timber for exporting.

• True

• False

Economically speaking, Australia is at a disadvantage since it is in the northern hemisphere like most other major economic powers. Since it is in the same hemisphere they are required to grow and sell the same products as everyone.

• True

• False

One of Australia's lead industries is _________________ since their land possesses an abundance of gold, silver, lead, copper, iron ore, and other metals.

• Manufacturing

• Farming

• Mining

• Tourism

Today, Australia has a __________________ economy based on ________________.

• Market, communism

• Command, supply and demand

• Market, capitalism

• Command, capitalism

Australia invests very well in human capital. They have a tremendous education system with top-notch universities. The government also funds healthcare for all citizens.

• True

• False