Australia's Economy

Australia's economy can best be described as

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Market Economy

Australia is involved in many FTA, what does FTA stand for?

• Free Trade Agreement

• Featured Trade Association

• Featured Trade Agreement

• Free Trade Association

Even though most of Australia's interior is a desert it still ranks 7th in

• fishing

• rainfall

• sheep farming

• arable farmland

Even though Australia has great economic freedom, the government requires some products to meet safety and manufacturing standards. This means that overall Australia's economy can BEST be classified as a

• mixed economy.

• market economy.

• command economy.

• traditional economy.

Australia has one of the most advanced market economies in the world, meaning the majority of economic decisions are made by

• their executive branch of government.

• a central economic planning committee.

• their legislative branch of government.

• the producers and consumers of products.

Using this chart, you can conclude that in Australia's economy

• buyers and sellers determine what goods are made.

• private property is rationed out according to need.

• the national government owns most of the land resources.

• the provincial governments own most of the capital resources.

Australia can produce or provide all the goods and services its citizens desire.

• true

• false

The literacy rate in Australia is 99%. What does this mean?

• It means that 99% of all people in Australia over the age of 15 can read and write.

• It means that 99% of all people in Australia have read a book in the past year.

• It means that 99% of all people in Australia are high school graduates.

• It means that 99% of all people in Australia enjoy reading.

Due to its investment in capital goods Australia has a(n)

• high literacy rate

• high-performing economy

• abundance of natural resources

• lot of government regulations

What are the four factors which affect a country's economic growth?

• natural resources, literacy rate, per capita GDP, entrepreneurship

• natural resources, literacy rate, human capital, entrepreneurship

• natural resources, human capital, capital goods, and entrepreneurship

• natural resources, human capital, capital goods, literacy rate