Australia Economy and U.S. Relations

What type of economy do some isolated Aborigines have?

• command

• market

• communist

• traditional

Which two types of economies blend to create a mixed economy?

• command and market

• market and traditional

• traditional and command

• command, market and traditional

Which best describes Australia's economic system?

• There are few business rules and laws are not enforced

• Laws are enforced and businesses have a lot of rules to follow.

• There are few business rules and good laws to protect property owners.

• Laws are enforced, judges are easily bribed and government controls major businesses.

Why do businesses specialize?

• They can sell more types of goods.

• They can produce goods at a slower rate.

• Workers will not become experts in their jobs.

• It increases productivity, producing more goods in less time.

Australia once refused to sell weapons to Yugoslavia, hoping to stop fighting there. What type of trade barrier is this?

• embargo

• exchange

• quota

• tariff

If you go to Australia with U.S. dollars, what must you do before you can buy anything?

• Exchange it for Australian yens

• Exchange it for Euros

• Exchange it for Australian Dollars

• Exchange it for Pesos

Which is an investment in human capital

• Cash saved in a bank

• Education for workers

• Factory construction

• Working on an interstate

Which is a major export for Australia?

• fertile soil

• minerals

• eggs

• water

How have Australia and the U.S. worked together in recent years?

• They have a close relationship and have worked hard on global issues, including terrorism.

• They have a had a difficult relationship lately due to environmental issues.

• They have a close relationship because of their interest in uranium and petroleum in the Pacific.

• They have a distant relationship after a conflict over terrorism.

Recently the demand for Australian goods has declined. Their economy is not as strong as it once was. Which of the following might help this situation?

• The government should reduce exports.

• The government should print more money.

• The government should help businesses create new goods for export.

• The government should decrease imports and impose tariffs on goods from other countries.