Australia's Economic System

Economies that have characteristics of the command and market economy are called

• mixed

• command

• traditional

Australia has a mixed economic system, but leans closer to which side of the economic continuum?

• traditional

• command

• market

What percentage of economic freedom does Australia have?

• 14%

• 81%

• 52%

Australia ranks among the top _____ freest national economies in the world.

• 15th

• 5th

• 25th

In a free market economy, what do private citizens and businesses base their economic decisions on?

• government setting prices

• supply and demand of the market place

• beliefs and customs of the past

In Australia, there are laws in place to protect the rights and property of people who want to start their own businesses in Australia.

• True

• False

Which group of people in Australia have used a traditional economy?

• Native American people

• Inuit people

• Aboriginal people

What role does Australia’s government play in its economy?

• The government plays no role in Australia's economy.

• The government plays a major role in Australia's economy.

• The government plays a very limited role in Australia's economy.

Who answers the three economic questions in Australia’s economy?

• The government answers the three economic questions.

• Individuals and businesses based on supply and demand.

• Individual and businesses based on customs and beliefs of the past.

There are no pure market or pure command economies.

• True

• False