Economics of Australia Review

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.

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.

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.

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

What helps increase entrepreneurship?

• reducing income tax

• reducing barriers to trade

• increasing business regulations

• increasing investment in human capital

Who is a person who takes a risk to start a business?

• Consumer
• Entrepreneur 
• Labor
• Capital

The market value of all final goods and services produced in a country in a calendar year.

• Labor
• Market
• Gross Domestic Product

A good that gets shipped to another country is called an ____________________________.

• import

• export

• good

• service

An ________________________ are goods brought into a country.

• export

• good

• need

• import

Which of the following includes the knowledge, skills, education and talent people bring to work?

• financial capital
• natural capital
• human capital
• natural resources