Australia

Which action by the Australian government would make its economy less like a mixed economy and more like a pure market economy?

• A a limit on salt imports of 80 tons per year

  B a 10 percent tax on all wool bought from European countries

• B a 10 percent tax on all wool bought from European countries

• C the decision to let supply and demand set the price of gasoline

• D the addition of a $500 fee for all automobiles imported into the country

What is an economy that has both command and market economy characteristics?

• A communist

• B traditional

• C free

• D mixed

. Australia’s early Aborigines made economic decisions based on customs or beliefs . This would be an example of what kind of economy?

• A market economy.

• B free enterprise system.

• C traditional economy.

• D command economy

What has helped Australia to have a high GDP?

• A poor healthcare

• B investment in factories and technology

• C natural resources that are hard to develop

• D workers with low-paying jobs

How are tariffs and quotas alike?

• A restrict or limit trade between countries.

• B completely stop trade between countries.

• C increase trade between countries.

• D make trading a lot easier between countries

Which trade barrier discourages trade by placing a tax on foreign goods?

• A embargo

  
  

• B quota

• C subsidy

• D tariff

What is an important role of entrepreneurs in the Australian economy?

• A They sell stocks in the stock market.

• B They provide new jobs for Australian workers.

• C They shut down factories that are not making much money.

• D They take care of sick patients

Read the passage below. Use the information to answer question 8.

Three Australians began a company selling diamond earrings. They bought a small warehouse as the place to start the business. They purchased diamonds and gold from local mines. They hired artists to create new and original designs.

What are the three Australians in the passage are examples of?

• A capital resources

• B entrepreneurs

• C human resources

• D natural resources

What kind of economic systems do most democratic nations have?

• A mixed

• B traditional

• C command

• D market

Which is true about the economic system in Australia?

.

• A It is difficult for individuals to start their own businesses

• B Government rules and laws make starting a business in Australia very risky.

• C Laws are in place to protect the rights and property of people who want to start their own businesses in Australia.

• D Few Australians are willing to use their money and time to start businesses because the government is likely to take their business away.