Y9 Economics mid-term 2021

Scarcity refers to the fact that there aren't enough resources to satisfy all our needs and wants

• True

• False

In market capitalist economies, most resources are owned by the government

• True

• False

The federal government spends tax on things including...

• Building regulations and waste disposal

• Defence and immigration

• Transport and police

Exports are...

• a good or services produced in one country and sold to buyers in another (injection)

• a good or services produced in one country and sold to buyers in another (leakage)

• the interconnection between different countries

Why did car companies close in Australia?

• High Australian dollar

• Imported cars cheaper

• Limited volume of cars being made

• All other reasons

Travel, refined petroleum and cars are

• Australia's top 3 exports

• Australia's top 3 imports

Australia's top 3 export trading partners are

• China, Japan, Thailand

• China, Japan, USA

• China, Great Britain, USA

Australia's top 3 exports are...

• Iron ore, coal, beef

• Iron ore, wool, cars

• Iron ore, coal, natural gas

Globalisation is

• The interconnection between countries through exchanges like trade

• The steps involved in making and distributing a product

• Hiring someone overseas to make a good

An example of a transnational corporation is..

• Nike

• IGA

• Bob's butcher