Australia as a trading nation - review

When buying a product from overseas it is important to check the exchange rate. This refers to:

• The price of the product locally compared to the overseas price

• The price of the product overseas compared to the local price

• The price at which one currency is exchanged for another

• The price at which faulty goods may be exchanged for overseas

The Human Development Index was designed to measure the 'richness of human life rather than the richness of the economy'. Which of the following would NOT be a measure of the richness of human life?

• Living standards

• Wealth

• Education

• Health

China is Australia’s number one trading partner and Australia’s top exports to China are all natural resources. Which of the following is NOT a natural resource?

• Iron ore

• Tourism

• Gold

• Wool

The ABS measures and reports on Australia’s terms of trade. What do the initials ABS stand for?

• Australian Banking System

• Australian Bureau of Statistics

• Australian Bureau Service

• Australian Banking Security

Which of the following is NOT a benefit of trading with other countries?

• Trade presents consumers with a wide variety of product and service choices

• Trade allows countries to specialise and export goods and services that they produce efficiently

• Major events such as war and terrorist attacks can make trading with some countries problematic

• Greater global competition has forced businesses to produce more efficiently

In the Australian economy a tariff is best defined as:

• A tax on exported goods

• A tax on income earned overseas

• A tax on income earned in Australia

• A tax on imported goods

'Imports' are defined as:

• Goods and services purchased from an overseas seller and re-sold overseas

• Goods and services purchased from an Australian manufacturer

• Goods and services purchased from an Australian manufacturer and sold in the Australian market

• Goods and services purchased from an overseas seller and sold in the Australian market

Government support for those in need is also known as:

• Welfare assistance

• Gifts

• Tattslotto

• Gambling

Which of the following is NOT a strength of multinational corporations?

• They can develop products which are popular around the world

• Local businesses may close due to increased competition

• They are able to take advantage of cheaper manufacturing costs around the world

• They can grow their business through new markets

Which of the following countries had the highest annual GDP in 2022?

• China

• USA

• Austria

• Tunisia