Economics of Australia

What are the percentage numbers for Australia's economy?

• 81% market and 19% command

• 50% market and 50% command

• 27% market and 73% command

• 73% market and 27% command

Where would Australia fall on this economic continuum?

• Before Ukraine

• Before Spain and after Italy

• After Russia

• After the United Kingdom

What effect will large-scale investment in capital goods have on an economy?

• They improve the productive efficiency of

  industrial machinery.

• They give the government greater control over

  economic decisions.

• They allow countries to produce all of the goods

  that they need.

• They improve the ability of workers to perform

  skilled tasks.

How can the government of Australia BEST contribute to the overall human capital of its citizens and improve its economy?

• by investing in the Australian public education

  system

• by reducing the corporate tax rate on Australian

  companies

• by investing in the Australian transportation

  system

• by reducing the income tax rate on Australian

  citizens

Indonesia decreased the amount of beef it would accept from Australia because it planned to raise cattle and produce its own beef.

What trade barrier did Indonesia place on Australia?

• TARIFF

• EMBARGO

• QUOTA

• BARRICADE

Country X wants to help there domestic car industry expand. It wants to do so by creating a barrier to trade. 

How would an embargo on cars produced internationally be different from a quota on cars produced internationally?

• An embargo would ban the import of all

  internationally produced cars.

  A quota would put a tax on the import of internationally produced cars

• A quota would ban the import of all

  internationally produced cars.

  An embargo

  would set a limit on the import of internationally

  produced cars.

• An embargo would ban the import of all internationally produced cars. 

  A quota would set a limit on the import of internationally produced cars.

• A quota would ban the import of all

  internationally produced cars.

  An embargo

  would put a tax on the import of internationally

  produced cars.

Australia's main exports all come from the sector in which it specializes. What does Australia specialize in?

• banking

• logging

• manufacturing

• mining

What is necessary for international trade to occur?

• economic specialization

• investment in capital goods

• the use of tariffs and quotas

• a system of currency exchange

Based on this chart, which market is MOST important to Australia's natural gas industry?

• China

• Japan

• Taiwan

• South Korea

Why do investments in human capital contribute to economic growth?

• They improve the ability of workers to perform

  skilled tasks.

• They improve the productive efficiency of

  industrial machinery

• They allow countries to produce all of the goods

  that they need.

• They give the government greater control over

  economic decisions