Economic Growth in Australia Quiz

What has been the average real economic growth rate in Australia since 1980?

Answer explanation

The correct average real economic growth rate in Australia since 1980 has been 3.0%.

What was the value of Gross Domestic Product (GDP) over the year to March 2024 in Australia?

Answer explanation

The value of Gross Domestic Product (GDP) over the year to March 2024 in Australia was $2.6 trillion, which corresponds to answer choice 2.

What is the GDP growth rate for the year to March 2024?

Answer explanation

The correct GDP growth rate for the year to March 2024 is 1.1%, which corresponds to answer choice 1.

Which period was notable for the consistency of economic growth in Australia?

• 1. 1960s

• 2. 1970s

• 3. 1980s

• 4. 25 years from the 1960s

Answer explanation

The correct choice is 4. 25 years from the 1960s, as this period was notable for the consistency of economic growth in Australia.

Which event triggered a drop in growth in the 2008/09 period?

• 1. Asian economic crisis

• 2. GFC

• 3. COVID-19 crisis

• 4. Oil price rise in the 1970s

Answer explanation

The event that triggered a drop in growth in the 2008/09 period was the GFC (Global Financial Crisis), which is the correct choice.

What has helped cushion the impact of variations in global economic growth in Australia?

• 1. High GDP

• 2. Strong exports

• 3. Floating Australian dollar

• 4. High government debt

Answer explanation

The correct choice is the floating Australian dollar, which has helped cushion the impact of variations in global economic growth in Australia.

Which component of aggregate demand has the largest share in Australia?

Answer explanation

The component of aggregate demand with the largest share in Australia is household consumption expenditure.

What percentage of the total aggregate demand does Household Consumption represent?

• 1. 12%

• 2. 22%

• 3. 27%

• 4. 50%

Answer explanation

Household Consumption represents 50% of the total aggregate demand, making option 4 the correct choice.

Which component of aggregate demand has a negative value?

Answer explanation

The component of aggregate demand that has a negative value is net exports, which is calculated as exports minus imports.

What was the average annual growth rate of consumption over the last decade up to March 2013?

• 3.6%

• 2.2%

• 4.5%

• 1.1%

Answer explanation

The correct average annual growth rate of consumption over the last decade up to March 2013 was 2.2%.