Understanding Australia's Trade Dynamics

What is meant by the "composition of trade"?

• The countries a nation trades with

• The difference between a country’s exports and imports

• The income generated by selling goods or services

• The mix of goods and services that a country exports and imports

Which of the following best describes "direction of trade"?

• The flow of goods and services between countries or regions

• The income generated by selling goods or services

• The mix of goods and services that a country exports and imports

• The ratio of a country's export prices to its import prices

What are "exports"?

• Goods and services bought from foreign countries

• Goods and services sold to foreign countries

• The income generated by selling goods or services

• The difference between a country’s exports and imports

What are "imports"?

• Goods and services bought from foreign countries

• Goods and services sold to foreign countries

• The income generated by selling goods or services

• The difference between a country’s exports and imports

What is the "balance on trade"?

• The mix of goods and services that a country exports and imports

• The difference between a country’s exports and imports of goods and services

• The income generated by selling goods or services

• The ratio of a country's export prices to its import prices

What does "terms of trade" refer to?

• The mix of goods and services that a country exports and imports

• The difference between a country’s exports and imports

• The ratio of a country's export prices to its import prices

• The income generated by selling goods or services

What does "bilateral" mean in the context of trade?

• Trade or agreements involving two countries

• Trade or agreements involving three or more countries

• The income generated by selling goods or services

• The mix of goods and services that a country exports and imports

What does "multilateral" mean in the context of trade?

• Trade or agreements involving two countries

• Trade or agreements involving three or more countries

• The income generated by selling goods or services

• The mix of goods and services that a country exports and imports

Which of the following is one of Australia's top three imports?

• Iron ore

• Coal

• Petroleum

• Natural gas

Which of the following is one of Australia's top three exports?

• Cars

• Personal travel

• Petroleum

• Iron ore