SS6G Australia

Which of the following BEST characterizes Australia's economic system?

• It is a mixed economy with a relatively low gross domestic product.

• It is a mixed economy with a relatively high gross domestic product.

• It is a command economy with a relatively low gross domestic product.

• It is a command economy with a relatively high gross domestic product.

Australia and several other countries have free trade agreements. This means that they

• charge a tax on imported goods.

• are allowed to trade with each other.

• exchange goods without restrictions.

• ship goods between countries at no cost.

The literacy rate in Australia is 99%. What does this mean?

• It means that 99% of all people in Australia over the age of 15 can read and write.

• It means that 99% of all people in Australia have read a book in the past year.

• It means that 99% of all people in Australia are high school graduates.

• It means that 99% of all people in Australia enjoy reading

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 transportation system

• by investing in the Australian public education system

• by reducing the income tax rate on Australian citizens

What will happen to Australia's gross domestic product if the nation's large manufacturers invest heavily in capital goods?

• It will rise because those investments will help the manufacturers' employees learn important skills.

• It will rise because those investments will enable the manufacturers produce goods more efficiently.

• It will fall because those investments will require the manufacturers to hire more workers.

• It will fall because those investments will reduce competition between the manufacturers

What does Australia's gross domestic product depend on the MOST?

• the export of natural resources

• the import of natural resources

• the export of manufactured goods

• the import of manufactured goods

Australia creates about 75% of its electricity using what type of fuel, of which Australia has an abundant domestic supply?

• oil

• coal

• biomass

• natural gas

Entrepreneurship plays a role in Australia's economic growth primarily through

• resource consumption.

• workforce training activity.

• new business development.

• environmental improvement

The economy of Australia is

• close to a pure market economy.

• close to a pure command economy.

• a command economy, with elements of a market economy.

• a market economy, with elements of a command economy.

What role does coal play in the Australian economy?

• Australia has a large supply of coal, which it exports to other countries.

• Australia has very little coal, so it must import it in order to produce electricity.

• production and refining make up the largest sector of the Australian economy