Australia economy

ALL countries have a _________ economy.

• mixed

• traditional

• market

• command

What are the three fundamental economic questions? Choose all that apply.

• What to produce

• how to produce

• for whom to produce

• when to produce

Choose the command elements - all that apply

• The government raises taxes to build new schools.

• Entrepreneurs choose how much to charge for their goods.

• The government takes part of someone's land to widen the road.

• Laws are created to protect workers from unfair business owners.

Choose the market elements - choose all that apply.

• New business owners may decide on their own advertisements.

• New businesses must follow laws for food regulations.

• a private company can decide how much to pay their employees.

• The government decides which Australian farmer plant wheat.

What are the two items that point to a country's standard of living?

• literacy rate

• GDP per capita

• GDP

• taxex

If a country was in need of well trained personnel for high tech jobs, they would need to invest in

• human capital

• capital goods

• exports

• taxes

manufacturing workers

• human capital

• capital goods

• natural resource

• entrepreneurs

Fresh Water

• human capital

• capital goods

• natural resources

• entrepreneurs

Deciding what good to produce

• human capital

• capital goods

• natural resources

• entrepreneurs

gold deposits

• human capital

• capital goods

• natural resources

• entrepreneurs