WorksheetsThe open economy
Total questions: 8
Worksheet time: 5mins
What is an open economy?
An economy that has no interactions in trade or finance with other countries.
An economy that has interactions in trade or finance with other countries.
Which of the following options is not an example of an open economy?
North Korea
Finland
The world economy as a whole
Canada
Products we buy in Australia that was produced in the UK, it's called ________.
Export
Import
Good
Service
35.3% of the goods and service from Australia were purchased by ____ in 2019 to 2020. This is the concept of export, true or false?
True
False
Australia's top 3 exports from 2019 to 2020 are
Iron ores & concentrates, coal and education-related travel services
Iron ores & concentrates, coal and natural gas
Beef, coal and personal travel
Natural gas, coal and beef
Australia's top 3 imports from 2019 to 2020 are
Personal travel, refined petroleum and computers
Shoes, freight service and refined petroleum
Personal travel, refined petroleum and passenger motor vehicles
Refined petroleum, computers and telecom equipment & parts
35.3% of the goods and service in Australia were purchased by ____ in 2019 to 2020.
Japan
China
Republic of Korea
United States
21% of goods and services in Australia were produced in ______ from 2019 to 2020.
Japan
China
Germany
United States
