WorksheetsSS6E10-12: Australia's Economy
Total questions: 22
Worksheet time: 11mins
Natural resources, human capital, capital, and entrepreneurship are the
basis of employment.
results of production.
factors of production.
results of supply and demand.
Even though Australia has great economic freedom, the government requires some products to meet safety and manufacturing standards. This means that overall Australia's economy can BEST be classified as a
mixed economy.
market economy.
command economy.
traditional economy.
Australia has one of the most advanced market economies in the world, meaning the majority of economic decisions are made by
their executive branch of government.
a central economic planning committee.
their legislative branch of government.
the producers and consumers of products.
Using this chart, you can conclude that in Australia's economy
buyers and sellers determine what goods are made.
private property is rationed out according to need.
the national government owns most of the land resources.
the provincial governments own most of the capital resources.
- Government owns the factors of production
- Government answers the question of who, what and how to produce
- Government eliminates choice and competition
What type of economic system is described?
traditional
command
market
mixed
Which statement BEST reflects the difference between tariffs and quotas?
Tariffs set limits on imports, while quotas raise prices on exports.
Tariffs set limits on exports, while quotas raise prices on imports.
Tariffs raise prices on exports, while quotas set limits on exports.
Tariffs raise prices on imports, while quotas set limits on imports.
Choose TWO resources in which Australia specializes.
wool
refined petroleum
coal
diamonds
citrus fruits
Australia’s government influences international trade by issuing tariffs, embargoes, and quotas.
These actions are examples of what type of economic strategy?
trade barriers
price incentives
supply and demand
currency exchange
Australia can produce or provide all the goods and services its citizens desire.
true
false
Use the chart to answer the question. What conclusion can be drawn about the relationship between a country’s literacy rate and its standard of living?
A country with a high literacy rate generally has a low standard of living.
A country with a high literacy rate generally has a high standard of living.
A country with a high standard of living generally has a low literacy rate.
A country with a low literacy rate generally has a high standard of living.
What conclusion can be made based on this map of Australia's Mineral Resources?
Most iron ore is found in the west.
Australia must import all of its food.
Gold is not a valuable mineral resource.
Mineral resources are only found along the coast.
Which of these would Australia be MOST likely to export?
automobiles
corn
doctors
gold
Which country MOST LIKELY has the best availability of natural resources, based on the information in the chart?
Fiji
Australia
New Zealand
Micronesia
In Australia, students are required to be enrolled in school by age 6. Students must stay in school until at least age 15, though in some areas that age is extended to 17.
With this information as your guide, what MIGHT you expect Australia's literacy rate to be?
over 90%
70%-90%
50%-70%
30%-50%
Which of these is Australia's biggest export?
wheat
machinery
mining products
farming products
Which answer BEST supports the statement "Australia invests in its human capital"?
There are few tariffs on imported goods.
Education is mandatory until about age 18.
People are allowed to start their own businesses.
The government has reduced the income tax on individuals.
Which example of productive resources is matched correctly?
natural resource and teacher
capital and drill
human capital and communication network
entrepreneur and sheep pasture
Which of these BEST describes an investment in human capital?
improving access to public libraries
expanding free-trade agreements
limiting on-the-job training
decreasing sales taxes
Which statement accurately describes how Australia’s government impacts entrepreneurs?
limits the number of workers that an entrepreneur may employ
limits the amount of natural resources available to entrepreneurs
limits the regulations that entrepreneurs face when starting a new business
limits educational opportunities for entrepreneurs
The Australian government invests in ___________________, like production equipment, to ensure that its businesses can stay competitive across global markets.
capital goods
human capital
natural resources
entrepreneurship
The Australian government’s involvement in the economy is _________________.
limited
unlimited
Educated and skilled workers contribute to a ________________ GDP per capita in Australia as a result of the government’s investment in education.
declining
rising
