WorksheetsEconomics Review Lessons 3 and 4
Total questions: 20
Worksheet time: 17mins
Who is Australia's biggest trading partner?
China
Japan
South Korea
U.S.
What is a tariff?
A tax on exported goods and services
A tax on imported goods and services
A tax on corporate income
A tax on popular market items
A pact between two or more nations to reduce barriers to imports and exports among them is called a:
Market Based Agreement
Free Trade Agreement
Trade Treaty Agreement
When was the China–Australia Free Trade Agreement signed?
In 2013
In 2014
In 2015
In 2016
Australia's top 3 exports to China in 2019 were:
Iron ore, natural gas and tourism
Coal, machinery and education
Iron ore, machinery and tourism
Iron ore, coal and education
Australia's top 5 two-way trading partners in 2019 were (in order from biggest to smallest):
China, USA, Japan, South Korea, Singapore
China, South Korea, Japan, USA, India
China, Japan, USA, South Korea, Singapore
What is inflation?
A general shift in supply and demand
A general increase in prices and fall in the purchasing value of money
A general measure that examines the weighted average of the prices of goods/services
What are the four main types of inflation?
Sneaking; strolling; cantering; racing
Crawling; walking; trotting; severe
Creeping/mild; walking; galloping; hyperinflation
Ebbing; strolling; galloping; superinflation
What does CPI stand for?
Certified Practising Investigator
Consumer Price Index
Commonwealth Public Insurance
Creative Practices Indice
What is the Consumer Price Index?
a percentage of all goods and services, such as transportation, food, and medical care, that Australia exports overseas
a list of popular goods and services, such as transportation, food, and medical care, that consumers have purchased in the previous year
a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care
The weighted average is when a major item in the basket of goods/services used to calculate the CPI counts for more. Tick two items: the one with the greatest weighted average and the one with the lowest.
Health
Housing
Transport
Communication
Food
Goods and services increase in cost over time. Which TWO are correct?
A surge in demand for products and services can cause inflation as consumers are willing to pay more for the product, resulting in higher prices.
The government decides to increase funding for social programs such as free healthcare and education and increass taxes on consumers, resulting in higher prices for products and services
Inflation can occur when prices rise due to increases in production costs, such as raw materials and wages, resulting in higher prices.
What is an economic indicator?
A statistic used to predict future trends in interest rates.
A statistic used to predict future trends in imports and exports.
A statistic used to predict future trends in a nation's economy.
Which ONE of these is NOT an economic indicator?
Unemployment rate
Economic growth rate
Inflation rate
Liveabiliy
Infrastructure
Economic indicators are calculated by government agencies based on financial data. They use this data to measure ........ and gauge the total ................. ?
inflation / economic output of a nation (GDP).
consumer confidence / rate of inflation
import and export potential / unemployment rate
What is a market-based economy?
An economic system in which the decisions regarding investment, production and distribution are guided by increases and decreases in the Consumer Price Index.
An economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand.
An economic system in which the decisions regarding investment, production and distribution are guided by local markets and businesses.
What is the exchange rate?
The speed at which we can send money overseas.
The ability to exchange one item for another.
The rate at which currency is bought and sold at any given time.
The value of one currency for the purpose of conversion to another.
What are 'ethics'?
A code of conduct that guides our actions based on our set of moral standards.
The fact or state of belonging to a social group that has a common national or cultural tradition.
Which of these are ethical considerations?
The environment
Animal welfare
Human rights
Free trade
Which of these are NOT ethical (unethical)?
child labour
sustainably farmed palm oil
logging of old growth forests
fair-trade coffee
tax avoidance
