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WorksheetsYear 12 Economics
Total questions: 20
Worksheet time: 15mins
Which of the following best explains the benefits of globalization?
Globalization creates a better environment for businesses to profit in through the loss of consumer surplus
Globalization promotes ethical behaviour
Globalization increases innovation and development
Globalization is driven by increased technology
Which of the following is not an argument for trade liberalization?
The infant industry argument
The resource allocation argument
The most favored nation argument
The innovation argument
The World Trade Organisation’s key purpose is to:
Promote trade by working to improve global monetary cooperation
Promote trade by ensuring that rules to protect nations exist and are followed
Promote trade by providing technical assistance and advice to developing nations
Promote trade by assisting nations to form Free Trade Agreements
The key role of the International Monetary Fund is to:
Ensure that trade flows smoothly, predictably and freely
Provide low interest loans to developing nations to allow them to develop industries for trade
Foster global monetary cooperation, secure financial stability and promote trade
Promote global, regional and bilateral trade agreements
Which of the following trading blocs is Australia not a member of?
ASEAN
OPEC
TPP
The Cairns Group
Which of the following FTAs is the most recent for Australia?
Australia-United Kingdom FTA
Peru-Australia FTA
Indonesia-Australia FTA
China-Australia FTA
Which of the following is a non-economic argument for protection?
Anti-dumping
Infant industry
Diversification
National defense
Which of the following are Australia’s top four export partners:
China, Hong Kong, United Kingdom and the USA
China, Japan, Germany and the USA
China, South Korea, Japan and the USA
China, Japan, Germany and Hong Kong
Which of the following is not likely to be associated with globalization?
Higher levels of protection against cheap foreign imports
An increase in exports as a proportion of a nations’ GDP
Growth in the influence and power of multinational corporations
Higher rates of economic growth for nations who increase their trade openness
Australia’s international competitiveness will increase if:
Multilateral FTAs are created and implemented
Wages in Australia rise at a faster rate than productivity
The value of the Australian dollar appreciates relative to other currencies
Economic growth is faster in Australia than other OECD nations
The Australian government has facilitated trade liberalisation by:
Encouraging democracy
Reducing restrictions on international businesses
Encouraging people to buy Australian made products
Increasing the value of subsidies in the federal budget
Which of the following factors contributes to Australia’s relatively low trade intensity?
Low transport costs caused by our proximity to South East Asia
Membership of several trading blocs
A large domestic market with strong competition
A reliance on primary sector exports
A significant rise in living standards would be likely if a nation
Increased trade protection for local producers
Reduced the level of foreign investment to avoid increasing levels of foreign debt
Reduced trade barriers, regardless of what other nations did
Promoted greater self-sufficiency to reduce the cost of imports
A subsidy could be best described as a
quantitative restriction that enables domestic producers to gain a greater share of the local market
price based form of protection that provides an increase in government revenue
form of protection that increases government expenditure and would therefore require regular reviews
form of protection that allows firms to increase production at no additional cost while increasing government revenue
One advantage of imposing a subsidy is:
An increase in consumer surplus
An increase in producer surplus
An increase in total surplus
More efficient resource allocation
Which of the following statements relating to Australia's composition of trade is correct?
The USA has become the largest source of Australian imports
Education is Australia's largest services export
Agricultural exports have increased in importance over recent years
Freight services is the largest service import for Australia
Which of the following accounts for the proportion of world trade by value?
Agriculture
Fuels and mining
Services
Manufactured goods
The fundamental economic advantage of trade liberalisation is
The easing of political tensions between nations
All nations will develop similar industries
All nations will share equally in the world's wealth
Resources will be more efficiently allocated
International trade takes place because of
Inequalities in the endowment of factors of production between nations
Governments' desires to protect their industries
Exchange rates causing differences in prices levels in different countries
Inequalities in the terms of trade between nations
Which of the following organisations is most likely to act if a nation experiences a sudden financial crisis?
The World Bank
The IMF
The WTO
The United Nations
