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WorksheetsMr. D's Australian Economy Challenge
Total questions: 30
Worksheet time: 16mins
Which two basic economic systems are the most opposite of one another?
Command vs. Market
Market vs. Traditional
Command vs. Traditional
TRUE/FALSE: In a traditional economy, customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed,
TRUE
FALSE
In which economic system are jobs most often handed down from generation to generation?
Command
Traditional
Market
Which economic system did the ingigenous aboriginal people of Australia practice?
Command
Traditional
Market
In a command economy, who has the most control?
Citizens
Government
The Queen
China
Who owns the businesses, farms, and other sources of economic activity in a command economy?
Citizens
Government
The Queen
China
What type of economic system does Australia flourish in today?
Command
Traditional
Market
TRUE/FALSE: In a market economy there is significant involvement from the government who owns most major industries and businesses.
TRUE
FALSE
TRUE/FALSE: In Australia, people cannot own their own businesses or property.
TRUE
FALSE
CHOOSE ALL THAT APPLY: In a market economy, how are prices determined?
The government makes the prices.
Buyers and sellers agree on prices.
Competition between sellers makes the prices good.
Competition between buyers makes the prices lower.
Based on what you've learned, which country is most likely the largest economic partner for Australia?
United States of America
China
Canada
India
What do you call it when workers have different skills and do different jobs that they focus on being very efficient at?
Voluntary Exchange
Supply & Demand
Specialization
Tariff
Embargo
What do you call it when buyers and sellers freely and willingly engage in market transactions of goods and services?
Voluntary Exchange
Supply & Demand
Specialization
Tariff
Embargo
A tariff is...
a government order stopping trade with another country.
a limit placed on the number of imports that may enter a country.
a tax on imports.
a minimum price on goods being imported and exported.
A quota is...
a government order stopping trade with another country.
a limit placed on the number of imports that may enter a country.
a tax on imports.
a minimum price on goods being imported and exported.
An embargo is...
a government order stopping trade with another country.
a limit placed on the number of imports that may enter a country.
a tax on imports.
a minimum price on goods being imported and exported.
The total value of all the final goods and services produced in a country in one year is that country's...
Gross Domestic Product (GDP)
General Democratic Productivity (GDP)
Gross Democratic Percentage (GDP)
General Domestic Percentage (GDP)
Examples of human resources are...
education and skills people have
things like machines and equipment people use
raw materials from the Earth
Examples of natural resources are...
education and skills people have
things like machines and equipment people use
raw materials from the Earth
Examples of capital resources are...
education and skills people have
things like machines and equipment people use
raw materials from the Earth
TRUE/FALSE: One in every five adults in Australia own his or her own business.
TRUE
FALSE
TRUE/FALSE: 70% or more of the GDP in Australia comes from jobs people have that provide a service.
TRUE
FALSE
CHOOSE ALL THAT APPLY: Which of the following are goods?
Lawn mower
Cutting grass
Washing machine
Cutting hair
Scissors
CHOOSE ALL THAT APPLY: Which of the following are services?
Lawn mower
Cutting grass
Washing machine
Cutting hair
Scissors
TRUE/FALSE: Australia's economy depends heavily on natural resources.
TRUE
FALSE
Based on the two maps, where do you think the most economic activity would be?
Alice Springs
Townsville
Brisbane
Sydney
Based on the map, which area of Australia would feel the most dramatic impact on its economy from mining coal?
North
South
East
West
Based on the map, which area of Australia would feel the most dramatic impact on its economy from iron ore?
North
South
East
West
Based on the map, which three natural resources would you suggest have made the biggest impact on the Australian economy?
Coal
Lead
Platinum
Iron Ore
Gold
This is a...
kangaroo
koala
platypus
bear cub
