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WorksheetsInternational Economics Revision
Total questions: 20
Worksheet time: 11mins
The RBA will Exchange Foreign Reserves into Australian Dollars to (a) the AUD
Greater investment from foreign nations into Australian enterprise results in ___________ of the Australian Dollar
REVALUATION
DEVALUATION
DEPRECIATION
APPRECIATION
Entrepreneurs earning revenue from foreign avenues results in ___________ of the Australian dollar
REVALUATION
APPRECIATION
DEVALUATION
DEPRECIATION
What are the 5 sectors in the Circular Flow of Income?
Land
Labour
Capital
Enterprise
Interest
Household Production Government Financial
Foreign
Household
Government
Financial
Production
Domestic
Government
Manufacturing
Agriculture
Technology
Environmental
What is Comparative Advantage?
An economy's ability to produce a particular good or service at a lower opportunity cost than other trade partners
Trade advantage obtained through the capacity of nation's industries
The ability of a nation to produce commodities more efficiently than another nation
Comparatively, the country is advantageous in many ways
What is Competitive Advantage?
An economy's ability to produce a particular good or service at a lower opportunity cost than other trade partners
Trade advantage obtained through the capacity of nation's industries
The ability of a nation to produce commodities more efficiently than another nation
Competitively, the country is advantageous in many ways
What is Absolute Advantage?
An economy's ability to produce a particular good or service at a lower opportunity cost than other trade partners
Trade advantage obtained through the capacity of nation's industries
The ability of a nation to produce commodities more efficiently than another nation
The country is absolutely advantageous in many ways
What is the Fundamental Economic Problem?
There are too many items to satisfy the wants and needs of society
There is scarcity of goods and services, whilst society has unlimited wants and needs
Scarcity of goods and services exist, and society has limited wants and needs
There is no problem
What are the 3 criteria used to assess economic intervention?
1. Market forces
2. Sustainable economic growth
3. Taxpayer cost
1. Economic efficiency
2. Foreign direct investment
3. Globalisation
1. Consumer Expenditure
2. Savings activity
3. Terms of Trade
1. Sustainable economic growth
2. Internal stability
3. External stability
This equation: GDP(Exports)+(Imports) is the equation for what?
Trade Intensity
Terms of Trade
GDP
Supply and Demand Index
What is the formula for GDP?
C+D+G+D+S−D(X+C)
∫gs(B2+A−C)
C+G+I+(X−M)
C+G+I+T+(X−M)
What are Australia's top 4 2-way trading partners in order?
1. China
2. Tasmania
3. Japan
4. New Zealand
1. Japan
2. India
3. Jamaica
4. Sri Lanka
1. China
2. Japan
3. USA
4. South Korea
1. China
2. Trinidad and Tobago
3. USA
4. North Korea
What change in supply is demonstrated here?
Increase in supply
Decrease in supply
Expansion in supply
Contraction in supply
Fill in the blank space
Demand Conditions
Factor Conditions
Exchange Rate Conditions
Porter's Diamond Conditions
What is the term for something that entices a business to diversify their supply chain to another nation?
Push factor
Pull factor
Enticing factor
Cheaper production costs
What is the term for something that drives a business to look to other nations for production instead of their own nation?
Push factor
Heave factor
Labour factor
Pull factor
What is globalisation?
The growing integration of separate global economies to greater interdependence
The separation of global economies into less interdependent economies
All continents are joining back together like Pangea and hence will have one economy
Where businesses sell globes, the name for the industry of making and selling globes is hence globalisation
Specialisation is an advantage of a business diversifying their supply chain into other nations.
TRUE
FALSE
Terms of trade are the terms in which the dynamics of international trade are conducted between 2 nations.
TRUE
FALSE
The RBA exchanges Australian Dollars for Foreign Currencies to (a) the Australian Dollar
