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PMM/ECON/Australia Test Review #2
Test Description: Review 2
Instructions: Answer all questions to get your test result.
1) (R19) “Producers and Consumers have total freedom to make their own economic decisions, without ANY government interference in my country. There are no rules. Anyone can buy or sell anything at all.”
A
Free Market
B
Traditional
C
Mixed
D
Command
2) (R19) “I live in a hut that my family and I made of things we gathered from our surrounding environment. We don’t use currency, so we have to make or trade for the things we need to survive.”
A
Command
B
Traditional
C
Mixed
D
Free Market
3) (R19) “In my country, the government makes ALL the decisions about what is produced and who gets to consume what.”
A
Free Market
B
Command
C
Traditional
D
Mixed
4) (R19) “Producers and consumers have some freedom to make their own economic decisions, without much government interference in my country. The government has made certain products illegal, like heroin, for the purposes of public safety.”
A
Mixed
B
Traditional
C
Command
D
Free Market
5) (R70) Today, Australia has what type of economic system?
A
Traditional
B
Pure Free Market
C
Command
D
Mixed Market
6) (R64) Income not spent
A
Interest
B
Savings
C
Credit
D
Debt
7) (R48/R71) A limit on the amount goods that can be imported
A
Debt
B
Embargo
C
Tariff
D
Quota
8) (R48/R71) A ban on trade with a country
A
Quota
B
Embargo
C
Income
D
Tariff
9) (R64) Money someone receives
A
Expense
B
Debt
C
Interest
D
Income
10) (R64) A fee for the use of borrowed money (usually a % of what was borrowed)
A
Interest
B
Debt
C
Savings
D
Credit
11) Money that is owed
A
Debt
B
Income
C
Savings
D
Credit
12) (R64) A spending and saving plan to manage the use of money
A
Credit
B
Income
C
Budget
D
Quota
13) (R64) The ability to borrow money
A
Debit
B
Debt
C
Interest
D
Credit
14) (R71) When a country focuses on producing only what it can produce most efficiently (fast cheap)
A
Interest
B
Debt
C
Specialization
D
Credit
15) (R48/R71) A tax on imported/foreign goods
A
Tariff
B
Interest
C
Quota
D
Embargo
16) Who is the current Head of State for Australia?
A
Queen Elizabeth II (UK)
B
Queen Isabella (Spain)
C
Queen Elizabeth I (UK)
D
King Charles III (UK)
*select an answer for all questions
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