PMM/ECON/Australia Test Review #2: Question Preview (ID: 31109)


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(R64) The ability to borrow money
a) Debt b) Credit c) Interest d) Debit
(R71) When a country focuses on producing only what it can produce most efficiently (fast cheap)
a) Specialization b) Credit c) Debt d) Interest
(R64) A fee for the use of borrowed money (usually a % of what was borrowed)
a) Debt b) Savings c) Credit d) Interest
Money that is owed
a) Credit b) Debt c) Savings d) Income
(R64) A spending and saving plan to manage the use of money
a) Credit b) Quota c) Budget d) Income
(R48/R71) A ban on trade with a country
a) Tariff b) Quota c) Embargo d) Income
(R64) Money someone receives
a) Debt b) Income c) Expense d) Interest
(R64) Income not spent
a) Credit b) Debt c) Savings d) Interest
(R48/R71) A limit on the amount goods that can be imported
a) Tariff b) Embargo c) Quota d) Debt
(R70) Today, Australia has what type of economic system?
a) Pure Free Market b) Command c) Traditional d) Mixed Market
(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) Free Market b) Command c) Traditional d) Mixed
(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
(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) Free Market b) Command c) Traditional d) Mixed
(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) Command c) Traditional d) Mixed
(R48/R71) A tax on imported/foreign goods
a) Quota b) Embargo c) Tariff d) Interest
Who is the current Head of State for Australia?
a) King Charles III (UK) b) Queen Isabella (Spain) c) Queen Elizabeth II (UK) d) Queen Elizabeth I (UK)
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