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Economics And Australia II
Test Description: SS6E9
Instructions: Answer all questions to get your test result.
1) Which of the following actions would help Australia improve its international trade?
A
raising domestic taxes
B
reducing barriers to trade
C
setting quotas on imported goods
D
visiting other countries
2) Which of these would be a natural result of specialization?
A
All people would become wealthy.
B
It would lead to more isolation.
C
It would lead to greater poverty.
D
It would lead to interdependence.
3) Choose the correct statement about Australia from the sentences that follow.
A
People make the goods that other people want and need.
B
Companies force people to participate in an economy.
C
A certain amount of trade is required to occur daily.
D
The government decides who can trade goods.
4) A country imposes trade barriers to
A
expand their international market.
B
to protect domestic jobs.
C
stimulate the economy.
D
to make goods more cheaply.
5) In what way does specialization encourage trade?
A
Nations work together to create expensive items.
B
Nations stop buying products from other countries.
C
Nations agree to sell products only if a country refuses to compete.
D
People produce what they have a lot of and do well and then trade for other items that they need.
6) Historically, the Australian dollar was linked to
A
United States currency
B
Canadian currency
C
Tasmanian currency
D
United Kingdom currency
7) Australia's economy is dependent upon countries in what region for its success?
A
European
B
South American
C
African
D
Asian
8) Capital, entrepreneurship, labor, and land are
A
factors of production
B
effects of production
C
results of supply and demand
D
examples of human capital
9) Which statement expressed the difference between tariffs and quotas?
A
Tariffs raise taxes on exports, while quotas set limits on imports.
B
Tariffs raise taxes on imports, while quotas set limits on imports.
C
Tariffs raise taxes on exports, while quotas set limits on exports.
D
Tariffs raise taxes on imports, while quotas set limits on imports.
10) Which represents an investment in human capital?
A
limiting on-the-job training
B
increasing access to public libraries
C
raising taxes for schools
D
expanding trade with other countries
*select an answer for all questions
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