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Australia: Economic Understandings
Test Description: Economic understandings of Australia
Instructions: Answer all questions to get your test result.
1) The economy of Australia may be described as ______.
A
pure market
B
mixed market
C
traditional
D
command
2) This is the reduction of government oversight and/or influence in a given sector of the economy.
A
economics
B
deregulation
C
deescalate
D
deforestation
3) This is a period of economic decline due to lagging trade and/or reduced industrial activity.
A
recession
B
expression
C
impression
D
depression
4) This is any activity which slows or outright blocks the free exchange of goods and services between nations.
A
trade barriers
B
physical capital
C
human capital
D
bartering
5) Trade between nations only works when it is _______ (i.e., not forced through military threats or economic punishment) and benefits the countries involved.
A
compusary
B
mandatory
C
required
D
voluntary
6) When nations choose to focus on a narrow range of products/services that can be produced most efficiently and cost-effectively, this is known as ________.
A
macroeconomics
B
generalization
C
specialization
D
microeconomics
7) An industry in which Australia specializes is _____ .
A
ecotourism
B
mineral extraction and processing.
C
car production
D
forestry
8) This is a tax on imported goods.
A
quota
B
tariff
C
mixed market
D
embargo
9) This is a limit on imported goods and is done so that cheaper imports do not flood domestic markets and put domestic producers out of business.
A
tariff
B
embargo
C
quota
D
mixed market
10) This blocks all trade with another nation.
A
mixed market
B
quota
C
tariff
D
embargo
11) This is a ban of a specific product or of a specific country’s or company’s product(s).
A
quota
B
tariff
C
boycott
D
market economy
12) This term refers to the products of services originating in one’s own country; opposite of foreign.
A
imported
B
domestic
C
tariff
D
exported
13) This is the act of economically punishing another nation.
A
sanctions
B
mixed market
C
quota
D
sentencing
14) This is a system of exchange when one good/service is given in return for another which does not require monetary exchange.
A
embargo
B
bartering
C
parliament
D
quotas
15) This is an economic model where the government planners make all business and financial decisions
A
traditional
B
command
C
mixed
D
market
16) This is a model used to determine what should be produced/provided in terms of goods and services, how, and for whom.
A
government system
B
economic system
C
quota
D
market economy
17) This is when private citizens create new businesses without government direction or intervention.
A
sanctions
B
embargoes
C
entrepreneurship
D
quotas
18) Economic model in which the laws of supply and demand determine what is produced/consumed and at what cost.
A
traditional economy
B
democratic economy
C
market economy
D
command economy
19) Economic model that is governed by custom, habit, and history.
A
command
B
market
C
mixed market
D
traditional
20) This is the act of people producing only what is necessary for personal use/survival.
A
gardening
B
subsistence
C
contour farming
D
terracing
*select an answer for all questions
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