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 ______.

2) This is the reduction of government oversight and/or influence in a given sector of the economy.

3) This is a period of economic decline due to lagging trade and/or reduced industrial activity.

4) This is any activity which slows or outright blocks the free exchange of goods and services between nations.

5) Trade between nations only works when it is _______ (i.e., not forced through military threats or economic punishment) and benefits the countries involved.

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 ________.

7) An industry in which Australia specializes is _____ .

8) This is a tax on imported goods.

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.

10) This blocks all trade with another nation.

11) This is a ban of a specific product or of a specific country’s or company’s product(s).

12) This term refers to the products of services originating in one’s own country; opposite of foreign.

13) This is the act of economically punishing another nation.

14) This is a system of exchange when one good/service is given in return for another which does not require monetary exchange.

15) This is an economic model where the government planners make all business and financial decisions

16) This is a model used to determine what should be produced/provided in terms of goods and services, how, and for whom.

17) This is when private citizens create new businesses without government direction or intervention.

18) Economic model in which the laws of supply and demand determine what is produced/consumed and at what cost.

19) Economic model that is governed by custom, habit, and history.

20) This is the act of people producing only what is necessary for personal use/survival.


*select an answer for all questions

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