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Australia: Factors That Influence Economic Growth
Test Description: Australia: Factors that Influence Economic Growth
Instructions: Answer all questions to get your test result.
1) In order to sustain high-quality, well-paying, in-demand jobs, a labor force must be able to read and write which means they must be _______.
A
literate
B
college-educated
C
illiterate
D
well-rounded
2) Low literacy rates typically correlate to lower ___________.
A
standards of living
B
book sales
C
housing sales
D
library visitation rates
3) Australia has a 99% overall literacy rate so the standard of living for most people is _______.
A
very high
B
very low
C
nonexistent
D
in the middle
4) The level of wealth and material comfort available to people is their _________.
A
standard of living
B
human capital
C
GDP
D
wage
5) The estimated total value of all the final goods and services produced in a nation in a year’s time is the ______.
A
quota
B
salary
C
GDP (gross domestic product)
D
GPO (gross product output)
6) To ensure a healthy and growing GDP, nations must invest in _______ like the healthcare education, and training of a nation’s workers.
A
physical capital
B
mental capital
C
natural resources
D
human capital
7) One factor which can impact a nation’s GDP is its level of investment in _______ like the factories, machinery, and technology that businesses need.
A
lower case
B
state capital
C
capital goods (physical capital)
D
human capital
8) ___________ like coal, iron ore, natural gas, oil, gold, silver, copper, and uranium also affect Australia's GDP.
A
Physical capital
B
Air pollution
C
Manufactured goods
D
Natural resources
9) These are people who risk their own money and resources to create a new business or service.
A
secretary-general
B
governor-general
C
manager
D
entrepreneur
10) This is the part of the economy owned and operated by private citizens.
A
the military
B
city hall
C
gift shops
D
private sector
11) These are the economic gains of a business, i.e. the money that is made by a business.
A
wages
B
taxes
C
quotas
D
profits
12) This is the part of the economy owned and operated by the national government.
A
gift shops
B
private sector
C
public sector
D
malls
13) Australia ranks 18th in the world for human capital investment. What would this statistic indicate?
A
Australia most likely has seen no change in GDP per capita incomes.
B
Australia most likely has seen a decline in GDP per capita incomes.
C
Australia most likely has seen a rise in GDP per capita incomes.
D
The statistic has no significant meaning in regards to Australia's economy.
*select an answer for all questions
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