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Australia Economics
Test Description: Australia Economics
Instructions: Answer all questions to get your test result.
1) Australia is a Mixed economy. Where does it land on the Economic Continuum between PURE command and PURE Market
A
None of the above
B
Closest to Pure Market
C
Closest to Pure Command
D
Half way between Pure Market and Pure Command
2) Australia's government's involvement in the economy is
A
limited
B
None of the above
C
nothing. They are not involved at all
D
somewhat harsh
3) What is the main factor that determines what is produced and how much is produced in Australia?
A
none of the above
B
Supply and Demand
C
Customs, habits, traditions
D
The Government
4) Producers decide how much to produce and make by how eager customers are to...
A
buy their products
B
sell their products
C
produce their products
D
import their products
5) High, Quality government funded schools are an example of investment in investment in?
A
capital goods
B
human capital
C
natural resources
D
entrepreneurship
6) Educated and skilled workers contribute to ________ GDP per capita in Australia
A
decreasing
B
none of the above
C
rising
D
stagnant
7) Investment in production equipment to stay competitive in global markets is investment in?
A
Entrepreneurship
B
Human Capital
C
Production Process
D
Capital Goods
8) Which statement accurately describes how Australia's government impacts entrepreneurs?
A
limits the number of workers that an entrepreneur may employ
B
limits the amount of natural resources available to entrepreneurs
C
limits educational opportunities for entrepreneurs
D
limits the regulations that entrepreneurs face when starting a new business
9) What financial system helps trade occur between countries?
A
embargoes
B
Currency Exchange
C
tariffs
D
trade barriers
10) What three natural resources contribute most to the growth of Australia's economy?
A
wool, coal, lamb meat
B
wool, diamonds, coal
C
citrus fruits, refined petroleum, diamonds
D
refined petroleum, lamb meant, coal
11) Australia's government influences international trade by issuing tariffs, embargoes, and quotas. What economic strategy would this be?
A
trade barriers
B
price incentives
C
currency exchange
D
supply and demand
12) Australia CAN produce or provide all the goods and services its citizens desire
A
none of the above
B
none of the above
C
True
D
False
13) Australia specializes in certain goods and services they can produce most efficiently.
A
True
B
False
C
none of the above
D
none of the above
14) A country with a high literacy rate generally has a high standard of living.
A
None of the above
B
Not True
C
True
D
False
*select an answer for all questions
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