Economic Systems And Australia: Question Preview (ID: 23243)

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Decentralized planning, adjustments to changes in the market, and producers and consumers controlling the economy represent a ____ economy.
a) traditional
b) socialist
c) market
d) command

Consumers, producers, buyers, and sellers participate in Australia's economy, but the government makes some safety and manufacturing standardstandards. This represents a _____ economy.
a) command
b) market
c) mixed
d) tradtional

Which of the following countries has more economic freedom, being closer to the market end of the continuum.
a) United States
b) Germany
c) Cuba
d) Australia

Strong elements of the ____ economy are found in the Aboriginal culture.
a) command
b) market
c) socialist
d) traditional

A government that makes all of the economic decisions about what to produce, how to produce, and for whom to produce is a _______ economy.
a) command
b) market
c) mixed
d) traditional

In reality, no country has a pure command or pure market economy so it can be said that all countries have a _____ economy with varying extents of government involvement.
a) command
b) market
c) mixed
d) traditional

Australia has an economic system where
a) it is easy to begin a business, and laws are enforced that protect the rights and property of business owners.
b) it is difficult for individuals to start their own businesses.
c) most Australians do not want to start a business for fear that the government will take it away and make the profit.
d) where all people exist in a traditional society and elders make economic decisons based on custom.

A way that the government of a country could make its economy more market would be to
a) add a $100 fee to all imported i-phones.
b) allow the price of i-phones to be set by supply and demand.
c) limit computers imported into the country.
d) banning imported computers from being sold in a country.

Who decides what goods will be produced in Australia?
a) the government
b) all citizens
c) business owners
d) other countries

Australia's economy can best be described as
a) market
b) mixed market
c) mixed command
d) command

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