Economics And Australia II: Question Preview (ID: 23262)

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Which of the following actions would help Australia improve its international trade?
a) setting quotas on imported goods
b) reducing barriers to trade
c) raising domestic taxes
d) visiting other countries

Which of these would be a natural result of specialization?
a) It would lead to interdependence.
b) All people would become wealthy.
c) It would lead to greater poverty.
d) It would lead to more isolation.

Choose the correct statement about Australia from the sentences that follow.
a) Companies force people to participate in an economy.
b) The government decides who can trade goods.
c) A certain amount of trade is required to occur daily.
d) People make the goods that other people want and need.

A country imposes trade barriers to
a) stimulate the economy.
b) expand their international market.
c) to protect domestic jobs.
d) to make goods more cheaply.

In what way does specialization encourage trade?
a) People produce what they have a lot of and do well and then trade for other items that they need.
b) Nations work together to create expensive items.
c) Nations stop buying products from other countries.
d) Nations agree to sell products only if a country refuses to compete.

Historically, the Australian dollar was linked to
a) Tasmanian currency
b) Canadian currency
c) United States currency
d) United Kingdom currency

Australia's economy is dependent upon countries in what region for its success?
a) African
b) Asian
c) European
d) South American

Capital, entrepreneurship, labor, and land are
a) factors of production
b) effects of production
c) results of supply and demand
d) examples of human capital

Which statement expressed the difference between tariffs and quotas?
a) Tariffs raise taxes on imports, while quotas set limits on imports.
b) Tariffs raise taxes on imports, while quotas set limits on imports.
c) Tariffs raise taxes on exports, while quotas set limits on imports.
d) Tariffs raise taxes on exports, while quotas set limits on exports.

Which represents an investment in human capital?
a) limiting on-the-job training
b) raising taxes for schools
c) increasing access to public libraries
d) expanding trade with other countries

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