Australia: Economic Understandings Question Preview (ID: 55979)

Economic Understandings Of Australia.

This is the act of people producing only what is necessary for personal use/survival.
a) contour farming
b) subsistence
c) terracing
d) gardening

Economic model that is governed by custom, habit, and history.
a) market
b) mixed market
c) command
d) traditional

This is when private citizens create new businesses without government direction or intervention.
a) sanctions
b) embargoes
c) quotas
d) entrepreneurship

Economic model in which the laws of supply and demand determine what is produced/consumed and at what cost.
a) market economy
b) command economy
c) traditional economy
d) democratic economy

This is an economic model where the government planners make all business and financial decisions
a) command
b) market
c) traditional
d) mixed

This is a model used to determine what should be produced/provided in terms of goods and services, how, and for whom.
a) market economy
b) government system
c) economic system
d) quota

This term refers to the products of services originating in one’s own country; opposite of foreign.
a) domestic
b) imported
c) exported
d) tariff

This is the act of economically punishing another nation.
a) sentencing
b) sanctions
c) quota
d) mixed market

This is a system of exchange when one good/service is given in return for another which does not require monetary exchange.
a) parliament
b) quotas
c) bartering
d) embargo

This blocks all trade with another nation.
a) quota
b) tariff
c) embargo
d) mixed market

This is a ban of a specific product or of a specific country’s or company’s product(s).
a) market economy
b) quota
c) tariff
d) boycott

An industry in which Australia specializes is _____ .
a) forestry
b) ecotourism
c) mineral extraction and processing.
d) car production

This is a tax on imported goods.
a) embargo
b) quota
c) tariff
d) mixed market

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.
a) quota
b) embargo
c) tariff
d) mixed market

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 ________.
a) generalization
b) microeconomics
c) macroeconomics
d) specialization

Trade between nations only works when it is _______ (i.e., not forced through military threats or economic punishment) and benefits the countries involved.
a) compusary
b) voluntary
c) mandatory
d) required

This is a period of economic decline due to lagging trade and/or reduced industrial activity.
a) depression
b) impression
c) recession
d) expression

This is any activity which slows or outright blocks the free exchange of goods and services between nations.
a) human capital
b) physical capital
c) bartering
d) trade barriers

This is the reduction of government oversight and/or influence in a given sector of the economy.
a) economics
b) deregulation
c) deforestation
d) deescalate

The economy of Australia may be described as ______.
a) mixed market
b) pure market
c) traditional
d) command

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