Australia: Economic Understandings Question Preview (ID: 55979)
Economic Understandings Of Australia.
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The economy of Australia may be described as ______.
a) mixed market
b) pure market
c) traditional
d) command
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
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
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
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
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
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
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 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 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
Economic model that is governed by custom, habit, and history.
a) market
b) mixed market
c) command
d) traditional
This is the act of people producing only what is necessary for personal use/survival.
a) contour farming
b) subsistence
c) terracing
d) gardening
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