Australia Economics Question Preview (ID: 58608)

Australia Economics.

Australia's government's involvement in the economy is
a) limited
b) somewhat harsh
c) nothing. They are not involved at all
d) None of the above

What is the main factor that determines what is produced and how much is produced in Australia?
a) Supply and Demand
b) The Government
c) Customs, habits, traditions
d) none of the above

Australia is a Mixed economy. Where does it land on the Economic Continuum between PURE command and PURE Market
a) Closest to Pure Market
b) Closest to Pure Command
c) Half way between Pure Market and Pure Command
d) None of the above

Producers decide how much to produce and make by how eager customers are to...
a) buy their products
b) produce their products
c) sell their products
d) import their products

High, Quality government funded schools are an example of investment in investment in?
a) human capital
b) capital goods
c) natural resources
d) entrepreneurship

Educated and skilled workers contribute to ________ GDP per capita in Australia
a) rising
b) decreasing
c) stagnant
d) none of the above

Investment in production equipment to stay competitive in global markets is investment in?
a) Capital Goods
b) Production Process
c) Human Capital
d) Entrepreneurship

Which statement accurately describes how Australia's government impacts entrepreneurs?
a) limits the regulations that entrepreneurs face when starting a new business
b) limits the number of workers that an entrepreneur may employ
c) limits the amount of natural resources available to entrepreneurs
d) limits educational opportunities for entrepreneurs

What financial system helps trade occur between countries?
a) Currency Exchange
b) trade barriers
c) embargoes
d) tariffs

What three natural resources contribute most to the growth of Australia's economy?
a) wool, coal, lamb meat
b) citrus fruits, refined petroleum, diamonds
c) wool, diamonds, coal
d) refined petroleum, lamb meant, coal

Australia's government influences international trade by issuing tariffs, embargoes, and quotas. What economic strategy would this be?
a) trade barriers
b) supply and demand
c) price incentives
d) currency exchange

Australia CAN produce or provide all the goods and services its citizens desire
a) False
b) True
c) none of the above
d) none of the above

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

A country with a high literacy rate generally has a high standard of living.
a) True
b) False
c) Not True
d) None of the above

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