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Australian Economics Flashcards | StudBud
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Australian Economics
Australian Economics
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Questions
26
Answers
1
In a command economy, how are economic decisions made?
custom and traditions
government planners
combination of consumers and government planners
consumers and the market
2
What is human capital?
taxes collected from a country's workers
money paid to workers for producing goods
skills and education workers possess
the amount of goods sold in foreign trade in a year
3
Which of the following is NOT important to Australia’s economy?
Entrepreneurs
Businesses owned by the government
Capital Goods
Human Capital
4
Specialization encourages trade between countries. What does specialization mean?
Making everything while the other countries don't make anyth
Thinking of your own country as being more important
Focusing on something that your country produces well
5
On the economic continuum, Australia is more on what side?
Command
Traditional
Market
6
What does gross domestic product (GDP) mean?
GDP is the total value ($) of all of the goods and services
GDP refers to the gross stuff made in the country.
GDP refers to the total amount of money produced by a person
7
Investing in the production of capital goods increases the gross domestic product.
True
False
8
Which of the following best describes diversification (the opposite of specialization)?
An economy that mainly uses agriculture to make money
An economy that specializes in one main product
An economy that has numerous things to sell to make money
9
Why are most modern economies referred to as mixed economies?
Government planners don't know how to handle economic issues
Traditional products have no markets in the modern world.
Most countries have multiple economic types in the economy
Poverty is always highest in countries with market economies
10
What is an example of a physical trade barrier?
Mountains
Tariff
Embargo
Quota
11
If Australia invests in capital goods,
GDP will likely drop.
GDP should remain unaffected.
GDP will likely fall.
GDP will likely rise
12
In a traditional economy, how are economic decisions made?
combination of consumers and government planners
traditions and customs
government planners
consumers and the market
13
What is a quota?
Number limit on imported goods
Complete prohibition of trade with a particular country
Tax on imported goods
Physical trade barrier
14
What is a tariff?
Physical trade barrier
Complete prohibition of trade with a particular country
Tax on imported goods
Number limit on imported goods
15
What are capital goods?
Goods that are imported from other countries
Skills and education that workers produce
Goods that are used in the production of other goods
Total amount of goods produced in a country
16
Australia has a very _________ literacy rate.
high
low
poor
17
What is an embargo?
Number limit on imported goods
Tax on imported goods
Physical trade barrier
Complete prohibition of trade with a particular country
18
If Australia has a high literacy rate __________.
they will likely have a strong economy.
they will have a low standard of living.
they will likely have a weak economy.
few people are able to read and write.
19
Which of the following would be a problem in a command economy?
local crafts produced before manufactured goods
workers forced to do jobs they did not care to do
government planners set prices for goods produced
individuals trying to start a new business
20
Australia's natural resources are, like Canada and Mexico, ______________.
varied and abundant
scarce
imported from Asia
not important to GDP
21
What is an entrepreneur?
people who save their money
someone willing to take a risk to start a new business
someone who is always sucessful
business people who don't risk their money
22
Who takes on the financial risk in starting a new business in a market economy?
consumers
government planners
entreprenuers
combination of government planners and individual investors
23
In a market economy, who makes the economic decisions?
traditions and customs
government planners
farmers
consumers and the market
24
Why do most economies in the world operate in between a market economy and a command economy?
government control makes a market more profitable
a mixture of both is needed to be successfu
government control has never been successful
most consumers want government control
25
The more natural resources a country has, the more goods and services it can produce.
True
False
26
If a country does not invest in its human capital, how can it affect the country's GDP?
GDP only changes if workers have to pay for training
workers want to keep their jobs and don't care
has little effect
GDP goes down because untrained workers can't do their jobs
