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Unit 8 review Flashcards | StudBud
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Unit 8 review
Unit 8 review
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Flashcards
36 cards
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Practice quiz
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Questions
36
Answers
1
A country that has an high standard of living is likely to have an High GDP
True
False
2
Choose one factor of Economic growth
Natural resource
HCI
Human Goods
GDP
3
GDP
Great Plains
Ulurus/Ayers Rock
Coral Sea
Great Dividing Range
4
Which nearby country is most important to Australia for trade?
United States
China
United Kingdom
New Zealand
5
Equipment and Machinery is an example of ?
Natural resources
Capital Goods
entreprenurship
Human capital
6
GDP is an indicator of what
Natural Resources
HCI
Capital Goods
Standard of Living
7
Name the 3 basic economic systems
traditional economy, market economy, command economy
Traditional, Mixed, Parliamentary
Market Economy, Mixed economy, Communist economy
Traditonal economy, Communist economy, Presidential Economy
8
Why do investments in capital goods encourage economic growth?
Better tools and technology increase prices for consumer goods.
Better tools and technology improve the efficiency of production.
9
What Important Business is done in the Outback
Shipping
Fishing
Farming
Mining
10
Why is the modern Australian economy considered a mixed economy?
Economic decisions are made based on the decisions of Australians ancestors
The Australian government makes all economic decisions for its citizens
Australians are free to produce anything they want in any way they want.
Individuals make most economic decisions but must follow government rules
11
Which best describes how MOST countries around the world answer basic economic questions?
A mixture of traditional and market economies
A mixture of command and market economies
Most countries are pure market economies
Most countries are pure command economies
12
The 3 major econmic questions are:
what to produce, how to produce, why to produce
where to produce, what to produce, how much to produce
What to Produce, How to Produce, For whom to produce
13
The Great Victoria Desert stretches across which two Australian states?
New South Wales and South Australia
Queensland and Tasmania
Tasmania and Victoria
South Australia and Western Australia
14
What is a characteristic of pure market economies?
The government controls major industries.
Production decisions are based on cultural traditions.
The government discourages entrepreneurship.
Production decisions are based on supply and demand.
15
What is Human Capital
Skills and Labor
Starting a new Business
Factories, machines, equipment
A Natural Item
16
Which Numeral Represents the Great Barrier Reef
II
I
IV
III
17
Which Numeral represents the Indian Ocean
IV
III
II
I
18
The Government allows lots of freedom, but we will step in and require regulations to be met as well.
Mixed Economy
Traditional Economy
Market Economy
Command Economy
19
What does having a democratic government mean?
The citizens hold the ultimate power
One ruler has all the power
The legislature holds most of the power
governments divide the power
20
Which of the following is an economic system that allows individuals and businesses to make their own decisions.
Traditional system
Command system
Socialist system
Market system
21
Basic necessities are produced by relying on skills passed down from generation to generation
Command
traditional
Mixed
Market
22
Which BEST describes where people live in Australia?
Most live in rural areas on farms.
Most live on islands surrounding the mainland.
Most live in the interior of the country
Most live in larger cities.
23
countries impose barriers to trade such as quotas to improve trade relationships with other countries
False
True
24
Which of the following is not an example of economic growth
Neither
Human Capital
Capital Good
Both
25
A country with an high GDP means its literacy Rate is likely to be Low
True
False
26
What is an Embargo
a ban on trade with a nation
a limit on the quantity of a good
a tax placed on goods brought into one country
27
Which Numeral represents the Pacific Ocean
III
II
IV
I
28
What is an tariff
a ban on trade with a nation
a tax placed on goods brought into one country
a limit on the quantity of a good
29
In this type of economic system, the production of goods and services is controlled solely by supply and demand
Command
Communism
Market
Mixed
30
What role does the Australian government play in the nation's economy?
The government strongly protects the rights of businesses.
The government determines production quotas businesses must meet.
The government controls the energy and agricultural sectors.
The government sets both prices of goods and wages for workers.
31
countries in Latin America impose economic barriers to trade to reduce the price of foreign goods
True
False
32
How does investment in capital goods relate to a country's GDP?
investments increase GDP by increasing the knowledge of country's workforce
decrease GDP by increasing the prices of most consumer goods.
decrease GDP by reducing profits for businesses in the country.
increase GDP by helping businesses produce goodsfaster and more efficiently
33
What is an Capital Good?
Skills and labor
Factories, machines, equipment
Starting a new business
A natural Item
34
Which physical feature is located at point Y?
Great Dividing Range
Uluru/Ayers Rock
Coral Sea
Great Barrier Reef
35
What is an Autocratic Government
More than Two Rulers has the power
One Ruler has the power
The people have the power
Two Rulers have the power
36
What is a characteristic of pure command economies?
Production decisions are based on supply and demand.
The government encourages entrepreneurship.
The government controls major industries.
Production decisions are based on cultural traditions.
