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Econ review for Final Flashcards | StudBud

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Econ review for Final

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Questions 10

Answers

1
How much of an item is available to sell is known as
import
supply
demand
export
2
Australia's economy can be best described as a
Command
Traditional
Market
Socialist
3
Which of these is a major natural resource of Australia?
sheep
dingos
koalas
snakes
4
What is the most challenging international natural trade barrier for Australia?
the Canadian Shield
thick rainforests
large mountain ranges
the Pacific Ocean
5
What are exports?
Things Australia buys from Aborigines
Things Australia buys from other nations
Things Australia sells to Aborigines
Things Australia sells to other nations
6
The percentage of people in a country over the age of 15 who can read and write is known as
natural resources
entrepreneurism
human capital
literacy rate
7
What are investments in the welfare and training of human workers called?
human capital
capital goods
poverty
entrepreneurs
8
What are imports?
Things Australia sells to other nations
Things Australia buys from other nations
Things Australia sells to Aborigines
Things Australia buys from Aborigines
9
Nation's that are more economically developed tend to have
lower literacy rates
decreasing GDP
higher literacy rates
less investment in capital goods
10
How much consumers want an item is known as
supply
export
demand
import