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Australia: Economic Systems, Economic Growth, & Government Flashcards | StudBud
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Australia: Economic Systems, Economic Growth, & Government
Australia: Economic Systems, Economic Growth, & Government
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1
Why is the Australian government and the United Kingdom's government so similar?
They are not similar
They are both ruled by a dictator
Neither country has a government
They both have a Parliamentary Democracy
2
Australia has a mixed market economy, but leans closer to which side of the economic continuum?
Traditional
Command
Mixed
Market
3
When a country invests in new machinery, technology, and factories, it is increasing what?
Entrepreneurship
Human Capital
Capital Goods
Natural Resources
4
Australia ranks among the top ________ freest national economies in the world.
Four
Three
Five
Six
5
Which group of people in Australia have used a traditional economy?
English settlers
Aboriginal people
Dutch settlers
French settlers
6
What does gross domestic product measure?
The strength of a country's economy
Whether an economy is a command or market economy
The amount of money that is circulated throughout the economy
The number of people participating in the economy
7
Why are entrepreneurs good for Australia's economy?
Their ideas, inventions and businesses create jobs
They create labor shortages by diverting workers to new industries
They invest in human capital and education
They invest in capital goods and boost the economy
8
The total value of goods and services produced in one year is called?
Goods and Service Production
Gross Domestic Product
Accounting
The Grand Total
9
What is the difference between the head of state and the prime minister?
The Prime Minister holds the most power
The Prime Minister is not real
The Head of State holds the most power
The Head of State is not real
10
True or False: Australian citizens are not allowed to vote
False
True
11
GDP per capita shows how much gross domestic product each ______ produced in a year
Government Branch
Person
Trade Partner
Company
12
How does a command economic system answer the three economic questions?
Government makes ALL economic decisions
People make All economic decisions
People make SOME economic decisions
Government makes SOME economic decisions
13
Australia's literacy rate is 99%. What does this mean?
99% of adults in Australia can read and write
99% of adults in Australia can read, but no write
They have 99 problems, but literacy ain't one
99% of adults in Australia can write, but not read
14
Which productive resource can be a source of income when exported?
Entrepreneurship
Human Capital
Natural Resources
Capital Goods
15
Australia invests 5% of its GDP into education for its citizens - which productive resource is this an example of?
Natural Resources
Entrepreneurship
Human Capital
Capital Goods
