What is an invention?

The development of something new.

What is the balance of payments (BOP)?

trade and financial transactions with the rest of the world over time.

The total money value of all goods and services produced over 1-year.

The improvement of something already established.

What is a joint venture with a local business partner?

A business relationship with a company in the local market

What is not the three basic economic questions that an economy must answer?

When to produce goods and services?

What is the benefit of working with a distributor?

Access to established local contacts and market knowledge

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SMEs economic contribution

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Questions 13

Answers

1
What is an invention?
None of the above.
The improvement of something already established.
The development of something new.
Both a) and b).
2
What is the main cause of the increase in SMEs entering the global market?
Easy access to trade agreements
Increase in global population
Development of e-business
Political changes in exporting countries
3
What type of economic system does Australia have?
Mixed economy
Command economy
Socialist economy
Capitalist economy
4
What percentage of Australian exporters are SMEs?
98%
88%
68%
78%
5
Which sector has been the major generator of new jobs in the Australian economy during the last 20 years?
The large business sector
The SME sector
The government sector
The agriculture sector
6
What is the balance of payments (BOP)?
trade and financial transactions with its own citizens over time.
financial transactions with the rest of the world over time.
financial transactions with its own citizens over time.
trade and financial transactions with the rest of the world over time.
7
What is GDP?
The total amount of money earned by individuals over a 1-year.
The total money value of all goods and services produced over 1-year.
The total amount of money earned by businesses over 1-year.
The total number of goods and services produced over 1-year.
8
What is one way of maintaining a favourable balance of payments?
Not exporting or importing at all.
None of the above.
Importing more than exporting.
Exporting more than importing.
9
What is innovation?
The improvement of something already established.
None of the above.
The development of something new.
Both a) and b).
10
What is a joint venture with a local business partner?
None of the above
A business relationship with a company in the local market
A partnership with a competitor
An agreement with a supplier
11
What is not the three basic economic questions that an economy must answer?
What goods and services are produced?
When to produce goods and services?
Who will receive the goods and services produced?
How are those goods and services distributed?
12
What is the benefit of working with a distributor?
No market knowledge
Minimal control over the way distributors deal with customers
Access to established local contacts and market knowledge
No local presence in markets
13
What percentage of Australia's GDP is contributed by SMEs?
55.8%
45.8%
65.8%
25.8%

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