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Topic 2: Australia's Place in the Global Economy Flashcards | StudBud
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Topic 2: Australia's Place in the Global Economy
Has Australia ever had a BOGS surplus
Calculate the Current Account Balance
Topic 2: Australia's Place in the Global Economy
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Questions
20
Answers
1
Calculate the Current Account Balance
D
B
A
C
2
Has Australia ever had a BOGS surplus
No
Yes
3
Which of the following events are not a cyclical reason behind trends in the CAD
Australia growing faster than the global economy
Australia growing slower than the global economy
Size of net primary income deficit
Global resources boom
4
What is the following
Net foreign liabilities
Balance of Payments
External stability
Balance sheet
5
What does international competitiveness impact
The price of Australia's imports and exports
The volume of exports sold overseas
6
How is Australia's net international position calculated
Foreign assets owned - foreign liabilities
Foreign assets owed - foreign assets owned
Net debt - net equity
Capital inflow - capital outflow
7
What are TWO economic effects of protection in Australia
Improved allocation of resources and redistribution of Y
Protects employment, prevents dumping
Lower prices, and improved allocation of resources
Inefficient allocation of resources and redistributed Y
8
What has happened to Australian net international investment since 1990/1
Increased from -$940m to -$71683m
Increased from -$1040m to -$2071683bn
Increased from -$107940m to -$2071683m
Decreased from $1500m to $25m
9
Answer the following Multi
C
D
B
A
10
The relative prices a country receives for its exports and pays for its imports is
Commodity prices
International competitiveness
Terms of Trade
Exchange rates
11
Which of the following would appear in the financial account
Money lent to Australians from China
Foreign Aid given by Australia to Indonesia
Dividends paid to Australians from Nike USA
Interest repayments paid by Australians to USA bank
12
What is the biggest contributor of Australias CAD
Net income
Imports
Exports
BOGS
13
Calculate the TOT for the following economy in Year 1 AND 2
105, 110
91, 95
110, 105
95, 91
14
Why does the BOP balance to zero under a floating exchange rate
Because of net errors and omissions
Because in a free market, supply = demand
Because of government intervention
Because of RBA intervention
15
In 2013, what rank did Australia's currency receive for amount of trade
8
1
5
17
16
What must the Reserve Bank hold in a managed system of exchange rates
Domestic Currency
Government securities
CDOs
Foreign currency
17
Which of the following would NOT appear in the current account of the BOP
Interest repayments paid by Australians to The RBS
An Australian buying shares in an American company
Money received by Australians for selling sheep to Indonesia
Money sent overseas for shoes
18
Which of the following is NOT an effect of an appreciation in currency
Raise the debt servicing ration
Reduce competitiveness of tradables
Reduce the value of not foreign debt
Lowers import prices
19
To what does this quote most likely refer
Bilateral exchange rates
Trade Weighted Index
Monetary unions
Multilateral exchange rates
20
Answer the following multi
A
C
D
B
