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- 1. Multiple Choice
Which natural resource is important to Australia’s economy?
bauxite
modern factories
excellent highways
education of workers
- 2. Multiple Choice
Which is true about the economic system in Australia?
It is difficult for individuals to start their own businesses.
Government rules and laws make starting a business in Australia very risky.
Laws are in place to protect the rights and property of people who want to start their own businesses in Australia.
Few Australians are willing to use their money and time to start businesses because the government is likely to take their business away.
- 3. Multiple Choice
Which is an example of a capital good?
gold
health care
a factory
a diamond
- 4. Multiple Choice
Which action by the Australian government would make its economy less like a mixed economy and more like a pure market economy?
a limit on salt imports of 80 tons per year
a 10 percent tax on all wool bought from European countries
the decision to let supply and demand set the price of gasoline
the addition of a $500 fee for all automobiles imported into the country
- 5. Multiple Choice
Because most economies have characteristics of the command and market economy, we say they are
communist.
traditional.
free.
mixed.
- 6. Multiple Choice
Australia’s early Aborigines made economic decisions based on customs or beliefs . This would be an example of a
market economy.
free enterprise system.
traditional economy.
command economy.
- 7. Multiple Choice
What has helped Australia to have a high GDP?
poor healthcare
modern factories and technology
natural resources that are hard to develop
workers with low-paying jobs
- 8. Multiple Choice
Tariffs and quotas are alike because they both
restrict or limit trade between countries.
completely stop trade between countries.
increase trade between countries.
make trading a lot easier between countries.
- 9. Multiple Choice
Which trade barrier discourages trade by placing a tax on foreign goods?
Embargo
Quota
Subsidy
Tariff
- 10. Multiple Choice
What is an important role of entrepreneurs in the Australian economy?
They sell stocks in the stock market.
They provide new jobs for Australian workers.
They shut down factories that are not making much money.
They take care of sick patients.
- 11. Multiple Choice
Which is an example of investing in capital goods by a company?
providing health care for workers
providing classes for workers to learn new skills
keeping an old machine to see if it will last longer
buying new computers to build products more quickly
- 12. Multiple Choice
Who sets the price for goods in Australia?
Buyers and sellers agree upon price.
The governor-general sets prices for most goods.
Parliament sets a price for all goods in the country.
Prices for goods are set based on customs and beliefs of the Aborigines.
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