Which answer would support this statement? "Australia has one of the freest economies in the world."
A) People can start their own business.
B) There is little regulation of industries.
C) Government-owned companies are profitable.
D) Citizens can vote for their political leaders.
answer B
Which question is MOST LIKELY a fundamental economic question?
A) Who will pay the taxes?
B) Who will educate the workers?
C) Who will get the goods and services produced?
D) Who will do the work to produce the goods and services?
answer C
Individual property rights
Federal and state taxation
Some government regulations
Labor is shared among the private and government sectors
Entrepreneurship is encouraged
Many natural resources
What type of economic system does Australia have?
A) Command
B) Market
C) Mixed
D) Traditional
answer C
Australia's economy is MOSTLY a
A) market economy.
B) credit economy.
C) command economy.
D) traditional economy.
Answer A
Even though Australia has great economic freedom, the government requires some products to meet safety and manufacturing standards. This means that overall Australia's economy can BEST be classified as a
A) mixed economy.
B) market economy.
C) command economy.
D) traditional economy.
Answer A
In this type of economic system, the production of goods and services is controlled solely by the concept of supply and demand, businesses are operated for profit, and the government is not involved.
A) command
B) communism
C) market
D) mixed
Answer C
Most democratic countries have a mixed economy with a differing balance between a market and command economy.
Which country has/had a strong mixed economy?
A) Cuba
B) Australia
C) North Korea
D) Soviet Union
Answer B
Producers and consumers own the factors of production
Producers and consumers answers the question of who, what and how to produce
Voluntary trade and exchange are encouraged
What type of economic system is being described?
A) Command
B) Market
C) Mixed
D) Socialism
Answer is B
Producers and consumers own the factors of production
Custom and habit answer the question of who, what and how to produce
Outside trade and commerce is discouraged
Roles within the community are defined by custom and gender
What type of economic system is described?
A) Command
B) Market
C) Mixed
D) Traditional
Answer D
The Economic Freedom Index is an annual score given to a country's economy that measures the degree of economic freedom a country has.
In the past 20 years, Australia's Economic Freedom Score has increased by 7.9 points. Such a move indicates that Australia's economic system has made which shift?
A) from barter to market
B) from market to command
C) from command to market
D) from command to traditional
Answer C
