International trade quiz

Australia's top export category is:

• Services

• Mineral fuels

• Manufacturing

• Agriculture

Australia's largest trading partner is:

• USA

• Japan

• China

• New Zealand

The most appropriate definition of trade protectionism is:

• Government policies that deliberately restrict the level of foreign competition in local markets

• Government policies that deliberately restrict Australian producers selling goods or services overseas

• The government protecting Australian citizens from harmful overseas goods and services

• Increased spending on military equipment by the government

An example of trade liberalisation is:

• The signing of a free trade agreement

• The government increasing the JobSeeker rate

• The government increasing taxes on imports

• The government introducing an import quota

One advantage of free trade is:

• It allows Australians to live and work in every country

• Australian businesses can ignore local business laws

• The government's approval ratings improve

• It improves efficiency in resource allocation

Which of the following statements is not true about trade protectionism?

• It helps grow infant industries

• It encourages self-sufficiency

• It reduces unemployment in the short term

• It encourages producers to produce goods where they have a comparative advantage

As a general rule, the Australian government encourages trade liberalisation.

• True

• False

A trading partner Australia currently has a trade tension with is:

• United Kingdom

• China

• USA

• Saudi Arabia